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

Here it goes.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

On the main short term count I am looking at todays drop and small consolidation
as part of wave ‘i’ of (iii).
The price has not accelerated lower into wave (iii) yet,
and we will likely see another corrective lower high in wave ‘ii’ before that acceleration begins later in the week.

The main alternate count suggests a triangle in wave (iv) now underway.
A break of 1.1786 will rule out that alternate count.

Tomorrow;
Watch for wave ‘ii’ to complete below 1.1860 and then wave ‘iii’ of (iii) to turn lower again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is holding at a higher low above the previous wave (b) at 1.2907 still today.
It is a little concerning that we have not broken below that triangle low yet to confirm wave [c].
But I will allow some more time for that to occur before changing tack.

the action today is viewed as wave ‘i’ and ‘ii’ of (iii).
That suggests a decline into wave (iii) is coming this week.

Tomorrow;
Watch for price to break support at 1.2907 and then continue lower for the next few sessions in wave (iii).
1.3120 should hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The only bullish way that I can interpret todays action,
is that wave ‘i’ and ‘ii’ are still in the process of creating that all important higher low above 104.33.
In this scenario,
wave ‘ii’ is an expanded flat and will complete with another challenge of the 104.55 low to complete,
before turning higher again into wave ‘iii’ of (i) with a break above 104.93 again.

Tomorrow;
Watch for the low at wave [ii] to hold this week as we complete this higher low scenario in wave ‘ii’.
We should see the price turn higher again by Wednesdays trade to confirm the count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has really come to life today with a drop back below 28000 in a pretty impulsive form.
The action is labelled as wave ‘iii’ of (iii),
and that does fit with the severity of the decline.

It is possible that wave ‘iii’ is still underway,
so we might see another spike lower into support at 27150 to complete that wave.
And then a corrective structure higher in wave ‘iv’ will begin by tomorrow evening.

I would like to see wave (iii) complete five waves down by Wednesday evening,
and then wave (iv) will take over for the later part of the week.

Tomorrow;
Watch for wave ‘iii’ pink to complete with a spike into 27150 and then turn higher in three waves in wave ‘iv’ pink.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has been very quiet indeed today without much spillover occurring from the equity markets.
This action suggests wave ‘ii’ pink is still developing as a possible flat correction.
In that case wave ‘ii’ will rise into 1915 or so to complete,
and then wave ‘iii’ down begins with a break back below 1890 again possibly by tomorrow evening.

Tomorrow;
The wave (ii) high at 1931 must hold.
And once wave ‘ii’ of (iii) completes below 1931,
wave ‘iii’ of (iii) down is expected to push down below 1850 later in the week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave (iii) of [i] came in strong today with a nice sharp move lower and a break of the wave (i) lows.
If this count is correct,
Then over the next few days we should see a consolidation in wave (iv) in three waves at least.
that holds below 39.74 at the wave (i) low.

And if this count is correct,
then the crude oil market is in for a really rough ride over the coming months again.
As wave ‘3’ of (5) carries us lower.

Tomorrow;
Watch for wave (iii) of [i] to find a final low soon.
Wave (iii) has already reached past the 100% extension of wave (i).
the 162% extension of wave (i) comes in at 37.60.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P fell down into the lower trend channel line today
and then bounced back to another lower high!

This trend channel lower seems to be holding the price quite well so far,
but again,
as long as the main thrust of the action is to the downside,
then the bearish count is still valid until proven otherwise!

The alternate count has been changed today as the action has completely ruled out the previous count.
At this point it is still possible that this decline is wave [ii] of ‘5’ as shown.
If the price breaks below the 3210 low,
then we can rule out this new alternate count.

Tomorrow;
The wave ‘ii’ high at 3470 must hold and wave ‘iii’ of (iii) must continue lower into the 3300 level at a minimum.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action in silver today is very corrective looking at the moment.
And I think this could be a lower degree ‘i’ ‘ii’ scenario now developing.

The wave (ii) lower high at 24.84 must now hold to stay with this pattern.
But if we do get another drop into 23.55 over the coming days,
then we should safe to call wave [iii] of ‘5’ underway.

Tomorrow;
Watch for wave ‘iii’ of (iii) to continue lower and break 23.55 to confirm the larger pattern.