Good evening to you all, and may the Lord bless you all tonight.

Bubble anyone??

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It is getting a bit frustrating waiting for a rally into wave (c) that has failed to materialize.
But the main feature of the action over the last week has been a sideways grind to nowhere,
and that still fits with the wave (b) label as shown.
So,
for the moment the rise into wave [a] is still intact.

Tomorrow;
I have shown a possible complex correction in wave (b) today.
I am not certain of this interpretation,
but I think it is worth a try.
The key for wave (c) still lies at 1.1382,
a break of that level will confirm wave (c) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rise off the wave [i] low is still very weak and corrective looking,
so wave [ii] has not been confirmed after another days trade.
I am now considering a three wave pattern higher into wave ‘a’ of (a).
And todays higher low is labelled wave ‘b’ of (a).
As long as the wave [i] low holds at 1.3161,
then this count is valid.

Tomorrow;
Watch for wave ‘b’ to hold above 1.3161.
A break above 1.3276 at the wave ‘a’ will signal wave ‘c’ is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I gotta admit that the pattern off the wave [ii] high has not developed impulsively yet either.
The USD pairs are definitely stuck in indecision these days.

I am going to stick with the idea of a wave [iii] decline beginning until proven otherwise.
So todays action is still viewed as a lower higher in wave ‘ii’ of (i),
Wave (i) must continue lower over the coming few sessions,
and break that 112.53 low to confirm the larger turn into wave [iii].

Tomorrow;
Watch for wave ‘iii’ of (i) to turn lower again and fall into that support level again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Interesting action today but again it is a case of too little and too close to call anything here!
The outlook is simple,
this market must now return lower to begin the next leg down into wave [iii].
I am labelling todays drop as a possible wave ‘i’ of (i) of [iii].
This count obviously calls for a sharp and impulsive move lower this week to turn the tide back in favor of the main count.
So have reached crunch time for this count now.

Tomorrow;
All we can afford now is a small corrective move higher in wave ‘ii’ to form a lower high.
and then a sharp drop into wave ‘iii’ of (i) that will fall into 35000 again around Wednesdays session.

Watch for that lower higher to form tomorrow in wave ‘ii’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold made a pretty tame attempt to rise into the wave (c) high at 1793.50.
So far its been a failure,
and if this level continues to hold tomorrow,
then I think we will see wave [c] begin very soon.
I think I can tighten the trigger level for wave [c] also today.
If the price breaks the wave (d) low at 1769.75,
that should be enough to signal wave (i) of [c] underway.

Tomorrow;
Watch for wave (e) to hold below 1793.
Wave (i) of [c] should begin tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding a plateau high at the moment!
Although the market has not flipped lower into an impulsive decline yet in wave ‘5’,
I am still leaning that way in terms of the patterns in play.
So nothing changes here unless we see a break of the wave ‘4’ high tomorrow.

Tomorrow;
Watch for wave [iii] of ‘5’ to begin with a drop back below 70.00 again.
the price should continue lower also and a break of the wave [b] low at 65.50 will confirm the larger pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Is it possible that we have a failed fifth wave in play here?
Well I suppose it is not impossible at least!

The market did decline with a nice impulsive looking form today.
But I am going to hold out on labelling this one for the moment.
There are just too many loose ends in the pattern to be very sure about anything right now.
If we do see another follow through to the downside again this week,
then we have a contender again for a wave (i) down.

Tomorrow;
Watch that lower high that formed at todays high.
This is a rejection at the all time high,
so I will not ignore the significance of that.

But I need more downside here to get interested in a top formation again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is up off last weeks low today and so far the action looks encouraging.
WAve [ii] came very close to invalidation last week.
I will say that last weeks low formed on the back of very negative sentiment.
And with a reasonable bullish divergence in 4hr momentum to the upside.
So there is a nice picture forming here for a bottoming out pattern.

Tomorrow;
the low at 21.40 must hold.
Watch for wave ‘iii’ of (i) to turn higher again after a small correction in wave ‘ii’.