Hello all,

May the LORD of all creation Bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD remains stuck in a long drawn out corrective process today.
The sideways action has now lasted almost 2 weeks.
So yes, this action does seem to confirm a fourth wave correction is underway here.

It has been hard to pin down that wave (b) low over the last few days.
And even today we saw another slight new low at 1.1751.
And again the price has spiked higher to begin a possible wave (c).

Tomorrow;
Wave (c) should trace out five wave up.
The initial target remains at 1.1880.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price has rallied today off the low labelled wave (i) of [iii].
The count views this rally as wave (ii) now underway.
The sharp acceleration today is viewed as wave ‘c’ of (ii).
and even now we have reached the 50% retracement level of wave (i).
so I suspect wave (ii) should complete tomorrow,
and wave (iii) down could start on Friday all going well.

On the 4hr chart I have shown another alternate view on the recent decline.
Wave ‘1’ down may be complete at this weeks lows,
and wave ‘2’ could now be underway.
This is a larger degree count so the correction in wave ‘2’ could easily reach up to the 1.40 level again in this scenario.

Tomorrow;
Watch for wave (ii) to complete below 1.3905 at the very upper end.
1.3740 marks the 50% retracement of wave (i).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Ok,
todays rally has ruled out last nights count,
and it also reignited the alternate count on the 4hr chart.
It is possible that this weeks low is wave ‘2’ of a larger move up into wave (3).
And if that is the case,
then wave ‘3’ of (3) is coming our way soon.

We will see soon enough on that front.

As for the main count,
Todays rally has forced a rethink of that pattern.
I am now tracking a running flat in wave [ii].
Wave (c) of [ii] will complete below 110.70 in this scenario.
a break of that level will classify this pattern as an expanded flat correction.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Hard to believe that we are back within spitting distance of the all time highs again today.
The rapid decline off last weeks high is now ancient history,
nothing to see here,
move on folks.

I cant deny that the rally off the low labelled wave (i) is impulsive looking.
and if the price does break to a new high again then I will have to go back to the extended wave [v] count.
In this case,
the low formed on Tuesday was only wave (ii) of [v].
and wave (iii) of [v] is now underway.

For the moment we still have a lower high in play here and this can be viewd as wave (ii) as shown.

Tomorrow;
Watch for this wave (ii) to complete and then price should reverse back into the 34000 area again in wave ‘i’ of (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold created a double bottom today and the price is sitting just above 1800 again this evening.
There is a good chance that wave (ii) blue is still underway here.
I have shown todays low as wave ‘b’ of (ii).
and wave ‘c’ should rally to a lower high below 1834 again to complete the correction.
The door will then be open for a decline down into wave (iii).

If the price accelerates lower tomorrow to break the wave ‘b’ low again that will suggest wave (iii) down is underway.

Tomorrow;
Watch for wave ‘c’ of (ii) to compelte again with a break of 1824.
A break of 1794 again will signal wave (iii) is already underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Talk about swinging between the posts in the markets,
crude is another one that just shrugs off all downside and ploughs on regardless.

Crude has really pushed too high to consider the bearish count as the prefered option now.
The high of the session today reached the low labelled wave [a].
This has really pus strain on the idea that a larger impulse wave down is building.

I am now looking at the previous count for wave (5) green.
This involves a five wave rally with wave ‘4’ forming this weeks lows.
And it is now possible that wave ‘5’ of (5) is underway off that low.

If this new count is correct,
then the wave ‘4’ low should not be broken again as this fifth wave progresses.
If that low is broken again then the bearish count is back on for sure.
A whole lot depends on the action over the next 2 days.

Tomorrow;
Watch for the high at wave [i] to hold.
If this breaks it will be a vote against this new count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P rebounded well today and that of course brings with it the real possibility that the top will be breached again.
For the moment there is a still a lower high in place this evening.
And that fits the count for now.
I want to see another decline begin tomorrow and take out that wave (i) low to kick off a third wave down.
It is a real wait and see job now.

Tomorrow;
If we do see another lower high build off todays high,
that will fit the idea that wave (iii) down is underway.

That all time high needs to hold now.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a possible wave (ii) correction now underway this evening.
Wave ‘a’ and ‘b’ may well be done at the interim low today.
And the price has spiked higher again this evening.
This is now labelled as wave ‘c’ of (ii).
I am expecting wave (ii) to hit the previous low at 25.50 again before completing.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete the correction before the end of this week.