Good evening folks, and may God Bless you all again tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays small rally is enough to consider wave (D) of the long term triangle in place.
We did hit the minimum target for wave (D) by breaking 1.1700 last week.
And today the price has rallied far enough to rule out a longer descent into wave [v] of ‘C’ of (D).

From now on I am looking up into wave (E).
This wave should trace out three waves up as shown.
And I suspect we will see a top above 1.20 when wave ‘C’ of (E) completes.

Tomorrow;
Wave ‘A’ will trace out at least a three wave pattern higher so that is what I am starting with here.

Watch for wave [a] of ‘A’ to break above 1.1800.
The low at 1.1664 should hold as wave (E) develops.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I think todays rally is also enough to suggest wave [c] is now underway.
Wave (i) of [c] has pushed above initial resistance at 1.3720.

Wave (i) should trace out five wave up as shown.
and wave (ii) will correct to a higher low above 1.3802 by Wednesday.

The Minimum target for wave [c] lies at 1.3984.
And wave [c] will equal wave [a] at 1.4014.
So that gives us a nice target area for wave [c] to complete.

Tomorrow;
Watch for wave (i) to complete a five wave rally and then turn down to create that higher low above 1.3602.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am looking at a pretty bullish picture for USDJPY tonight.
this involves a series of impulsive waves now completing.
Once these waves complete at wave (ii) possibly tomorrow,
then we will be looking for a rally into wave (iii) to begin.

The margin for error on this count is very tight,
as wave (ii) must hold above 109.11.
If that level breaks then this bullish count is called into question.
If the price breaks 108.71 it will rule out this count.

Tomorrow;
Watch for wave (ii) of [iii] to complete above 109.11.
A break of 110.79 will signal wave (iii) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

After a sharp rally today we still have a lower high in place for the DOW.
So this option remains open that this is a second wave corrective high now topping out.
I am very aware that the S&P made that new high today,
so we have at least a small non confirmation here.

The odds for failure of this bearish count are rising obviously tonight.
So we will need to see a sharp reversal into wave (iii) beginning tomorrow to save the bearish outlook here.

Tomorrow;
There is not much to day but lets see if we get a move lower to begin a possible third wave down.
There are options in the short term count which will account for a new high if it happens,
but even there there is not much upside left.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have now switched to the alternate count today after we saw a break of the recent high at 1795 again.
The price corrected sideways in a triangle wave (iv) last week.
And now today the price is moving higher in wave (v) of [i].
Wave (v) will complete soon as already wave ‘iii’ of (v) is underway.
I suspect resistance at 1830 will force this pattern to top out.

The next move will still be a sharp decline into wave [ii].
I do think wave [ii] will drop into the 1750 area again in three waves.
And I think that correction will begin before the end of the week.

Monday;
watch for wave (iv) to hold at 1776.
Wave (v) should complete five waves up soon.

Wave [ii] will be confirmed with a break of 1776 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I think its worth starting on the daily count tonight to see where we stand.

Todays move higher is enough to signal that the recent decline is only a correction rather than a new impulsive decline.
The daily count shows the recent decline as a three wave drop in wave (4) of [C].
The rally today is viewed as the beginning of wave (5) of [C].
And the minimum target for wave (5) lies at 76.60 again.

The 4hr chart shows a close up of a double combination wave (4) completed as last weeks lows.

The 1hr count shows todays rally as wave ‘1’ of (5).
I suspect wave ‘1’ will break the previous wave [b] high at 69.40 again,
before turning lower into wave ‘2’ later this week.

Tomorrow;
Watch for wave (4) to hold at the recent lows of 61.74.
Wave ‘1’ of (v) should trace out five waves up over the next few sessions.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A new high today rules out the previous bearish count that I was working on last week.

First lets look at the 4hr chart.
I have now reverted to the ending diagonal scenario for wave (v) again.
Wave ‘iii’ of (v) is an extended three wave rally which completed at the recent all time high.
The decline over the last week is now wave ‘iv’,
and the rally off those lows is now wave ‘v’ of (v).

Ideally wave ‘v’ will be the smallest of these waves to hold the contracting nature of the waves
and to form the wedge pattern that a diagonal pattern normally does.
The price is already hitting the upper trend line forming the wedge as you can see on the 4hr chart.
So now is a good time to halt this rally really!

I will just have to give this pattern a few days to see how wave ‘v’ responds to todays acceleration.

Tomorrow;
The wave ‘iv’ lows stands at 4352.
This is now the key support level in this pattern.
If that level breaks that will signal an end to wave (v).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Todays rally has ruled out the triangle for wave (iv) but opened up another interpretation of the latest correction.

I have shown wave (iv) now as a large zigzag pattern with an internal 5,3,5 structure.
Wave ‘c’ of (iv) will likely break 24.04 again to complete and then wave (v) should drop back below that long term target at 21.00 to complete the larger pattern.

I have also shown a bullish alternate count tonight.
this involves an impulse wave off the lows of last week.

Tomorrow;
Watch for wave ‘c’ to complete with a break of 24.04.
If the price turns lower without breaking that 24.04 level that will suggest wave (v) is already underway.