Good evening folks, and may the Lords Blessings be with you today.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

As always with the short term structure, there are a few ways we can interpret this latest decline.
I have labelled the move off the wave [a] high as a three wave decline into wave (a).
I would like for wave (a) to drop a little further to break the fourth wave low at 1.1992
before correcting higher in three waves in wave (b).
And wave (c) is expected to begin by the end of this week.

Tomorrow;
Watch for wave ‘c’ of (a) to complete with a break of 1.1992.
And then wave (b) will retrace higher to form a lower high below 1.2148.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a possible alternate for wave [b] this evening.
This involves a triangle correction sideways over the last few weeks as shown.
The price pattern continues to contract day by day,
and if this continues over the coming few sessions,
that action will heavily favor this alternate for wave [b].

Wave [c] down is still expected to drop in five waves over the coming week into the lower trend channel line at about 1.3500.

Tomorrow;
back to the main count.

Watch for wave (b) to hold below 1.40 tomorrow
and then return lower to begin wave (c) down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The rebound off the weave (a) low has topped out today and formed a lower high as expected.
It is hard to know if this is the complete wave (b) in place now,
or if the price is going to trace out a bigger correction in wave (b).
Tomorrow will tell.
In either case,
wave (b) should hold below 109.69,
and wave (c) down is set to drop back into the 108.40 area at the lower wave ‘iv’ in pink.

Tomorrow;
Watch for wave (b) to complete below 109.69,
and wave (c) to begin with a a break of 108.89.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has held in this tight trading range below the all time high for almost 4 weeks now.
One could easily question the future hyper inflation narrative with this action alone!
Could it be that the inflation has already happened over the last year,
and all we are seeing is collapsing momentum at the top of the pattern?

Todays decline did break the low of the previous wave ‘iv’ triangle pattern at 33780.
Which does suggest that wave ‘v’ of (c) is complete at this weeks high.

So if the triangle is correct,
then the top is in for wave ‘v’,
and we can expect the market to continue to roll over for the rest of the week.

Tomorrow;
Watch for the wave ‘v’ high to hold.
A drop back below 33680 should lead to a follow through to the downside and a break of the wave (a) high at 33250.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Five waves up in wave ‘v’ pink to finish a five wave rise in wave (c),
and today a sharp drop to begin a possible decline into wave (i) of [v].
The level to watch from here is 1755 at the wave ‘iv’ low.
If we see a break of that low it should lead to a further decline into wave 1722 in wave (i).
And if we break 1722,
that should confirm the larger decline in wave [v] is underway.

Tomorrow;
Watch for the session high to hold at 1799.
Wave (i) down must now fall in five waves into 1722 over the coming few days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am looking at a wedge pattern for wave (c) of [ii] this evening.
The price peaked to a slight new high today which ruled out the previous count last night.
I am now waiting for another drop to signal wave (i) of [iii] has begun.

The price has stalled for most of the afternoon session today,
So we may well have a completed fifth wave in wave (a) at todays high.
62.91 marks the low of wave ‘iv’ and a break of that low will signal wave ‘i’ of (i) has begun.

Tomorrow;
Watch for wave ‘v’ of (c) to top tomorrow and also an initial drop into wave ‘i’ down should occur before the end of the session.
Wave (i) down is expected to fall into the 60.00 area again to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P took a reasonable hit today to fall back into the area of the previous fourth wave lows at 4123.
It is just too early in the pattern to tell where we stand right now.
I can only suggest that a drop below the previous fourth wave low at 4123 will give a boost to a topping pattern here.
But I will wait and see at this point before jumping in with a pattern in the short term.

The backdrop has been primed for a while to allow for a sharp decline.
I still favor a big first wave down to drop 10% or so as an initial shock to the system in wave [i].
3720 marks the previous wave [iv] low from back in early march.
That is a stretch goal you might say for wave [i]!

Tomorrow;
Lets see if this decline can develop in an impulsive manner off the top.
A solid break of 4120 is the initial target.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver took a nice hit today also and the price bottomed just above 26.00 this afternoon.
I have labelled this decline as wave ‘i’ of (i) of [i] of ‘C’.
If that count is correct,
then we have a large decline ahead to face over the coming weeks.
But this next decline is set to bring forth one of the greatest buying opportunities in silve for a long time to come.

Todays action was a good start,
so lets see if this week will bring a five wave decline to to break 2560 in wave (i) down.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to form a lower high below 27.10 by tomorrow evening.
Wave ‘iii’ of (i) should break 25.60 at a minimum.