Good evening folks, and may the Lord of hosts Bless you all this fine night.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD made a turn lower today in a possible third wave down.
The price has broken initial support at the wave ‘i’ low at 1.2132 and the price is holding below that level so far this evening.
This decline must continue tomorrow in order to break out of a corrective pattern and develop into an impulsive pattern lower.
The major test for an impulsive wave lower lies at 1.1985,
If that level breaks then we can call wave [i] of ‘C’ underway,
But we have another support level at 1.2048 at wave (b),
and if this level is broken it will go along way to calling the top in for wave ‘B’.

Tomorrow;
Watch for five waves down to continue in wave (i) grey.
1.2048 is the target level I am looking at for wave ‘iii’ to complete.

GBPUSD

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GBPUSD daily.

Cable has flat out rejected the upper target level suggested this week.
The price has instead reversed today and with that move we are now looking at the possibility that wave (i) down is underway.
We need to start see some support breaks now to indicate that wave (i) is infact underway,
The most significant level in the short term lies at 1.40.
this level acted as a top for wave (i),
and a support for wave ‘iv’ of (iii).
So if we break through this level in an impulsive pattern,
then I will be much more confident that wave (i) down is underway.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue into that 1.40 handle to turn the tide in cable.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

A turn around day for USDJPY also today!

Despite the possibilities for a larger second wave as discussed last night,
it looks like we are now dealing with a rally in wave ‘i’ of (iii) after a strong impulsive move higher today.

Wave ‘i’ of (iii) has only traced out three waves up so far,
so I want to see this pattern develop further to the upside in wave ‘i’ and then we should see a corrective wave ‘ii’ come in possibly tomorrow evening.
As it stands,
wave (iii) of [iii] is coming our way.
And this could lead to a strong surge in the USD next week.

Tomorrow;
Watch for wave ‘i’ to complete five waves up tomorrow.
109.32 must hold.

DOW JONES.

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DOW daily.

Again another flat days trade despite a spike lower and a rebound rally to this evening.
The Dow is still holding on for dear life below the wave [ii] high and below the all time high.

There is a reasonable chance that we are looking at a running flat wave ‘ii’ after todays action.
I will have to see declines tomorrow to confirm wave ‘iii’ is underway though.
And so this week is holding onto its pivotal status for another day!

I am still working on the assumption that wave [ii] is done,
and wave [iii] down is now building.
Confirmation of wave [iii] will only happen with a break of 33280 at the wave [i] low.
But a break of 34200 and a five wave pattern lower off the wave [ii] high will be a strong hint that a bigger decline is building here.

Tomorrow;
Watch for wave (i) down to continue and break for wave ‘iii’ to break 34200.

GOLD

GOLD 1hr.

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GOLD daily.

Gold put in a promising day today with a sharp move lower to break initial support at 1872.
The bearish pattern is not confirmed yet as we need five waves down in wave (i) to do that.
But another day like today should seal the deal for wave (i) down I think.
So tomorrow will be important in this regard.

Tomorrow;
Wave ‘ii’ topped at 1909.
So that level must hold to stick with the idea that wave (i) down is forming here.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding flat in the small corrective wave (ii) today.
I am labeling todays top as wave ‘b’ of (ii),
with wave ‘c’ expected to fall back into 67.35 to complete a three wave expanded flat correction.
If this pattern is correct,
then wave (ii) should complete tomorrow and then I will look higher into wave (iii) mext week.

Tomorrow;
Watch for wave (ii) should complete above 65.19 at the wave [ii] low.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The pattern in wave (ii) is solid at this moment.
And the price has made a move lower this week off that wave (ii) high.
So far we only have a three wave decline and then todays rebound off the low to work with.
This action can be viewed as a running flat wave ‘ii’.
Or a series of small impulse wave lower to begin wave (iii).
In both cases the top this week at 4233 must hold and wave (iii) down must continue lower tomorrow.

Tomorrow;
Watch for wave ‘iii’ down to begin with a break below 4166.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has dropped sharply today to begin wave ‘iii’ down.
This wave must continue lower as I dont think we have a five wave pattern in wave ‘iii’ just yet.
The price is staging a small rebound this evening which is a possible fourth wave correction higher in wave ‘iii’.
this should be followed by another drop tomorrow to complete wave ‘iii’ down.

The main target level for wave ‘iii’ lies at 26.70 at the previous wave (b).
A break of this level will signal wave (iii) is underway.

Tomorrow;
Watch for wave ‘iii’ down to continue lower and break 26.70.
I want to see 27.67 hold at the wave ‘i’ low.