God Bless you folks tonight!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has gone to sleep altogether this week.
No sign of a reversal off the top into wave [b] yet.
One aspect in favor of the count is the fact that the rally has stalled after a five wave pattern has completed in wave (v) of [a].
This does suggest a completed pattern here,
So I do need to see wave (a) down begin now and fall into 1.1985 over the next few sessions.

Tomorrow;
Watch for wave (a) down to begin.
Wave (a) can either trace out a three wave pattern or a five wave pattern off the high.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A small three wave correction today suggests wave ‘iv’ is now done at the session low.
The price rise this evening is not impulsive as you might expect,
but for the moment,
we have a slight new high this evening in wave ‘v’ that just broke the wave ‘iii’ high,
and that is the minimum expected target for wave ‘v’.
So we now have a five wave pattern higher in wave (c)
and a trend channel that is full in wave [b].
all this points to a completed pattern.

Tomorrow;
watch for wave [b] to hold below 1.4239.
Wave (i) and (ii) should break below 1.40 in a n impulsive 5/3 pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The low of the session actually held above the previous wave ‘iii’ low at 108.33.
Only just though!

So I was contemplating todays low as wave (ii) complete,
to begin the next leg higher into wave [iii].

But the price action is just not clear enough on the bullish side to take that view I think!

The pattern now shows a larger five wave decline into wave (c) of [ii].
This pattern is still sitting at the 62% retracement level this evening.
So we are right in the area for a reversal to happen.

What I really need is a rally back above 109.42 to cement the bullish pattern into wave (i) of [iii].

Tomorrow;
Watch for wave [ii] to complete and the wave (i) to head higher tomorrow.
107.47 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

That escalated quickly eh!

Todays decline is very impulsive indeed.
And while there is not a five wave pattern completed off the top just yet.
There is still the potential there to do just that in the coming days.

I really cant jump onto the full bore bearish outlook in the short term until we start to see the market breaking support levels.
The first of those supports lies at wave (b) at 33758.
A five wave break of that level will hint at the potential for something bigger to build here.
So I will wait for that to happen over the next session of two.

I will say one thing though,
we are now on the verge of breaking below that rising wedge that I have been harping on about for so long!
I am taking that as a shot across the bow for the bull market!

Tomorrow;
Lets see if we can trace out five waves down into wave (i) that threatens the wave (b) low at 33758.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is sitting pretty today and seems somewhat oblivious to the strife in the stock market!

The price did spike lower today to complete wave ‘4’ of ‘v’ as shown.
And now we have a rebound off the session low to begin wave ‘5’ of ‘v’.

The minimum target for wave ‘5’ of ‘v’ lies at 1845.
So a quick break of that level will complete five waves up in wave (c).
And that in turn completes three waves up in wave [b].
All this points to a completed correction coming soon.
And then I will turn my attention to the downside in wave [c].

Tomorrow;
Watch for wave ‘v’ pink to complete at 1845.
A break of 1798 again will signal wave [c] is beginning.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is still holding on the brink of a sharper turn down into wave ‘iii’ today.
Todays trade can be viewed as both the beginning of wave ‘iii’ down,
or a larger running flat wave ‘ii’ pink.
In both cases,
the price must hold below 66.67 at the upper end.
and a break below the previous wave ‘iv’ low at 62.93 will go a long way to confirming the top is in here.

Tomorrow;
Watch for wave ‘ii’ to top out at or below 65.72.
Wave ‘iii’ down will be confirmed with a break of 62.93.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays decline has the right look for sure.
But what happens from here is really crucial to establish the possibility of a larger turn down.

I have labelled wave (i) down in place this evening.
The pattern off the high looks to be in five waves when I go down to a smaller time frame.
In this case,
the rebound this evening should now begin wave (ii) up to form a bearish lower high over the next days or so.

So there is not much I can do but wait now.
If we get a clearly corrective rise off these lows,
then the probability for a top will rise substantially.

Tomorrow;
If wave (i) down is now complete,
then wave (ii) should rise in three waves towards 4185 in the next few sessions.

Watch for the recent top to hold and a wave (ii) to trace out three waves up.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver also has the potential for a ‘i’ ‘ii’ pattern in place off the high at todays high.
The high at 27.85 is close here,
but that level must hold tomorrow and the price should reverse lower in wave ‘iii’ of (i) to hit the 26.15 area before finding support.
I would like to see five waves down to break 26.15 and then a correction in wave (ii) to begin later in the week.

Tomorrow;
Watch for wave ‘ii’ to hold below 27.85 and then turn lower into wave ‘iii’ of (i).