Good evening folks, and may GOD Almighty Bless you tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

One small step for a man!

In one fowl swoop todays trade has re-ignited so many bearish patterns!
Eurusd is just the start!

The price has spiked lower to a stall just above 1.20 this evening.
I would like to see 1.20 break before wave ‘iii’ completes,
and it looks likely that will happen tomorrow,
as the final fifth of wave ‘iii’ has not yet completed five waves lower yet.

The market should correct in wave ‘iv’ and then fall again into wave ‘v’ of (iii) by the end of the week.

Tomorrow;
Watch for wave ‘iii’ down to complete.
the market broke the previous wave (b) low this evening,
and the next support lies at 1.1985 at wave [b] green.

WAve (iii) down should break that lower support at least.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable gave us that acceleration move today also.
This action has brought the count in wave (iii) to life again,
and now I can look to a further step lower and a break out of the declining channel shown this evening.
I want to see the action in wave (iii) confirm the impulsive nature of the current decline,
rather than the decline remaining just another correction in a larger pattern.

Tomorrow;
Watch for wave ‘iii’ of (iii) to break solidly below 1.40 again and then complete five waves down itself.
The price should then hold below the channel and fall for the remainder of the week to complete wave (iii).
I would like to see wave (iii) complete down in the area of 1.3800 again,
that level marks the wave (ii) low of the previous rally seen on the 4hr chart.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

It looks like we have five waves up now complete in wave ‘i’ of (iii) with a break above 110.32 again.
If this is correct,
then we should see wave ‘ii’ of (iii) begin by tomorrow evening.
And wave ‘iii’ of (iii) will be reserved for next weeks trade.

There is a possible alternate count that would call todays acceleration higher as part of wave ‘iii’ underway already.
If this rally continues tomorrow and pushes above 111.00 again,
that will favor the alternate idea.

Tomorrow;
Watch for wave ‘i’ to complete and wave ‘ii’ to correct lower to another higher low in the 109.80 area.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow took another step lower but this time we have a little more vigor in the move.
If this action gets a follow through to the downside tomorrow,
then we are definitely moving into the more impulsive realm as opposed to just a run of the mill correction.

If wave ‘iii’ of (i) si now in force,
then the only way I can count hits weeks action is as a series of small 1,2 waves lower before hitting a third wave acceleration today.
In order that this bearish pattern remain viable,
then market must continue lower for the rest of this week at a minimum.
Wave (i) down has a long wave to go before tracing out a full five waves down.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue towards support at 33470.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold took a hit also today with a drop out of the declining channel and a break of 1845 again.
The decline today rules out the idea that wave ‘ii’ is moving towards a larger three wave lower high.
But;
This action is a good sign that wave ‘iii’ of (iii) is now underway here.
The price should hold below 1869 at the very upper limit now.
And ideally, wave ‘iii’ down should fall into 1800 handle before completing.

Tomorrow;
the larger wave (iii) blue has a long way to go before tracing out a full impulse wave down again.
watch for wave ‘iii’ of (iii) to continue its move to extend the pattern lower.
1869 should hold now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays highs should bring to a close the expanding wedge pattern that I am working with for wave (5) green.
The price came within a few pips of hitting that upper line and this evening the price dropped off that trend line again.
Only a clear five wave pattern lower from this point will signal that a topping pattern is in play here.
So that is what I will be focusing on for the next few days to see if five waves down develops.

Tomorrow;
watch for wave [c] to show signs that it is complete with a break of 68.55 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The s&p dropped sharply this evening which allows me at least to contemplate the idea that we are topping here again!
If wave ‘i’ down completed at todays lows,
then a lower high will form in wave ‘ii’ by the end of the week.
The market has bounced off the lows this evening,
this should begin a three wave pattern higher in wave ‘ii’.
And this rally must fail below the highs again.

IT is too early to call anything here,
We have not even seen a break of the previous wave ‘iv’ low at 4167.

Tomorrow;
I am just going to see how this develops for the rest of the week.
Wave ‘ii’ should be a clear corrective pattern.
and then a decline in wave ‘iii’ down next week will open up the conversation again for a move into a bearish pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver takes a step lower again todays also.
this move is viewed within the context of a third wave decline.
but the move is less than you would expect in a wave ‘iii’ of (iii) decline so far.

That band of support between 26.70 and 27.00 is holding the pattern at the moment.
A clear break of that level in an impulsive move will favor the bearish count.

Tomorrow;
Watch for wave ‘iii’ of (iii) to continue lower.
The wave ‘ii’ high at 28.01 must hold.