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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Now we seem to be moving off the wave [iv] high with some vigor in the action today!
There price has not crossed the wave (b) low at 1.1285 yet,
the price has only traced out three waves down so far.

But if the hourly count is correct, that break will happen tomorrow.
Wave (i) down should trace out five waves down as shown,
and a break of 1.1285 will signal wave [v] is underway.

Tomorrow;
Watch for wave ‘iii’ to fall into support at 1.1285.
Wave ‘iv’ must then hold below 1.1389,
and wave ‘v’ will complete wave (i) with a fall into the the 1.1250 area.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price action this week has been a little stunted
and without a really solid formation to it so far.

I can count five waves down in a possible wave ‘i’,
but the correction higher in wave ‘ii’ is very small in comparison.
In general the decline is welcome off the top of wave [ii],
but I think it will take a few more days to figure out exactly what is happening here.

Tomorrow;
If this is wave ‘iii’ of (i) now underway,
then we should see continued declines over the coming days and a clear pattern into wave (i) should form by the end of this week.

Watch for wave that small wave ‘ii’ high to hold at 1.3660.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is working through a three wave rally into wave [b] this week.
We should see a clear lower high for in wave [b] before the end of this weeks trade,
and then wave [c] of ‘4’down is set to decline again next week as shown.

Wave [b] should trace out three waves up,
and wave (b) should complete a higher low by tomorrow evening.
Wave (c) of [b] will then take over and push towards 115.50 again to complete wave [b].

Tomorrow;
Watch for wave (b) to complete a three wave decline at about 114.00 again by tomorrow evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays declines are still inline with the wave (ii) correction idea shown on the hourly chart.
The big question here is do we see a break below that previous wave [iv] low at 34665.
That level is acting as major support to the short term count.
A break of that level will shift the balance back in favor of the bearish count again.
And then we may well be looking at a full five wave pattern lower into wave [i] that retraces all of the rally off the late November lows again.

Three waves down in wave (iii) should stop pretty soon and reverse higher to begin wave (iii) of [v].
A break above 36510 again will signal wave (iii) has begun.

Tomorrow;
So that lays out the scenario for the week,
the two key levels are 36510 which will favor the main count.
And the lower level at 34665 which will favor the bearish count.

Watch for wave ‘c’ of (iii) to hold in the trend channel and then rally again to begin wave (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has moved towards a three wave rally in wave [c] after todays early decline.
The low of the session is labelled wave (b) of [c].
And the price has rallied off that low again to signal (c) of [c] is now underway.
Wave (c) should trace out a five wave rally to complete above 1832 at a minimum.
Once that target has been reached,
then I will be looking for a top in wave ‘D’ again,
and a decline back into wave ‘E’ to begin.

Tomorrow;
This week should be enough time to complete wave (c) of [c].
Watch for a rally in wave ‘iii’ of (c) to continue higher.
The low at 1805.66 should hold as wave (c) completes.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Its a day of reckoning for the crude oil,
and sadly I must move on from that previous bearish pattern.

Lets look at the daily count.
The price broke out above the late October highs today and with that my bearish wave count was invalidated.

Wave (4) is now shown as a running flat correction.
And the rally off that low is tracing out wave (5) of [C].

The 4hr count;
Wave (5) has almost complete three waves up into this new high.
With waves ‘4’ and ‘5’ left to close out this new pattern.

The hourly count;
The new pattern is approaching a top in wave [iii] of ‘3’.
Wave [iii] has extended and completed five waves internally,
so we should see a decline back towards 81.00 again in wave [iv] of ‘3’ beginning tomorrow.

Tomorrow;
Watch for a decline into wave [iv] to begin by tomorrow evening.
If this new count is correct,
then we will see a sideways range build in waves ‘3’ and ‘4’ over the next few weeks,
and then a final rally in wave ‘5’ to top out the larger wave [C] of ‘b’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays trade has not confirmed the bearish count,
but it is beginning to lead in favor of that idea for sure now!
Of course I want to see a larger degree wave (i) build to the downside in order to really get interested in the longer term possibilities here,
but each new drop does bring us one step closer to that pattern.

If wave ‘iii’ of (i) is now in force,
then we should see a five wave pattern complete to the downside over the next few days.
If we see a rally back above the wave ‘2’ high at 4678 again,
that will rule out this pattern for wave ‘iii’ down.

Tomorrow;
Watch for wave ‘iii’ to continue lower over the coming days and trace out a five wave pattern into 4495 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has completed a five wave pattern in wave [c] today with that sharp spike higher back above 23.41.
This action in turn completes three waves up in wave ‘B’.
and if that pattern is correct,
then I will be expecting a reversal pattern to begin a decline into wave ‘C’ this week.
Wave ‘C’ should fall below 21.40 at a minimum,
but I suspect we will see a break of that 20.00 level again which this pattern completes.
And likely as low as 18.00 when the final low is in for wave ‘C’ is a few months time.

Tomorrow;
Watch for wave [c] of ‘B’ to complete this week and then fall again in an impulsive pattern to begin wave ‘C’ down.