Good evening to one and all,

God’s Blessings to you all tonight.

I am watching the COT positioning stabilizing at previous lows now that the price is bottoming again in the metals market. This is bullish…………

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have three waves up in EURUSD in place today.
The price hit the upper trend channel line at 1.1668 and is now falling again.
This suggests wave [a] is complete and wave [b] is now underway.
wave [b] should trace out three waves down and complete with a break of 1.1600 again.
that correction will open the way for a rally in wave [c] towards the end of the week.

Tomorrow;
watch for wave [b] to continue lower in three waves and form a higher low above 1.1523 at the very lower end.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘v’ of (iii) pushed higher today and is now close to completing that wave (iii) up.
The action today does favor the main count,
so I have abandoned the alternate count for wave (ii) today.
If this pattern is correct,
then we can expect wave [c] to continue higher and complete five wave up in the area of 1.40 again over the coming days.
Wave (iii) should top out tomorrow,
and wave (iv) will correct again to consolidate the rally by Thursday.
Wave (v) should begin by Fridays session I expect.

Tomorrow;
Watch for wave (iii) up to complete and then wave (iv) to begin a correction sideways.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is still in the process of completing a five wave rally in wave ‘v’ of (v) of [c] today.
the price corrected lower and broke out of the triangle I was looking at yesterday.
The price seems to be done with that correction this evening,
and now we are looking at one more spike higher to complete wave ‘v’ of (v).
The next move should be to the downside in wave ‘c’,
and I expect a possible 700pip move in that wave.

Tomorrow;
Watch for wave (v) to complete and then turn lower again to begin wave [i] of ‘C’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We are so close to invalidation now that it seems inevitable really.
The market just chews up every iota of reason and spits it out,
Like a dog going back to its vomit,
here we are again within a stones throw of an all time high.

there is no talking to people when they are blinkered like this!

As I write the price has not hit a new high just yet.
If that remains the case for the rest of this week,
then this count is valid for sure and the possibility of a real shocker move lower in a third wave can remain on the table.

Tomorrow;
lets see if the previous highs can act as resistance to this rally in wave ‘c’ of (c).
There is still a glimmer of hope that the price will turn into wave (i) of [iii].

Tomorrow is the day to prove me completely wrong on this……….

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The 1750 level is still in view even after the spike higher early today.
The price has almost retraced most of that move,
and now we should see a completion of this expanded flat correction in wave ‘c’ of (ii) tomorrow.

There is a much smaller chance that wave (ii) is actually a running flat correction,
and that completed at the 1760 low created yesterday.

In this case wave (iii) is now underway,
I don’t favor this view,
and I would be much more comfortable with a break of 1750 to complete a correct pattern in wave (ii).

Tomorrow;
If 1760 breaks early tomorrow,
that will rule out the running flat idea.
then we will see a decline below 1750 again.

Watch for wave ‘c’ to complete with a break of 1750.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The rebound in crude came off a three wave decline in wave (iv) today.
This action suggests wave (v) is underway.
Wave (v) should continue higher as we do not have a new high yet to complete wave [iii].

Tomorrow;
Wave (iv) bottomed at 81.06 and that level must now hold as wave (v) of [iii] completes.
We are probably heading into a corrective phase now even in this bullish count,
as wave [iv] will begin off that final high in wave [iii].
Wave [iv] has the potential to hold onto the price for a week to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Its a similar theme in the S&P today as wave (c) of [ii] pushes perilously close to that all time high again.
Obviously the pattern will be invalidated with a break to a new high.
So I am not holding my breath here!

If we look at wave (c) up again,
we now have a three wave pattern complete and a filled trend channel today.
The price has created a small throw over above the channel tonight.
These are all sings that this pattern is complete,
That depends if I am tracking the correct pattern here though.

Tomorrow;
4545.85 is the cash high that needs to hold here.
If that breaks,
then I need to go back to the drawing board again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

So far so good on the silver count.
The market spiked higher again today and This is suggesting that wave ‘iii’ is underway here.
If wave ‘iii’ is underway,
then I would expect the price to hold above the wave ‘i’ high,
using that as support as the pattern builds into wave ‘iii’.
So I am a little concerned with the sharp drop this evening off the session high.
A break of 23.59 again will suggest wave ‘iii’ is building a larger five wave pattern itself.
We will see soon enough on that front.

Tomorrow;
watch for wave ‘iii’ to hold above 23.00 at the wave ‘ii’ low.
the pattern should continue higher for the rest of the week if this count is correct.