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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A jam packed bunch of bars today suggests a small degree correction is playing out today.

At the moment this is viewed as an initial move lower into wave ‘iii’.
But wave ‘iii’ cannot be confirmed unless we see a decline below 1.21 again.

Tomorrow;
Watch for wave ‘ii’ to hold at 1.2217.
1.2100 is the signal level for the beginning of wave ‘iii’ of (iii).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The correction in wave (ii) continues!

The price did fall below the wave (i) low at 1.4080 today,
but this simply re-classifies wave (ii) as an expanded flat correction rather than a simple zigzag or flat.
In this case wave ‘c’ should complete above 1.4200 and then wave (iii) down is expected to begin quite possibly by tomorrow evening.

Tomorrow;
Watch for wave (ii) to complete with a break of 1.4200 below 1.4250.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is straining to rally into a third wave at the moment,
we have some positives to work with but it is a close call after todays action.

There is a possibility that a wedge rally has formed off the wave (ii) low at 109.18.
The price reversed this afternoon off the high and so far we are sitting at a further higher low above wave (ii) again.

The move off the low is too small to call a full wave ‘i’ yet,
but it may be the initial impulsive move in wave ‘i’.

Tomorrow;
Watch for the price to hold above the rising trend line again and wave ‘i’ to continue higher into 110.32.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The impulsive pattern to the downside in the dow is still in place today even thought the s&p broke to a new intraday high.
This pattern is not ideal I will grant you that,
but the fact remains we are sitting at a lower high with three successive failures below 34850.
The market is closing below the highs this evening.
And it is possible that we have a ‘i’ ‘ii’ pattern in place off the wave [ii] high.
In this case,
wave ‘ii’ is an upside expanded flat correction.
And now we have a clear road ahead for wave ‘iii’ of (i) to begin.

Tomorrow;
Watch for todays high to hold at 34740 at wave ‘ii’.
Wave ‘iii’ down is now free to begin.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Its been a whipsaw day in gold today.
The price is actually closing almost flat after a sharp decline and rebound to net zero change.
This action is pretty typical of a correction,
and with that idea in mind I present to you a possibility for a larger wave (ii) in progress.

Wave ‘b’ fell into the session low and the overall pattern is a three wave decline.
The spike higher off that low is viewed as wave ‘c’ of (ii).
and if this is correct,
we should see wave ‘c’ top with a break of 1903 and then a drop to begin wave (iii) down.

Tomorrow;
Watch for wave ‘c’ to complete below 1916 and then decline in an impulsive form again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Take a look at the 4hr chart tonight.
I have relabeled the action off wave (4) as a possible expanded wedge pattern.
This pattern will allow for a sooner termination of the rally in wave (5) around the 72.00 handle at the upper trend line.

The action over the last few sessions is a three wave corrective decline now labelled wave (iv) of [c].
And now wave (v) of [c] should be underway off the session low.

I think this pattern better reflects the action over the last few weeks rather than the third wave acceleration I showed before.

Tomorrow;
Watch for wave (v) to continue towards that upper trend line for the next few sessions.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I start on the 4hr chart here tonight also.

The market could not resist a new all time intraday high today.
And this invalidates the previous count for wave [v] green.
I am now working on the alternate five wave pattern I mentioned before.

The recent decline put in the low for wave (iv) of [v] at 4031.
And the rebound off that low is wave (v) of [v] as shown.

The hourly chart shows the pattern off the wave (iv) low as another ending diagonal pattern.
The wedge is pretty well formed now,
so it is possible that this pattern is on the very edge of completion now anyway,
even with the invalidation of the previous pattern.

Wave ‘v’ of (v) is close to hitting that upper trend line of the wedge now.
That will happen at 4270 or so.
When the wedge completes,
then we are looking down again to begin a large degree wave [i] down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The pattern in silver is pretty difficult to deal with at the moment.
The waves fit,
but they are not ideal and that is always a head scratcher until the true pattern eventually reveals itself.

There is a reasonable chance that the action this week is still wave ‘ii’.
With an a,b,c pattern in place now.
Wave ‘ii’ must hold below 28.20 and wave ‘iii’ down must begin.
A break of 27.42 will signal wave ‘iii’ down is underway.