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

Here is an overview of some charts Ive been looking at over the last few days, and it is again startling where we stand!

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Back to tonight, here it goes.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have three waves down off the upper trend channel line today.
I am looking for wave (i) down to trace out five waves into about 1.1760 at the previous fourth wave low.
There is a good chance that this evenings action is a small triangle within wave (i).
And that will be followed by a drop into wave ‘v’ of (i) tomorrow;

Tomorrow;
Watch for wave (i) to complete near the previous fourth wave low at 1.1760.

Five waves down off a three wave corrective lower high in wave ‘B’ will be a strong signal that wave ‘C’ down is now beginning.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I would like to say that wave [b] is now complete at Wednesdays high,
but the action so far is a little undecided now.
the decline today is not very impulsive looking yet.
A drop below 1.30 again will favor the bearish count.

Tomorrow;
Watch for wave (i) of [c] to develop into a five wave decline off the high at wave [b].
A break of the triangle low at wave (b) will confirm wave [c] has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Yesterdays sharp drop in wave (c) caused a pretty run if the mill rebound off the low today.
The action has not developed in five waves just yet.
But I am allowing for that to happen before ruling out the bullish count completely.

The Sentiment against the USD right now is indicative of a major low now in place.
But I want to see a clear five wave pattern higher in wave (i) to signal the correction phase is now over.

Tomorrow;
Watch for wave (i) to continue higher over the next few sessions.
I want to see wave ‘iii’ of (i) to drive higher again tomorrow.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The messy pattern in the Dow over the last few days seems to have cleared up slightly today

I can see a five wave decline off the wave (ii) high this week which is labelled wave ‘i’ pink.
The sideways consolidation over the last few sessinos traced out a triangle within wave ‘i’,
and this rally today is now viewed as wave ‘ii’ pink.

If the short term count is correct,
This correction in wave ‘ii’ should be followed by another decline into 27500 in wave ‘iii’ of (iii).
I would like to see that action begin tomorrow.

Tomorrow;
Watch for wave ‘ii’ to complete very soon as a three wave correction.
If we see an acceleration below 28000 again,
that will signal wave ‘iii’ has begun.

The invalidation point for this count lies at the wave (ii) high.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has all but wiped out the rise over the last few sessions with todays spike lower.
Also the action is impulsive looking as opposed to the rise earlier this week.
Todays drop is labelled wave ‘i’ of (iii) now,
but I would like to see a little more downside in wave ‘i’ to show a clear five waves down.
We should see a bearish lower high develop in wave ‘ii’ pink early next week.
And then we will be set for another big drop in wave ‘ii’ of (iii) of [c].

Tomorrow;
Watch for wave ‘i’ to complete with a clear break of the previous wave ‘b’ at 1893 and then begin a correction in wave ‘ii’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil may have completed a bearish impulsive wave at today high labelled wave (ii).
The price is declining again off the session high now,
if the price accelerates lower tomorrow that will signal wave (iii) is underway.

The alternate view on this shows a larger three wave correction underway in wave (ii) grey.
A drop back below the wave (i) low will favor the main count.

Tomorrow;
Watch for wave (iii) down to get underway with a drop back below 39.73.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The decline off the high at wave ‘2’ can be viewed as either a series of 1,2, waves,
or a larger three wave correction in wave [iv] as per the alternate count.

If wee see a more sustained decline back below the 3390 level again that should rule out the alternate count as it now stands.
As is the case all this week,
the market is navigating a fine line between both the favored and the alternate counts.
And so far it has not sided with either one,
yet!

That will happen soon enough,
and possibly by tomorrow evening we will know for sure which way the short term action is going to proceed.

Tomorrow;
Watch for wave ‘iii’ down to continue lower and break 3390 to signal wave (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action in silver is a less certain today as the decline off the wave [ii] high has not traced out an impulsive move yet.
It is possible that we have a leading diagonal underway off the high in wave (i) blue,
but even that pattern will require anohter drop to show five waves down.
I will be much more convinced of the turn into wave [iii] of ‘5’ once we get a break of 24.18 again.

Tomorrow;
Watch for waves (i) and (ii) to create a clear lower high below 25.27 at the wave [ii] high.