Good evening folks, welcome back, and God’s Blessings to you.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Further declines today suggest that wave ‘ii’ has topped at 1.1947,
and wave ‘iii’ of (iii) down is now underway.
The price has not broken below the wave (i) low yet at 1.1835.
If we get a sharp move below this level tomorrow that will confirm wave (iii) has begun.
The fact that we only have a three wave decline off the wave (ii) high is still a concern.
I want to see wave ‘iii’ com in strong over the next two sessions to push the price back down towards that lower channel line.
this will rule out any short term alternate count.

Tomorrow;
Watch for wave ‘ii’ to hold at 1.1947.
Wave ‘iii’ of (iii) must now accelerate lower over the coming days.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has now broken below the wave (i) low at 1.3776.
This action does now favor the idea that wave (iii) is underway.

I have changed the count slightly this evening to show a larger complex wave (ii).
And the decline off that high at wave (ii) is wave ‘i’ of (iii).
Five waves down in wave ‘i’ suggests that wave ‘ii’ will retrace higher tomorrow.
there is a small triangle which formed in Mondays trade.
This provides a target for wave ‘ii’ at about 1.3770.
And wave ‘iii’ of (iii) should accelerate lower from there.

The minimum target for wave (iii) grey lies at 1.3540 where wave (iii) will reach 100% of wave (i).

Tomorrow;
Watch for wave ‘ii’ to complete a lower high and wave ‘iii’ down to take over by the end of tomorrow session.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The early trade today broke out of the triangle pattern for wave [iv] green.
This action has forced a re-think of wave [iii] and [iv] which is now shown as the main count.

Wave [iv] can be viewed as a triple combination wave.
The overall pattern in wave [iv] is bloody awkward!

Wave (a) is a conventions three wave decline.
Wave (b) can be counted as a triangle.
And wave (c) is an ending diagonal!

The price has spiked higher this evening and this action suggests wave [v] has now begun.

Tomorrow;
Watch for 108.40 to hold at wave [iv].
Wave (i) of [v] should push up towards the wave [iii] high at 109.35 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has taken a sharp hit this evening which does hint at a third wave decline beginning now.
Even so,
I have put this as an alternate scenario for the moment.

The main count is allowing for a three wave correction in wave (ii) as shown.
Wave ‘c’ of (ii) is set to run higher into that 62% retracement level at 32930 by tomorrow evening.
When wave (ii) completes,
then I will look at wave (iii) down later this week.

As for this evenings decline.
If that continues early tomorrow without any reversal higher into a possible wave ‘c’,
then wave (iii) down will be in force and the next target level lies at 31750.

Tomorrow;
Watch for wave (ii) to complete as an expanded flat with a break of 32810 at the wave ‘a’ high.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It is a little frustrating that wave (iii) down has not taken over yet in gold!
The price is still hanging at a lower high below the wave ‘ii’ low from earlier today.
I want to see wave ‘iii’ take over tomorrow
and break below 1699 again to bring us closer to that final low in wave (4).
I think a break of 1700 again will lead to a quick decline into the lower end of the target range for wave [v] of ‘C’ of (4).
The sooner it happens,
the sooner I can work on the next leg up in gold!

Tomorrow;
Watch for wave ‘iii’ of (iii) of [v] to begin with a break of 1718 at the wave (i) low.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has taken another beating today to push back below the 60 handle again.
We are now solidly below that psychological level this evening closing in the area of 57.50.
The recent bullish headlines across the media seem to have marked another significant high in the market.
As usual,
extreme bullishness surrounds a top not a bottom!

It is very possible that we have five waves down complete off the high if I go by the alternate count.
The main problem I have with this count is the fact that alternate wave (iii) has a very truncated internal structure.

The main count calls for a bounce to begin soon in wave (iv).
And this should be followed by another decline in wave (v) of [i] by the end of the week.

Tomorrow;
Watch for wave (iii) to complete soon and then we should see a three wave correction higher in wave (iv) over the next few sessions.
Wave (iv) must complete below 62.00.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

This evenings sharp move lower is hinting at the possibility that wave ‘iii’ down is now in force off the high.
This cannot be confirmed until we see a break of the wave ‘i’ low at 3886 again,
but I do like the fact that the market created a clear three wave pattern to a lower high in wave ‘ii’,
and now we have a decline again off that level.

The main focus is of course on a larger five wave pattern lower into wave (i) down.
When we get that pattern in place,
then we can make some judgements on the bearish potential building here.
It is looking promising at the moment,
but these are still just promises!

Tomorrow;
Watch for wave ‘iii’ of (i) to break 3886 at the wave ‘i’ low,
and then wave ‘iii’ should make easy progress into 3835 at the previous wave ‘iv’ low.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has broken the wave (b) low today at 25.36,
and now we are making progress into the wave [i] low at 24.80.
A break of that wave [i] low should lead to an acceleration lower in wave (iii) of [iii] as shown.
And I would like to see wave (iii) break below the the blue trend line connecting the previous wave one lows.
The larger wave [iii] should push down into the lower red trend channel line in the area of 22.00 again.

Tomorrow;
Watch for wave (iii) to break 24.80 and continue lower for the next few days.
26.30 must hold.