Good evening folks, and may the Lord of hosts Bless you tonight.

Crude oil hits a high in futures bets among small traders.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is stuck in indecision mode so far this week.
The price has moves lower off a possible wave ‘ii’ high today.
But absent a clear acceleration lower in wave ‘iii’ the bearish count cannot be confirmed yet.
I will say this though,
as long as we continue to create lower highs this week,
then the bearish outlook into wave ‘C’ down in the long term triangle pattern remains intact.

Tomorrow;
Wave ‘iii’ of (iii) should begin pretty soon!
Watch for wave ‘iii’ down to begin with a break of 1.2103.
As long as the price holds below 1.2255 then the bearish pattern remains in force.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have shown a different take on the count this evening for cable.
It seems the action this week so far is forming a triangle pattern.
and if this is the case,
then we could be looking at a complex wave (ii) pattern developing.
This is still a three wave correction higher within the larger context of a topping pattern.
So this pattern will allow for another spike to break 1.42 in wave ‘c’ of (ii)
before turning down into wave (iii) later in the week.

Tomorrow;
Watch for wave ‘b’ to complete the triangle above 1.4121.
Wave ‘c’ should then rise to break 1.42.

A break below 1.4080 again will signal wave (iii) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Another days trade and the bullish rising trend line holds again.
The price seems to have found a low in wave ‘c’ of (ii) today.
the rise off the low is nothing substantial so far,
but if the overnight trade continue higher that will suggest wave ‘i’ of (iii) is now underway.
And if that is true,
then USDJPY is about to begin another big rally phase into wave (iii) of [iii].
Wave (iii) has the potential to hit the area of 113.00 before it is done.

Tomorrow;
Watch for the low at wave (ii) to hold and wave ‘i’ of (iii) to push towards 110.32 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

If this chart that I present to you tonight is correct,
then this market is standing on the very edge of a cliff
with its toes dug in and wrapped around the corner,
the ground is crumbling underneath his feet
and there is a gale building at his back………..

This is a dangerous point to be at when a market is stretched to an extreme like this one is.
Wave [iii] down is beckoning.

The small drop off that wave [ii] high is now labelled as waves ‘i’ and ‘ii’ to begin wave (i) down.
A break of 34300 again will signal wave ‘iii’ of (i) is underway.
And that should lead the way down into initial support at 33470, wave (b) of [ii].

Tomorrow;
Watch for wave [ii] to hold again at 34849.
Wave ‘iii’ of (i) is now expected.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I feel like I am repeating the same wave count commentary on every market these days.
Topping topping everywhere,
But not a collapse to feast on yet!

The count in gold is not ideal because of that strong rally off the wave (i) low over the last few sessions.
The price cooled off today,
this action does fit with the idea of a corrective decline in wave ‘b’ so far.
But there is a very tight margin for error here now and if we break 1909 again tomorrow that will pretty much rule out the pattern.

Tomorrow;
Watch for wave ‘b’ to fall more into the wave (i) low at 1855.
that will allow for a rally again into wave ‘c’ of (ii) towards the end of the week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Now that the 70 handle has been hit,
and we have put in one of the biggest rally in history in crude oil in probably the shortest time period since last April.
It is high time that we near the end of this run I think!
And to top off the record breaking nature of this rally,
we now have the largest long position in 10 yrs at least on the books from small traders in the futures market.
So that wave ‘b’ high may come in pretty quick here.

The price did spike today to break the 70.00 handle at last.
this rally is labelled wave ‘iii’ of (iii) of [iii].
So in this case it will allow for a continued rally over the coming weeks to hit that 76.00 area to complete wave ‘b’ on the daily chart.

Tomorrow;
Watch for wave (i) to hold at 67.43.
A break of that level will rule out this bullish count.
Wave ‘iii’ of (iii) should continue higher into the 73.50 area.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

This is a close call market right now.

I can still hold this bearish count even though the price is just points from invalidating this wave count.
but so long as that high holds at 4244,
then the (i) (ii) pattern holds.

It really is all eyes on tomorrows trade.
If the market holds below the high again and actually spikes lower to break 4166,
that will increase the odds of this bearish count significantly I think.
Precisely because we got so close and did not break to a new high.

This is decision week for sure here.

Tomorrow;
Watch for the high to hold at 4244 and for wave ‘i’ of (iii) to break 4166 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

It is really do or die in the silver market today also.
Wave ‘iii’ down needs to begin tomorrow to confirm this wave count.
In this scenario the low at 27.00 is crucial.
If that breaks then we count see a rapid decline in wave (iii) of [iii] of ‘C’.
So we are at a pivotal point in this count also.

Tomorrow;
Watch for 28.22 to hold again.
Wave ‘iii’ of (iii) should fall into the 26.00 area before completing.
the 27 handle is the key here.