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

SPX been this far beyond its 40wk EMA only twice before.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Still no confirmation that wave [i] down is underway yet.
The market ahs dropped off the wave ‘B’ high at 1.2116 and is holding below that level so far this week.
I have labelled this small decline as a possible wave (i) and (ii).
this wave count will require a sharp move lower tomorrow to break below 1.1990 at a minimum.

Tomorrow;
1.2116 must hold.
Wave (iii) down should start early in the European session tomorrow and continue lower for the rest of the day.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays action is is corrective to the upside again,
and the price is holding below the wave (ii) high at 1.3927.
The wave count in cable is calling for a drop into wave ‘iii’ of (iii) to get underway soon.
But I am waiting for a break of 1.3822 to confirm that decline has started.

Tomorrow;
Watch for 1.3927 to hold and wave ‘iii’ of (iii) to break lower below 1.3822.

If that wave (ii) high is broken,
the wave (ii) will likely rise into the declining trend channel again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is moving higher off Last weeks lows again today.
The action looks impulsive today,
as the move higher has accelerated into a possible third wave.
And that initial triangle resistance level at 108.90 is now in sight.
If we break above that level overnight and then correct to hold above that level.
That will be a good sign that the low is in for wave ‘4’ and wave [i] of ‘5’ is underway.

Tomorrow;
Watch for a break of that resistance level at 108.90 to confirm wave (iii) of [i] is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Lower today but no real progress out of this trading range yet.
We are caught within this trading range for 10 days now.
And with that action comes the possibility that we are building a triangle here rather than an impulsive structure lower.
I will switch to this view if we see a break of 34160 again.

This trading range will end soon enough.
The fact that the market has stalled at the target where wave [v] of ‘5’ projected is a vote in favor of the bearish count in my book,
so until we break out of that pattern again,
I will favor the downside for now.

Tomorrow;
If the wave count is correct and we are about to see a decline in wave ‘iii’ of (iii),
then tomorrow is the day to get going on this one.

Watch for a break lower out of this trading range at 33680 in wave ‘iii’ of (iii).
34160 must hold.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold held firm below the recent high again today.
And right now we have a possible ‘i’ ‘ii’ pattern in place below that wave [iv] high.
With wave ‘i’ tracing out a wedge pattern off wave [iv].

This pattern will only be confirmed if we break 1722 again,
but a decline below 1757 again will bring us much closer to that five wave pattern in wave (i).

Tomorrow;
Watch for wave (i) down to to continue in five waves this week.
Wave ‘iii’ of (i) should break 1757 to confirm,
and then I suspect the 1722 low will form support for wave ‘iii’ down.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We have a three wave pattern higher in place off the low at wave (i) now.
Todays high is labelled wave ‘c’ of (ii),
and this should lead to a decline in wave (iii) of [iii] over the coming weeks.

Wave ‘c’ of (ii) has hit the 62% retracement level today.
With that we have a standard impulsive pattern in place off the high of wave [ii].
And the scene is set for wave [iii] to take over.

Tomorrow;
Watch for wave (ii) to complete below 64.35.
The initial decline into wave ‘i’ of (iii) should break 60.58.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P spent the day trading flat to nowhere again.
This indicates a small correction labelled wave ‘4’ within wave ‘v’ as shown.
As this pattern draws to a close I am now looking at the next likely topping area for wave ‘v’.
The first one appears at 4246.
This is where wave ‘i’ and ‘v’ reach equality within wave (c).
And above that we have the 162% extension level of wave (a) at 4286.
I want to see the trend channel line act as resistance to any attempt to make that upper target!
But the market may just do it to spite me!

Tomorrow;
Watch for a rise to a new high tomorrow in wave ‘5’ of ‘v’.
A break above todays early high is the minimum target for wave ‘5’ of ‘v’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a wedge pattern developing off the high in wave (i),
and a lower high in wave (ii) this evening.
This pattern is set to reverse now and decline into wave ‘i’ of (iii) over the coming few sessions.

The main support level for the larger pattern lies at wave [a] at 25.60.
I think a break of that level will signal wave [i] down is underway.
A break of the wave [b] ow at 24.66 will confirm the larger decline.

Tomorrow;
Watch for wave (iii) down to begin with a break of 25.83 at the wave (i) low.