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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘c’ of (ii) was expected to rally above 1.1360
to close out a three wave expanded flat correction.
But that was not to be it seems!
the price has accelerated lower out a possible running flat correction this evening and that may have just started a third wave decline.

Tomorrow;
Watch for wave ‘i’ of (iii) to continue lower and trace out five waves down again before correcting.
The price must hold below 1.1311.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

There is a possible count that allows for wave (i) to be complete at Tuesdays low.
And in that case the rally off the low is wave (ii) already underway.

I do favor the idea that wave ‘v’ of (i) will break the previous wave (a) high at 1.3375,
but if we see a rally back above 1.3572 at the wave ‘i’ low will rule out this count.
And then I will switch to that alternate view.

Tomorrow;
Watch for wave ‘v’ of (i) to return lower and break that target low at 1.3375.
The price must hold below 1.3572.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave (c) of [ii] is finally making some progress towards the target at 115.07.
So I think we will complete a flat correction in wave [ii] by tomorrow evening.
Once we hit the target for wave [ii],
I will then look for a reversal pattern to begin wave [c] down.
In this scenario wave [c] will begin early next week.

Tomorrow;
Watch for wave (c) to complete five waves up to break 115.07.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is holding pretty flat today at the 38.2% retracement level of wave [i].
I cant say yet if this will be the extent of the rally in wave (c),
or if there is a little more left to the upside tomorrow.
I did suggest a clean three wave rally into the 50% retracement level at 35000 as the most likely outcome.
But If we see a drop back below 33500 at the wave (b) low,
that will signal wave [ii] is done,
and wave (i) of [iii] is beginning.

Tomorrow;
Watch for wave (c) of [ii] to complete a three wave retracement and then reverse back below 33500 to signal wave (i) of [iii] has begun.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Finally the reversal in gold that I have been looking for!

This action again validates the triangle pattern in wave (4) blue that I have been working with.
It seems wave ‘D’ is now complete at this weeks highs.

So from here on out I am looking for a three wave decline in wave ‘E’ with a target at the 1780 area again.
Wave ‘E’ must complete above 1752 at the wave ‘C’ low.
A break of that low will invalidate this count,
and at that point I may have to consider the real bearish alternate on the daily chart then!

Tomorrow;
for the moment we are on track for a decline in wave ‘E’ towards 1780.
Watch for wave [a] of ‘E’ to complete at about 1805 over the next few sessions.
Wave [a] can take either a five wave pattern,
or a three wave pattern as shown.
I will know what fits better by tomorrow evening.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has actually traced out a five wave rally into the high of the session today.
This action suggests wave [v] is now complete with a break of 87.00 again at the wave [iii] high.
So at the very least wave [v] has hit the minimum target with a break of the wave [iii] high.

The action from here will decide if wave [v] of ‘3’ is complete at todays high.
A continued decline tomorrow that breaks below 85.00 again will be a good signal that wave [a] of ‘4’ is in force.
At a minimum I want to see a three wave decline back below 82.00 overall in wave ‘4’.
But this next correction can go so many ways that its impossible to pin it down yet.

Tomorrow;
Watch for at least a three wave decline in wave [a] of ‘4’ to break below the 85.00 level again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has navigated the narrow path to a top in wave [iv] quite well today.
Wave ‘c’ of (iv) broke above the wave ‘a’ high at 4420.
The price has stopped short of initial resistance at 4495.
That completes a three wave pattern higher off the wave (iii) low.
And this evening the price has reversed lower again with a nice impulsive spike.
I am counting this move as the initial spike to begin wave (v) now.

Tomorrow;
Wave ‘i’ of (v) has retraced quite far into the previous correction now.
So I am watching for a bounce in wave ‘ii’ to to form a lower high,
and then an acceleration in wave ‘iii’ of (v) below the wave (iii) low at 4220 again.
4220 marks the minimum expected target for wave (v).
4454 must hold at the wave (iv) high now.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Another small drop this evening has pushed the pattern towards completing wave (iii) down now.
I will admit that this pattern is a little messy at then moment.
But as long as we continue to see further new lows each day,
then I am going to stick with the idea that the top is in for wave ‘B’,
and wave ‘C’ is now underway.
The price should trace out five waves down into wave [i] of ‘C’ over the next few days.
And ideally we should see a break of the wave [i] low at 22.80.

Tomorrow;
Watch for wave (iii) to complete with a drop towards 23.20.
and then wave (iv) will likely correct sideways again.