Good evening folks, may the Lord of Hosts Bless you tonight.

But there is nothing to see here folks, move on, move on!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Now we have a pretty impulsive looking drop off the recent high at wave ‘2’.
This is convincing enough to call wave ‘2’ down and now we are dropping into a longer descent in wave ‘3’ blue.
It looks increasingly likely that the gig is up for the EURO!
We will see soon enough I’m sure.

I am tracking a decline in five waves in wave [i] green.
I want to see this decline continue and break the previous wave [b] low at 1.1952.

Tomorrow;
Wave (iii) of [i] should break below 1.20 at least maybe in the overnight trade.
Wave (iv) should then correct higher in three waves and hold below the wave (i) low at 1.2093.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The drop in cable is not as inspiring as is EURUSD for sure,
but the fact that the other two main USDX rates are reversing their trends,
then it is reasonable to expect cable to do the very same thing soon.

It is possible that we are watching a wedge pattern develop off the high,
but until we break minor support at the previous wave ‘b’,
then we don’t really have anything to go on yet.

Tomorrow;
Watch for wave (i) to continue to develop to the downside,
lest see if we get a break of 1.3775.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Last nights trade pushed the price into the upper trend channel line,
and today the action has been corrective to the downside.
This action all lines up well with the idea that we are going to head higher into a third wave.

I am not sure if todays correction is in wave ‘ii’ pink as per the alternate count,
or if it is a smaller degree correction within wave ‘iii’.
A sharp acceleration higher tomorrow will favor the main count.

Tomorrow;
Watch for this correction to hold above 105.17 and then move higher to break the upper trend line towards 106.84.
Where wave (iii) blue reaches equality with wave (i).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price is holding below the all time high so far today.
But we do not have any supporting price action to the downside in the line of a support break yet.
Until this happens,
I am just speculating on the possibilities without any patterns to work with.

Tomorrow;
As I have outlined over the last week,
the market is in a perfect environment to see a reversal develop.
Even a large acceleration lower is very possible given the setup,
but nothing has happened yet!

Watch for the high to hold again,
and for a break of support at 31280 at the triangle support.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is now sitting just above the December lows at 1764 as we hit the close this evening.
The action today is more inline with the beginning of wave (iii) blue
rather than wave (ii).
I have now moved the larger wave (ii) correction to the alternate count scenario.

Todays decline is labelled as wave ‘i’ of (iii) of [iii].
If this is correct,
we will see a larger decline later in the week in wave ‘iii’ of (iii) of [iii].
Wave ‘iii’ has the potential to drop into the 1700 level to complete.

Tomorrow;
Watch for the wave (ii) high to hold at 1814.
Wave ‘i’ and ‘ii’ should form a lower high below 1800.
and then wave ‘iii’ will take us lower again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is again hitting the highs above 61.00 this evening.
Much like the stock market,
even though the pattern to the upside is full right now,
we have yet to see an impulsive decline to begin working on the reversal pattern into wave [i].

Tomorrow;
If the stock market turns this week,
then we will easily see a selloff spread to oil and foreign currencies also.
I am just going to wait here and see how it develops.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The decline over the last couple of days in the S&P is beginning to look impulsive!
But as with the Dow,
its just to early to draw any inference from it just yet.
Especially since the previous fourth wave has not been broken yet.

I have labelled the decline as waves ‘i’ and ‘ii’.
We now need a small lower high tomorrow in wave ‘ii’ to hint at the possibility of a top forming.

In reality,
the most significant level at the moment is the previous wave (iv) at 3666.
Until we break that level the bull market remains intact.

Tomorrow;
Lets see if we can put in a small lower high in wave ‘ii’ pink.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have switched back to the previous wave count this evening which shows wave ‘2’ already in place at this weeks high.
The price has failed to rally today,
and instead we see a small lower high forming in a possible second wave.
If that lower high at wave (ii) holds tomorrow,
then the a decline into wave [i] of ‘3’ is the most likely outcome.

Tomorrow;
Watch for wave ‘2’ to hold at 27.93.
Wave [i] down will break 25.87 to be confirmed.