Good evening folks, and may the Almighty Lord bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD hit the upper trend channel line today at 1.2242.
The price then dropped sharply off that high in a nice sharp manner.
Its hard to see a five wave pattern off the high at wave ‘2’.
But if we see a corrective lower high tomorrow,
that will increase the probability that wave [i] of ‘3’ is now underway.

Tomorrow;
Watch for the high at wave ‘2’ to hold at 1.2242.
wave (ii) must complete below below that level.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Finally we have some downside action to work with here.

The action off the high is starting to look impulsive now.
We have a three wave pattern down off the high.
And this evening wave ‘iv’ may be correcting sideways.

Right now I am look at the wave ‘b’ low at 1.3829 to offer support for wave (i) down.
If we see a five wave decline that breaks that support,
that will be a big signal that we are finally turning off the wave ‘C’ (4) high.

Tomorrow;
Watch for wave (i) down to complete a five wave decline.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has a five wave pattern higher complete off the wave ‘2’ low.
wave (iv) of (v) traced out a running flat correction and then the price spike above the wave ‘1’ high at 106.22 this afternoon.
If wave [i] of ‘3’ is now complete,
then we should see a three wave correction in wave [ii] over the next few sessions.
That will complete another bullish impulsive wave to begin wave ‘3’ up.
And later next week we can expect a further rally into wave [iii] of ‘3’.

Tomorrow;
Watch for wave [ii] to begin and correct lower in three waves.
A decline into 105.65 will retrace 50% of wave [i].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The new high overnight was answered today with a sharp decline back below 31500.
The price has not broken below the low of wave (b) yet,
but a five wave decline should do just that over the coming days.
Obviously a break of the left shoulder low at 31160 will be a stronger signal that a bigger pattern is building here.
So I can’t get excited until at leas that level is achieved.

Tomorrow;
The key now is for a bearish impulse wave to form off the high in wave [i] and [ii] green.
If the top is in now,
then we should not have to wait long for that to form.

Tomorrow;
Watch for a correction in wave (ii) to hold below the highs.
And wave (iii) will be confirmed with a break of the previous wave (b) low at 31.160.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays volatility hit gold also,
and I have to say I am in two minds about this pattern that has formed at todays lows.
It is possible that wave (ii) is still underway of course,
and todays low is only wave ‘b’ of (ii),
with wave ‘c’ left to come.
Wave ‘c’ will top out at 1815 in this scenario.

However,
there is also the alternate scenario,
where wave (ii) is done at the recent 1815 high.
And now we are seeing the initial declines into wave (iii) get underway.

The size of the correction higher will determine which pattern is more fitting here.
If we fail to break 1800 again,
then the alternate count will be triggered.

Tomorrow;
Watch for wave ‘c’ to push above 1800 to confirm the main wave count.
Further declines tomorrow will also favor the alternate count.

The alternate count can even allow for a very sharp move lower to start tomorrow,
so watch that 1760 low early tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil went to sleep today and has not moved an inch off yesterdays highs.
I cant take anything from this action really,
So I’m afraid we will have to wait until tomorrow to see if we can call a top in place for crude.
The pattern is there,
but without any confirming price action I am flying blind on this one!

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I will be first to admit,
the pattern off the high is not ideal.
But todays decline has tipped the scale in favor of a top now in place at wave ‘5’.

If we see a further drop over the next few days to push into the 3666 low at wave [iv],
that will certainly favor my bearish outlook.
and a solid break of that 3666 level will pretty much confirm that the market has turned.

But I am getting ahead of myself now.

I have labelled wave (ii) as a possible expanded flat correction at todays lower high.
And the decline off that high is wave ‘i’ of (iii).

The short term count calls for wave (iii) down to fall into support early next week.
In this scenario,
we should only see a correction to another lower high in wave ‘ii’ of (iii) tomorrow.
And wave ‘iii’ of (iii) is where the damage will be done on Monday.

Tomorrow;
the high at wave (ii) must hold for this count to remain valid,
a break of that high will switch the count back to last nights option.

Watch for wave ‘ii’ to complete a lower high tomorrow.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

It came a little too close for comfort today,
but silver did create a lower high in wave (ii) and fall off that high again.
Todays decline has not developed impulsively just yet,
but I will suggest that if gold breaks to a new low tomorrow,
I think the pressure of that decline will be too much to ignore in the silver market.
And if we break support at the wave ‘1’ low again,
we could see a cascading type fall in silver over the coming week.

I know we will find a bullish low in wave [2] eventually in silver,
and the rally up into wave [3] will be a sight to behold.
I just don’t think we are there yet!

Tomorrow;
Watch for 28.30 to hold and wave [i] down continue lower.