Good evening folks.

I pray you are all well this evening.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is now well into wave ‘B’ of (E) as per the main wave count.
The initial target I am looking at for wave ‘B’ lies at the 50% retracement level at 1.1760.
Wave ‘C’ will then be set to rally up above 1.1920 to complete three waves up in a possible wave (E) of [B].

The alternate count for wave (D) is now just as likely as the main wave count
because the decline off the high is quite impulsive.
This can easily be viewed as the beginning of a five wave decline into wave ‘C’ of (D).
A break below 1.1700 again will increase the odds of this alternate count.

Tomorrow;
Watch for wave ‘B’ to complete a three wave decline and then return higher into wave ‘C’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable made it back up the upper trend channel line today in wave (c) of [b].
The price is now close to hitting the 78.6 % retracement level of wave [a].
And we have three wave complete.
So I am expecting this market to move sharply lower beginning tomorrow.
Wave [c] should hit the lower trend channel line at about the 1.2300 handle.
And once we see a lower high form off this top,
that will signal wave [c] has begun.

Tomorrow;
Watch for the price to reverse overnight and spike lower tomorrow,
we should see that lower high by Thursday at the latest.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is in the process of creating a three wave decline off the high at wave (i) now.
I am looking at the 104.40 level for a wave (ii) target now.
The minimum target for wave ‘c’ of (ii) lies at the wave ‘a’ low of 104.80.
If that pattern completes tomorrow,
then we will be in line for a sharp rally higher into wave (iii) to begin by Friday I suspect.

Tomorrow;
Watch for wave ‘b’ to complete soon,
wave ‘c’ must hold above 103.17.

A rally back above 105.65 again will signal wave (iii) has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The decline off the high early today is pretty sharp and does stretch the idea for a wave ‘iv’ correction now.
I have introduced a short term alternative count also this evening.
this involves a larger wave [i] and [ii] pattern developing as shown circled in red.

If the price continues lower tomorrow and completes three waves down,
that will trigger the alternate count.
And then we can look for a renewed rally next week in wave [iii] of ‘5’.

I am also aware that yesterdays all time high can be counted as wave ‘5’ blue already complete.
My bearish DNA loves that idea!
But I will avoid jumping on that just yet!

Tomorrow;
A decline below 28500 will trigger the first alternate for wave [i] and [ii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is in the process of tracing out a three wave correction higher in wave [ii] now.
Waves (a) and (b) are almost complete this evening.
Although I think we will see another small drop into wave ‘c’ of (b) tomorrow,
to complete three waves in wave (b) as shown.

Wave (c) should rally up towards 1907 again by Thursday evening,
and then we will have a bearish lower high in place,
and I will be expecting wave [iii] down to begin, possibly by Friday evening.

Tomorrow;
Watch for wave (b) to complete above 1850.
And then a rally in wave (c) to break 1890 at a minimum.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We are now creeping into a triple top at 41.80 in crude oil this evening.
If you include the August highs,
this could count as a quad top!
Another rejection at this resistance level could prove dangerous if wave ‘3’ down is to begin soon.

The pattern in wave ‘2’ is extended now,
we are at the end of a possible triple combination correction.
And we still have a valid five waves down and three waves up which suggests the next move is a reversal lower into wave ‘3’.

Tomorrow;
Watch for wave (c) of [c] of ‘2’ to complete with a break of 41.80.
The pattern should give way to another impulsive move lower beginning soon in wave ‘3’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am taking another approach for the S&P tonight.
The rally off the wave ‘4’ low is labelled as wave [i] of ‘5’.
And todays decline and consolidation are viewed as part of wave [ii].

I suspect wave (b) is now completing,
So another drop tomorrow in wave (c) will complete a three wave correction into the 50% retracement level at 3450.
Any rally off that level again will signal wave [iii] of ‘5’ is beginning.

The alternate way of looking at this rally is that wave ‘5’ blue is already complete.
And the decline off the high is the beginning of something much bigger.

But as I mentioned earlier,
this is too tempting for me – a self confessed perma-bear.
so I will hold the bearish side helping for now!

Tomorrow;
Watch for wave (c) of [ii] to create a three wave correction into the 3450 area to complete the correction.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at todays corrective rise as either wave [iv] complete at the high,
or part if a larger triangle wave [iv] still underway.
It is hard to know now which way this will fall,
so we will just have to wait and see.

the price is falling tonight again and this may be the beginning of wave [v] of ‘1’.
A break below the 23.55 low of wave [iii] is the minimum target for wave [v].

Tomorrow;
Watch for wave [v] to continue lower and complete wave ‘1’ down.
I would like to see a break of 23.21 to complete wave ‘1’.

Wave ‘2’ could begin by tomorrow evening going by the progress today.
So we should see a bearish lower high in place by the end of the week.