Shalom my friends and God’s Blessings to one and all tonight.

Its going to be an exciting few hours ahead in the U.S that’s for sure!
I am not going to make any grand assessment tonight over and above what happened in this session.
Because we all know that things can go absolutely wild tomorrow and blow even the tightest wave count outta the water!

Anyway,
only the Lord knows what tomorrow will bring,
the rest of us just have to wait and see!

on with the show.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD shot higher today into wave [ii] at last.
The pattern in wave (a) looks like five waves up,
this suggests wave [ii] will be a zigzag 5,3,5 correction.
Wave [ii] is now targeted to the 62% retracement level at 1.1780.

Tomorrow;
Wave (b) of [ii] is now underway with a drop off the session high and this should create a higher low early tomorrow.
Watch for wave

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is really pushing the limits of short term count this evening.
The rally cam in hard here also today,
and there is only one way to view this in the context of a (i) (ii) pattern to the downside
That is;
Todays rally formed wave ‘c’ of (ii),
and now wave (iii) must push lower for the rest of the week.

Tomorrow;
Watch for 1.3170 to hold and wave (iii) to break 1.2853 again to confirm the turn down into wave [c].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Todays action in USDJPY has not shed much light on the situation in the short term count.
The action today looks very corrective for sure,
but that does not confirm the bullish outlook either!

So this evening I have reverted to the larger wave [v] of ‘C’ idea that I mentioned in the weekend video.

This involves an extended wave [v] in an ending diagonal pattern as shown.
The minimum target is the recent low at 103.99 for wave (v) of [v] to complete the ending diagonal pattern.

Tomorrow;
If we see a rapid move higher tomorrow I will switch back to the earlier count and we can expect five waves up again into wave (i).

Either way this goes,
we still need a bullish higher low after a five wave rally to turn long term bullish of USDJPY.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Today action has shifted the odds in favor of the alternate count for wave [i] and [ii].
The rally was much too large to consider part of the previous decline.
It now looks like we have wave (a) of [ii] in place,
and the price should turn lower into wave (b) pretty soon.

the price has already hit the 50% retracement level today,
there is a small chance that this rally was all of wave [ii].
Only an equally sharp decline to a new low will favor that idea.

Tomorrow;
This rally was the beginnings of the Vol ride that is likely to take over from here.
Its a real coin toss as to how this will play tomorrow.
I am really in a wait and see mode tonight…….

I have updated the 4hr chart tonight to show that alternate count a little more clearly.

Now the rubber will meet the road on this bearish count.
Lets see how it goes.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I want to look at the 4hr chart initially tonight.

The alternate count for wave ‘B’ shows a developing contracting triangle pattern.
And to be honest,
the action over the last few days is beginning to favor this count now.

the overall out come should remain the same in terms of wave ‘C’ of (4),
but it does give us a good option to fall back on now.

In both wave counts the price must not rise above 1931.
And in both wave counts,
wave ‘C’ will be confirmed with a break of 1859 again.

Tomorrow;
1931 must hold and a new impulsive move down into wave (iii) of [iii] is set to begin very soon.
A break of 1873 will be a good signal that wave (iii) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

There is not much change from yesterday in the overall pattern for crude oil.
The price has created a five wave move higher in wave (a) at this evenings highs.
And this action suggests an overall 5,3,5 zigzag pattern for wave [ii] over the coming days.
Wave [ii] is pointing to a break into the 39.00 handle to complete a three wave correction now.

Tomorrow;
watch for wave (b) of [ii] to retrace about 62% of the wave (a) rally,
and fall into the the 35.50 area in three waves tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Its a close call between the main wave count and the alternate in the S&P.
The rally today can be viewed as a three wave correction as shown,
and this suggests another decline tomorrow into wave (v) of [i].
In this case,
wave (iv) must not break above 3439 at the wave (i) low.

The alternate count for wave [i] and [ii] is less favorable right now.
But it really depends on how the price reacts tomorrow given the extreme level of angst and tension that is in the air now!

Tomorrow;
Watch for 3439 to hold and wave (v) to fall back into the 3210 level in five waves to complete wave [i] down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action in silver over the last few sessions is really starting to look more and more like a triangle wave ‘4’,
rather than the developing wave ‘5’ that I was working with over the last week or so.

If you look at the hourly chart you will see that the rally this week is now viewed as wave [c] of ‘4’.
And the pattern suggests we will see a further range contraction over the coming week as wave ‘4’ closes out.
This pattern will be invalidated if we see a break of 25.27 again.

Tomorrow.
Watch for wave [c] to top out tomorrow and the wave (d) to fall again in three waves to form a higher low above 22.56.