Good evening folks, the Lords Blessings to you all tonight.

As if you didn’t know this, but its nice to see just how mad this current occasion is.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

After todays run to a new high the price has now cooled off and dropped back below the 62% retracement level this evening.
The decline is not big enough to confirm the top is now in for wave ‘B’,
but if we see a drop below the wave (iv) low at 1.1992 again tomorrow,
that will be a good sign that this market is finally turning lower off this wave ‘B’ lower high.
And the next step in the pattern is for a large decline into wave ‘C’ of (D) over the coming month.

Tomorrow;
Watch for todays top at 1.2116 to hold,
and for wave (i) of [i] to fall be ow 1.1992 to confirm that wave ‘C’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has traced out a three wave rally to a lower high in wave (ii) today.
I know the decline off the wave [b] top is not completely satisfying in terms of its internal structure,
but,
as long as the price continue to move lower over the coming few days,
the the probability that wave [c] is underway will only increase.
A break of the wave ‘a’ high at 1.3808 will be a boost the the short term count,
but a drop below 1.3668 again will confirm wave [c].
I am looking for a drop into the lower channel line at 1.3460 at a minimum to complete wave [c].

Tomorrow;
Watch for 1.3927 to hold,
and wave (iii) of [c] down to begin.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is showing positive early signs that a final low for wave ‘4’ is now in place at 107.47.
The price has now risen in three waves off that low which is a corrective pattern si far,
but I am inclined to believe that we will see a five wave pattern develop off that 107 low this week.

I have been pointing to that 108.90 triangle area over the last week
as the main point of interest for the price to break in order to establish a break out of the correction.
If wave [i] of ‘5’ is now underway,
then we should see an easy break of that level to confirm the turn higher.

Tomorrow;
Watch for wave wave (ii) to hold at 107.64.
Wave (iii) should move higher in five waves off that low for the next few days.

DOW JONES.

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DOW daily.

In terms of the short term count there has been very little action today to either convince me the top is in,
or convince me that the market has more to run to the upside.
It has been a pretty silent days trade.
There is a few major earnings announcemts coming over the next few days,
so this will haves its near term knee jerk reactions involved for sure.
So I am aware that we can easily see a break of this short term pattern.

The ending diagonal pattern is now at it’s ‘end’ I think.
There is not mush room left to the upside allowed in this pattern.
We are at the point where a successive series of threes pointed to over the last few weeks.
The Fibonacci levels both internally within the final wave [v],
and between each wave within the larger wave ‘5’ blue,
have been met and slightly exceed last week.

Momentum has peaked and formed lower highs across a number of the longer time frames along with the pattern completion.
The wave count is filled to completion.
And I am now sitting and waiting for a signal that the market is about to tip over.
If it does not come,
and we continue to push higher over the next few weeks,
then I will be forced to go back to the drawing board on the wave count.

Tomorrow;
33680 marks the initial support for this top.
Watch for a decline in wave (iii) to fall below that level to signal the possibility that the top is emerging here.

GOLD

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GOLD daily.

Gold has been holding steady above 1770 today,
and the short term action has not confirmed a five wave decline off the top of wave [iv] yet.
1722 is the main level that I am focusing on for this short term count.
If we see a drop below that level over the next few sessions,
I think that will be enough to call wave [iv] done,
and wave [v] underway.

Tomorrow;
The top of the wave ‘a’ rally lies at 1757.
If that level breaks it will rule out a larger five wave rally in wave (c) of [iv].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We have the possibility of a larger three wave correction in wave (ii) today after a spike to a small lower high this evening.
Wave (ii) may have traced out a running flat at todays high.
As the price has failed to break Fridays high at 62.39.
Now I want to see a decline below 60.58 again to to signal wave ‘i’ of (iii) is in firce.

Tomorrow;
watch for wave (ii) to hold at todays high.
A five wave decline is expected this week in wave (iii) down.
But now we need a break of the wave (i) low at 60.58 to signal the larger wave (iii) has begun.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has used the target level for wave (a) = (c) at 4120 as support over the last few sessions.
This level marks the lows of wave ‘iv’ in the short term count.
And now the market has rallied off that level in an impulsive form.
The rally into todays high is a five wave pattern.
But I have no way of knowing if this is wave ‘v’ complete,
or only wave ‘1’ of ‘v’.
the latter interpretation will allow for a rally up to the 162% Fibonacci extension level at 4286.

Wave ‘v’ can be called complete if we see a reversal back below 4120 again.

Tomorrow;
Watch for wave ‘v’ to complete with one more high to break 4200 for the first time.

SILVER.

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SILVER 4hr.

SILVER daily.

Silver has done nothing todays to show us where we stand regarding the short term count.
so far the decline off the wave ‘B’ high is only in three waves, which will normally define a corrective decline.

Yet todays action is most definitely corrective to the upside.
The pattern is calling for a larger decline into wave ‘C’ to begin this week.
If the price continues to create lower highs like this,
I can continue to favor the downside in general.

Tomorrow;
I have marked the wave [a] high at 25.60 as the next most important level below.
A break of this level will open up a decline into the lower support at 24.66.
And if we break that level,
I think then we can confirm wave [i] of ‘C’ is underway.