Good evening and God’s Blessings to one and all tonight!

Some markets got jolted today and others went to sleep completely, I have to say I am finding it difficult to track the corrections going on in the USD, and this is raising some questions in my head.

I think I might address some of the questions tomorrow in a video.

Back to tonight, here it goes.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has now filled the trend channel at todays highs in wave [c] of ‘B’.
The price has traced out a three wave correction in wave ‘B’,
and has retraced 62% of the previous decline in wave ‘A’.
If a turn lower into wave ‘C’ is going to happen,
now is the ideal time where we should see that begin.

Tomorrow;
Watch for a spike lower off this trend channel line to come before the end of the session tomorrow.
A drop below 1.1760 again will signal wave ‘C’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable just keeps on defying me as wave [b] continues to trace out and even larger and more complex pattern.
The rally today has ruled out the previous pattern I was working with.
I think the best way to describe the action now is as a possible combination wave.
Where wave (a) traced out three wave pattern,
wave (b) is a triangle pattern,
and wave (c) is moving higher in five waves to complete the pattern.

Tomorrow;
The is close to hitting the upper trend line of this channel now,
and at that point we should see a spike lower to begin wave (i) of [c].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY tool quite a wallop today in wave (c) of [ii].
All along I have been searching for a rally into wave [iii] to begin,
but it is disturbing to see how quick the decline came in today.
So I will have to watch this carefully so that My larger thesis remains intact.

We have a three wave pattern in place now in wave [ii] green at today lows.
So we should see a rally higher off this point now to begin wave (i) of [iii].

Tomorrow;
It is simply an absolute must that wave (i) of [iii] come in strong off these lows.
A break above 105.00 again will signal wave (i) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action today is very much like a triangle at the moment.
There is an argument to be made that this is a small triangle within wave ‘ii’ pink.
And this is the preferred count this evening.
This should lead to a follow through to the downside in wave ‘iii’ pink for the rest of the week.

The larger alternate count also has a claim on this triangle though.
This can be viewed as a wave [iv] green now complete.
Although I have mentioned how I just dont like how the previous rally played out.
As it does not fit a third wave rally very well.

Tomorrow;
So the market seems hesitant and undecided at the moment,
probing where it is going to go next.

A spike higher off todays lows will favor the bullish count.
And a break of 28000 again will strongly favor the bearish count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold did rally today but so far we do not have a new high above 1933.
So last nights count is still a possibility,
but a but not very probable now!

Tonight I am now looking at a larger wave (ii) in blue.
This pattern is taking an age to complete,
and this is one of the main reasons why I still view all of the action off the wave (i) low as corrective.
When wave (iii) does begin,
we will see a sharp reversal lower and any gains in wave (ii) will be wiped out pretty quickly.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete in the area of the 78.6 % retracement level.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We are pretty close to five waves down in wave (i) after a sharp selloff in crude today.
The Triangle low at wave (iv) was broken,
and now we are challenging the lows of that whole triangle pattern again.

The action today was a vote in favor of the idea that wave ‘2’ is now complete and wave ‘3’ down is getting started.
So we should be setting up for a larger decline over the coming days as wave (ii) completes a bearish lower high.

Tomorrow;
Wave (i) down is set to complete soon and then wave (ii) should correct to a lower high.
Wave (iii) down should be quite the treat!

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is very very quiet today almost as if in a trance!
I do think the same pattern duel is playing out here as in the Dow.
That is a triangle within wave ‘ii’,
or a larger triangle completing in wave [iv].

At this point the high at 3503 at wave (ii) is the trigger point of the alternate count.
And if that high breaks we can expect a rally up to a new all time high again as wave ‘5’ completes.

As for the main count,
A drop below 3419 is an impulsive fashion will signal wave ‘iii’ of (iii) is underway
and that wave (iii) has the potential to carry us down into the 3250 area.

Tomorrow;
We will get a confirmation of one of these patterns by the end of this week for sure.
Watch for 3503 to hold and wave ‘iii’ to get underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is defying the odds and scraping to a new high in wave [ii] today.
The price action in wave (c) of [i] is very messy indeed
it may be an ending diagonal pattern given the amount of overlap within the move,
and I think we should see a reversal into wave (iii) very soon.

Tomorrow;
25.54 must hold and wave [iii] down must begin.
24.18 is now the signal level for the beginning of wave [iii].