Good evening to one and all, may the Lord Bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is dropping again today but the rate of the decline has slowed substantially.
This is not in line with a third wave within wave (c).
In fact I was expecting an acceleration lower today.

I have not changed the main wave count much tonight,
because I still think there is utility in it.
It is possible that wave (c) is tracing out an ending diagonal now,
and that would account for the slowing action.
So I will be watching that tomorrow.

Tomorrow;
Watch for wave ‘iii’ down to continue lower into the lower trend line at about 1.1620.
A rally above 1.1700 again will signal that wave [b] has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

If the short term count is correct,
then we are about to accelerate lower in a big way in a possible wave ‘iii’ of (iii) scenario.

Todays small rise is now labelled wave ‘ii’ of (iii).
And wave ‘iii’ of (iii) will be confirmed with a break of 1.2670 again.

Tomorrow;
watch for wave ‘iii’ down to continue below 1.2500 at a minimum.
1.2865 must hold at wave (ii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is back above 105.17 again today,
and this action really does favor the bullish out look right now.
If the price continues higher in wave (iii) over the next few sessions to break above 106.55 at wave [iv],
then we are looking at a real major reversal in trend taking place right in front if our eyes.

If wave (E) of [B] is complete,
then wave [C] is underway and that wave will be a long term rally to carry USDJPY out above 1.25 in the long run.

Tomorrow;
Watch for wave (iii) to continue higher in five waves.
Price must hold above 104.40 at wave (ii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It is a bit of a stretch in the short term count at wave ‘iv’ now!
The rally into the high at wave ‘iv’ did trace out three waves up,
and it completed below the wave ‘i’ low.
but the relative size of wave ‘iv’ is a concern.

for the moment,
we have a corrective lower high in place at wave ‘iv’ and the price is falling again.
So we can look lower into wave ‘v’ of (iii) below 26700 at a minimum.

The alternate count for wave ‘i’ and ‘ii’ is a little too bearish even for me at this point!
so I will wait and see how tomorrows trade goes.

Tomorrow;
watch for wave ‘v’ of (iii) down to complete with a break of 26700.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is right down at the minimum target for wave [c] green this evening.
This action seems to be following along pretty well with the wave count,
so I expect wave [c] has some way to go before completing.

I have labelled tonights lows as wave ‘v’ of (iii).
The support at 1861 may well be enough to bring wave (iii) to a close.
But do not be surprised if we get a spike below that level to complete the wave.

Tomorrow;
I am now looking for wave (iv) of [c] to begin.
A rise back above 1882 again will signal wave (iv) is underway.
And I would like to see wave (iv) complete below 1915 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action off the top of wave [ii] is not so clear at the moment.

If we take the initial decline off that high as wave (i),
then the corrective rise off that low is wave (ii).
The action into the wave (ii) high is pretty corrective looking and in three waves.
So we have that going for us now!

In short,
if this count is correct,
then we should be expecting a further decline in wave (iii) over the coming days.
A break of the 38.65 level will strongly favor the bearish count.

Tomorrow;
watch for wave ‘i’ of (iii) to push down into that low of wave (i) at 38.85.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

This evenings decline is coming off the back of a three wave rally over the last few sessions.
That lower high created this morning is now labelled wave (ii) of [iii] to the downside.
With this evenings decline now beginning wave (iii) down.

If we see a drop below 3200 again this week,
That will signal wave (iii) down is in force.
And then we are on for a continued decline over the next week to close out the larger wave [iii].

Tomorrow;
Watch for wave ‘i’ and ‘ii’ pink to create a further lower high before an acceleration lower in wave ‘iii’ of (iii).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has broken the minimum target for wave (C) today.
The price is close to completing wave ‘3’ of (C) this evening.
And I think wave [v] of ‘3’ has completed an internal five wave pattern.

If this short term count is correct,
then we should see a three wave bounce in wave ‘4’ of (C) come soon.
The previous wave [iv] lies at 24.70,
so I suspect wave ‘4’ will target that area.

Tomorrow;
Watch for wave [v] to ‘3’ to complete.
A rise back above 23.60 will signal wave ‘4’ has begun.