Good evening to one and all,

God’s Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave [b] is taking longer than expected for sure,
but at the moment I can’t label this action as anything other than corrective to the downside.
The decline into wave (c) is tracing out a five wave pattern into todays lows.
and the price is close to hitting the 62% retracement level this evening.
The scenario remains the same here.
A three wave rally into wave ‘A’ is underway.
With wave [c] of ‘A’ expected to push up into the 1.1800 area to complete the initial turn higher into wave (E) of the triangle.

Tomorrow;
Watch for wave (c) to find support at the 62% retracement level and then turn higher into wave [c] of ‘A’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar comment on cable tonight as wave (iv) has held onto the action again.
The overall action is moving within a three wave sideways consolidation.
Wave ‘c’ is falling into the lower trend line of the pattern again this evening.
And I am looking for wave (iv) to hold above the wave (i) high at 1.3650.
This pattern calls for a rally into wave (v) to complete wave [c] over the coming days.

Tomorrow;
Watch for wave (iv) to complete its correction tomorrow and then turn up above 1.3830 to signal wave (v) has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is defying the odds here and so far the price has refused to accelerate lower into wave ‘iii’ down.
I am looking at this lower high again tonight,
there is a chance that this is wave ‘ii’ of (i) still underway.
But we will need to see a substantial move lower begin tomorrow for this pattern to remain valid.

Tomorrow;
Watch for wave ‘B’ to hold at 114.70.
Wave (i) down must continue lower towards 112.00 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another day another flat trade,
this action does indeed look like an end to this leg in wave (iii) at least.
In general this is a very uncommitted upside drift in wave ‘5’ of (iii).
And momentum has fallen off significantly in the last week.
The market has moved higher for the last 2 weeks without anything to match the decline in wave (ii),
so I think we are overdue a correction now in wave (iv).

Tomorrow;
Lets see if wave (iii) will finally find and reverse in a correction into the end of this week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold took a turn lower today but the move is not enough to complete wave ‘c’ yet.
I want to see five wave lower in wave ‘c’ to hit 1760 this week.
Todays decline is another step along the way to that target,
but I want to see this continue tomorrow to close out the expanded flat correction in wave (ii).

Tomorrow;
The decline this week has only traced out three waves so we need further downside here to develops this pattern.
Watch for wave (ii) to complete with a drop into 1760.
There is a larger turn higher into wave (iii) coming,
bu we are not there yet.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has created a small lower high today and this is beginning to hint at the possibility for a decline into wave [i] coming our way.
If this lower high holds tomorrow,
then we should see a further decline into wave (iii) before the end of the week.

Tomorrow;
watch for wave (ii) to hold below the recent high and wave (iii) down to begin a drop into the 80.00 handle again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is very little to report here as the market tops in wave ‘iii’ of (v).
A decline into 4500 is needed in wave ‘iv’ in order to compare with the size of the correction in wave ‘ii’.
Then wave ‘v’ of (v) will close out this short term pattern again.
That will open up the window of opportunity for a reversal to begin again.

Tomorrow;
watch for a drop into 4520 to signal wave ‘iv’ has begun.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has traced out a three wave decline today in wave ‘c’ of (iv).
Wave ‘c’ may not be done just yet,
but the trend channel is filled now so I suspect we are close.

Tomorrow;
Watch for wave ‘c’ of (iv) to hold above 23.20.
Wave (v) up should begin soon and then wave (v) should head towards the 25.00 area to complete.