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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I have switched up the wave count this evening within wave (iii) down.
The way that the pattern developed this week suites stepping up the degree by one degree.
The manner in which the price accelerated to the downside this week definitely fits a third of a third move.
This pattern suggests that we will see a further step lower over the coming days in waves ‘iv’ and ‘v’ of (iii).
The minimum target for wave ‘C’ on the 4hr chart is at 1.1700
so we have a way to go yet.

Tomorrow;
Watch for wave ‘iv’ to come in before the end of tomorrows trade.
Wave ‘iv’ should hold below 1.1985 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable took another step lower today to continue wave ‘iii’ down.
This decline is moving within the larger wave (iii) grey as shown.
And if wave ‘iii’ is coming to a close this evening,
we should see wave ‘iv’ correct higher before the end of trade tomorrow.
WAve ‘iv’ should hold below 1.40 now.
And I want to see wave (iii) break the low at 1.3800 before completing.

Tomorrow;
Watch for wave ‘iii’ down to complete and then we should see a correction take hold again in wave ‘iv’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY hit a wall today below the previous wave ‘3’ high at 110.96.
this action is a little concerning,
give the fact that the decline off the highs was quite sharp.

With that is mind.
I am looking at the idea of an extension higher in wave (iii) now underway.
The price is now sitting between the last two peaks.
If this band of support holds tomorrow,
then we should see another move higher in wave ‘5’ of ‘iii’ early next week.

Tomorrow;
watch for the session lows to hold now and wave ‘iii’ up to continue higher and complete five waves up.
109.80 should hold now as wave ‘4’ completes.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has found a temporary low at the session lows today.
The price has rebounded to flat with last nights close more or less.
The short term pattern is now conclusive yet to be honest.
We do not have a break of support yet,
and wave ‘iii’ down does not have a five wave pattern in place yet.

I would like to see a return lower in a stepped fashion again over the next few sessions.
In order to trace out a clear five wave pattern within wave ‘iii’.
And then a break of 33283 again to signal wave (i) of [iii] down is underway.

tomorrow;
Watch for wave (i) down to continue lower by creating another few steps lower as we saw earlier this week.
I would like to see wave ‘iii’ of (i) down break 33475.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have updated the wave count in gold also tonight by shifting the wave count off the high up by one degree.
If it always tempting to use a previous trend
as the measuring stick for the developing waves after a turn into a new trend move.

Now I am viewing this weeks declines as a developing wave [iii] green.
and todays step lower may now have completed wave (iii) of [iii].
A corrective sideways move tomorrow will signal wave (iv) is underway.
And that should be followed by another move lower again into wave (v) of [iii].

Tomorrow;
Watch for wave (iii) to complete soon.
Of course a break of 1755 again would be good for the larger wave count.
Lets see how wave (iv) develops tomorrow.
Price must hold below 1845 now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil made some progress to the downside today with a three wave decline now in place off the high.
I want to see five waves down as usual,
and a break below the previous wave (iv) low at 68.55 again to signal that this market is finally going to change trend into wave ‘c’.
If we do see five waves down in place by tomorrow evening,
that should lead to a corrective lower high next week.
When that bearish impulse wave is complete,
then we will have a pattern to work with.

Tomorrow;
Watch for a break of initial support at 68.55 again with a five wave decline.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A possible ‘i’ ‘ii’ pattern is now in play off the highs this week.
Of course this is very early days and without any confirmation yet,
but a decline off these extreme highs with the sort of scary signals that we have been looking at of late should not be ignored I think.

On the 4hr timeframe,
the price has not broken down below below any of the rising trend lines yet.
When we see a clearly impulsive move lower,
and a break of that trend support again,
then we can work on building a case that the top is in here.

Tomorrow;
Lets see if a lower high wave ‘ii’ can form below the highs and if a third wave down can push the price back into the 4100 area again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The wave count is silver gets a revamp today also.
The acceleration lower this week is now viewed as wave (iii) of [iii].
And we have a nice five wave pattern in place for wave (iii) now.
This pattern suggests wave (iv) will begin soon.
and in that case we should see a corrective rise towards 26.50 again before falling into wave (v) og [iii] again.

In terms of the larger count for wave ‘C’ down,
We still have a long way to go with a decline into the 21.00 handle expected in that wave.
And in that case,
wave [iii] down should complete below 25.00 at a minimum I think.

Tomorrow;
Watch for wave (iii) to complete and wave (iv) to hold below 26.55 again.