Good evening folks.

Tonight is the eve of Thanksgiving over in the U.S,
so I pray God’s Blessings on all my Stateside brothers and sisters.
And I wish you all an enjoyable and peaceful break.

The market is closed tomorrow so there will not be an update tomorrow night.
But I will be doing a LONG video tomorrow,
so watch out for that to drop tomorrow afternoon.

Ok,
down to it then!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I have been chasing that wave ‘B’ high for the last few weeks now,
and todays action has invalidated another count and prolongs the hunt again.

We got a break of that 1.1920 high today and this new high takes the wave ‘B’ label again.
Wave ‘A’ down traced out a larger 3,3,5 pattern into 1.1600.
And wave ‘B’ has traced out a three wave rally into todays new high.

I am still hunting for that wave ‘C’ decline in five waves.
And the longer the pattern goes on in wave ‘B’,
the larger the decline into wave ‘C’ will be.

Tomorrow;
I am now looking for wave [c] of ‘B’ to top out pretty soon.
A break of the recent low at 1.1799 will signal wave [i] is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

There is one thing for sure here,
cable is just waiting to collapse now.
The market has held on today but is still hanging just below the high at 1.3397.
The price has barely budged this week,
and I am just counting down the minutes until we get a sharp move down to begin wave [c] green.

Tomorrow;
The price must hold below 1.3384 for this short term count to remain valid.

Watch for a drop below 1.3263 to begin wave (i) of [c].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY corrected lower today and again we are forming a small higher low.
This action is encouraging but I want to see a break above that 105.12 high soon.
This would boost my confidence in this bullish count.
And would signal a possible rally into wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘ii’ to hold at 104.15.
Lets see if the overnight action can move impulsively higher again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has dropped correctively today in a possible wave (ii) of [v].
If this is correct,
the market is now setting up for a rally again into wave (iii) of [v] next week.

Now that we have a confirmation of wave [v] now underway.
We can make some Fibonacci projections for the top of wave ‘5’.

If we take the length of wave [i] and project it off the low of wave [iv],
that gives us a minimum target at 30867 where wave [v] = [i],
and 31924 where wave wave [v] = 162% of wave [i].

Tomorrow;
The market will be closed tomorrow for thanks giving in the U.S.
so Friday will be the next session.
Wave (ii) should complete soon.
Wave (iii) will be confirmed with a break above the wave (i) high.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The market edged higher in three waves into todays high at 1818.
This high now takes the wave ‘iv’ of (iii) label.
Wave ‘v’ of (iii) may be underway off that session high this evening.

I want to see a little more downside in wave ‘v’ to complete wave (iii).
And then we can work higher in wave (iv) over the next few days.

Tomorrow;
Watch for wave ‘v’ of (iii) to complete soon.
Wave (iv) should not retrace higher than 1851 at the wave (i) low.
If that level breaks at wave (i) blue,
then I will have to rethink the pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Despite a break of the recent pattern after this weeks rally,
I do believe we are only days away from a major turn in crude which should wipe out a good % of the recent rally.

The pattern off the recent lows at 33.80 is tracing out a nice clear five wave pattern.
And the trend channel is getting quite full now after the triangle in wave [iv].
So today rise is quite possibly bringing the price very close to an end in wave [v] green.

Tomorrow;
I am still ultimately bearish on crude for the foreseeable future,
but I will have to wait for another bearish signal off the eventual high to begin looking for that turn again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P moved lower off the wave (i) high today and so far the action looks corrective.
I cant say for sure that three waves have formed off the high,
but wave (ii) should hold above 3551 at the extreme low,
and more likely wave (ii) will find support above 3584 and then rally to a new high in wave (iii) early next week.

So wave [v] is now underway and the minimum target for wave [v] to complete lies at 3722 where wave [v] equals wave [i].
The upper target lies at 3828 where wave [v] equals 162% of wave [i].
So thats the target area for this rally to end.

Friday;
watch for wave (ii) to complete above 3551 and then rally again into wave (iii) of [v].

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am taking a slightly different view of the action this evening as wave ‘3’ develops.
The price rose in three waves today and that pattern fits wave (ii) of [iii] quite well.
In this new count wave (iii) of [iii] is now set to accelerate lower over the coming few days.
And I suspect Friday will see a break of 22.56 to confirm wave (iii) of [iii].
Wave (iii) should find support at the 21.64 level early next week.

Friday;
Watch for a break of 22.91 to signal wave (iii) has begun.