Good evening folks.

I pray you are all well this evening.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has now traced out a three wave decline into the session low today.
It looks like wave [b] completed as a running flat,
and the price just dipped below the 50% retracement level in wave [c].
The main count now calls for wave ‘C’ to begin off this corrective low and target a break of the wave ‘A’ high at 1.1920.

Tomorrow;
Watch for wave ‘C’ to begin with a break above the wave [b] high at 1.1832.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable topped today in wave [b] at the 78.6% retracement level of wave [a] almost to the pip!
The decline off the high is hard to call impulsive just yet,
so I will have to see how this develops tomorrow.
I am still looking for wave [c] to drop towards the 1.23 handle.
So there we can afford to be patient to allow an impulsive lower high to develop over the next days or so.
This will give us a higher degree of confidence that wave [c] has begun.

Tomorrow;
Lets see if the high at 1.3309 now holds.
Watch for wave (i) to now decline in five waves towards the previous wave ‘b’ low at 1.2937.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action in USDJPY is looking more positive as the days go on now.
The price has now traced out three waves up into todays highs in wave ‘b’ of (ii).
The price made a slight new high today also,
and now I expect wave ‘c’ down to carry us below 104.81 at the wave ‘a’ low to complete and expanded flat correction.

Tomorrow;
Watch for wave ‘c’ to continue lower overnight and complete in the region of the 50% retracement level at 104.40.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

IT is strange to say it now,
but I do not have a preferred count at this point.
The rally over the last few weeks is in line with all of the three wave counts shown on the short term chart.
And even the decline this week fits well in each scenario.
So the floor is wide open for a range of possibilities at the moment!

If we work on the main count again.
Todays weak rally to a lower high can be viewed as a minor ‘b’ wave within wave ‘iv’ pink.

In terms of the first alternate count,
this can be viewed as [ii] underway and tracing out a three wave decline.

Only a decline below the 26000 level again will trigger the second alternate scenario now,
but that is still on the table!

Tomorrow;
Wave ‘iv’ pink should fall again to create a three wave decline with a minimum target at 28860.
If the price breaks below 28500 again,
that will trigger the first alternate count for wave [ii] green.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has fallen in three waves so far in wave (b) at todays lows.
Wave ‘c’ of (b) seems to be closing out tonight,
although there is room for another small spike lower to complete a five wave move within wave ‘c’.
If price breaks below 1850 again,
that will classify wave [ii] as an expanded flat correction and wave (c) will then rally back above 1890 again to complete wave [ii].

Tomorrow;
We should see wave (b) find a final low soon,
A rise back above 1882 again at the wave ‘b’ high, will signal wave (c) has begun.

I think we should complete a bearish lower high in wave [ii] before the end of the week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The price came very close to breaking the invalidation high at 43.84 today.
But so far we have been saved by a sharp reversal off the session high.
That makes todays top a third failure below that late August high.
Three times the charm?

The price has filled a trend channel at the session high,
and that should complete a triple combination correction in wave ‘2’ blue.

It is simply imperative now that todays high should hold and wave ‘3’ down begin.

Tomorrow;
Watch for wave [i] down to continue lower and break the wave (b) low at a minimum before any real correction higher begins.
Wave [i] should develop pretty quickly from here.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

As with the Dow the S&P is simply grinding higher in a corrective type of action today.
This is labelled wave (b) of [ii],
with wave (c) left to come to complete a three wave correction and a higher low.
The initial target lies at the 50% retracement level at 3455.
And this count calls for a renewed rally in wave [iii] of ‘5’ to begin before the end of the week.

As I mentioned earlier also,
the alternate count is still very much a possibility here,
and of course if we see a break of that 3210 low again,
then I will switch to that bearish count.
So it is all to play for at the moment.

Tomorrow;
Watch for wave (c) of [ii] to drop into the the target area at 3450.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Todays action has contracted the price range further and opened up the possibility that wave [iv] is now tracing out a triangle pattern.
Price should again fall in wave [v] of ‘1’ over the coming days.
And I would like to see a break of 23.20 as wave ‘i’ completes.

Tomorrow;
Watch for wave [iv] to complete early in the session.
The price must hold below 24.49 for the triangle to remain valid.
A break of 23.55 will signal wave [v] is underway.