God Bless you all again tonight, and welcome back to a new FULL week!

On with the Show.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘C’ is making progress to the downside again today after a long trip to nowhere over the last month.
We now have a five wave decline out of the triangle wave [iv] green.
I am tracking wave [v] down now underway.
And todays lows are counted as wave (i) of [v].
This count calls for a conued decline over the coming week into the 1.15 handle again to complete wave ‘C’ of (D).

on the 4hr chart;
The minimum target for wave ‘C’ lies at 1.1700.
This is where wave ‘C’ will break the wave ‘A’ low.
But wave ‘C’ will reach equality with wave ‘A’ at 1.1610.
so there is definitely room on the downside for this pattern to yet.

Tomorrow;
Wave (ii) of [v] is expected to rise in three waves off the wave (i) low.
This should form another lower high within the declining trend channel.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is falling again this evening but the price has made very little progress in the main pattern today.
WAve [i] down should continue much lower this week.
If wave (iii) of [i] is now underway,
then we should see an acceleration lower into 1.3700 to complete.
Even the alternate count would allow for this decline.
So I am looking for that push lower into wave (iii) of [i] to begin tomorrow.

Tomorrow;
Watch for wave (ii) to hold at 1.3948.
wave (iii) down must continue lower and hit that initial support at 1.3719.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I will stay with the alternate count today also,
but I think we are very close to triggering this bullish count now if the action keeps going as it has.

Todays trade brought a small correction labelled wave ‘iv’ of (iii).
And this evening we see another spike higher to trace out five waves up in wave (iii).
The price has not broken initial resistance at 110.59 yet,
but if we do see a break of that level tomorrow in wave (iii),
then I will switch to this bullish count and we can view wave [i] of ‘3’ underway.

Tomorrow;
Watch for a possible break of 110.60 to trigger the bullish count.
And then I will look for wave (iv) to of [i] to correct sideways for a few sessions.
The high of wave (i) blue at 109.67 must hold for the bullish count to remain valid.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has taken a breather today as wave a correction is forming in wave ‘v’ of (c).
The price has fallen back into the corrective band that held the market for so long last month.
This action is not ideal for a straight forward wave ‘v’ count as I am showing.
It is possible that this small correction is within wave ‘3’ of ‘v’,
and if that is the case,
then we will see a further spike to the upside over the coming days to complete wave ‘v’ as expected.
The target remains the same at 35560.
We will see if we get there this week.

Tomorrow;
watch for wave ‘iv’ to hold at 34715.
Wave ‘v’ up should continue into that target area.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The overnight trade was hit with a major sell order and the price shot lower immediately in a thin market.
It seems a pretty suspicious trade to be honest,
not that any regulator will ever even bat an eyelid at it!
Anyway.

The price did fall into that long held target area for wave (4) to complete.
Gold actually made a new low for this whole year long correction in wave (4) today with a break of 1674 again.

So at the moment,
it is very possible that wave (4) is now complete at todays lows.

The recovery off the low can surely be counted as an impulsive move higher.
And in the alternate count,
I have labelled this spike higher as wave [i] of (5) up.
With wave [ii] of (5) now underway to form a bullish higher low.

As for the main count,
I am taking a more cautious view this week at least.

The main count labelled the rebound high as wave (iv) of [v].
And in this case wave (v) of [v] will fall into 1659 again to complete five waves down in wave ‘C’ of (4).
We will know by the end of this week which count is more accurate here.

Tomorrow;
watch for todays highs to hold at 1752.
Wave [v] down should trace out another five wave decline over the next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude formed a double bottom today at the previous wave ‘4’ low almost to the pip!
And the price has rebounded slightly off that low to form another correction higher.

I will admit that the action of late can be viewed as a very larger three wave correction off the recent high.
I will keep this view as a possible alternate at the moment until the bearish counts are exhausted.

So,
given the latest action,
I am reworking the count to show a possible wave ‘1’ and ’22’ lower high with this fresh decline part of a developing wave ‘3’ down.

Tomorrow;
Watch for wave [ii] of ‘3’ to hold at 69.98.
wave [iii] down should continue this week.

Wave (ii) of [iii] should form a lower high below 69.98.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The main take away from today is simple,
wave ‘v’ of (c) is still ongoing.

No matter which way you slice this last leg up in wave ‘v’ of (c),
I think the pattern needs one more push to complete.
Wave ‘v’ pink should pop above 4470,
and if that happens I will be that mush more confident that we have a completed pattern in play.
then I will begin looking my favorite direction for the stock market – Down.

Tomorrow;
Not long now,
lets see if wave ‘v’ will oblige and pop to a new high in the area of 4470.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Close but no cigar for silver I’m afraid!

Unlike Gold which made a new low for its correction today,
silver did not manage that new low to complete the pattern in wave ‘C’ of [2].

That key low lies at 21.64,
and if we break that level this week I will be mush happier looking for a reversal back into a bullish setup.
But for the moment I think we still need one more push into that 21.00 handle to complete the overall pattern in wave [2].

Tomorrow;
Watch for wave (iv) to hold at todays high at 24.05.
Wave (v) of [v] of ‘C’ should head lower again for the rest of this week.