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

Its turning out to be a nail biting few days in the markets this week.
There are a few ‘shoes’ that need to drop in order to kick off the wave counts again.
Right now we are working through a lot of holding patterns.
And once these corrections clear,
the next major moves will flow a whole lot easier.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is still stuck in this wave (b) correction today and the action is as corrective as you could find.
The price is holding the lower high below 1.1483 again,
and this should lead to a further drop into wave (c) before Friday.

Tomorrow;
Watch for 1.1483 to hold again tomorrow.
Wave (c) will be confirmed with a break of 1.1396 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has turned lower this evening off a lower high wave ‘ii’ pink.
the larger pattern really must start making major progress to the downside in order to stick with the bearish pattern now.
But as long as the price continue lower this week.
Then nothing has broken and I can at least stay working with the main count.

Tomorrow;
Watch for wave ‘iii’ of (iii) to begin to accelerate lower and make major progress towards the low at 1.3358.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

It is such a close call for USDJPY now.
The price came so very close to invalidating the main count yesterday.
So I will take a run through the alternate count here just in case we do see a break of 115.68 tomorrow.

I am looking at a possible [i] [ii] pattern.
The current sideways range is labelled as a correction in wave [ii].
This count calls for a decline in wave (c) of [ii] to complete the pattern with a break of 114.13.
At that point wave [iii] should begin to rally again and we could easily see a five wave rally towards 118.00.

Tomorrow;
As for the main count.
If wave [c] does not make progress to the downside again,
then I will be forced to switch to that alternate count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has managed a slight new high in wave (c) today.
this does not change the outlook in general,
but it does alter the structure of wave (c).

the sideways pattern over the last few sessions can be viewed as a triangle wave ‘iv’ of (c).
And this new high is wave ‘v’ of (c).

Todays new high in wave (c) comes in just below the 162% extension level of wave (a).
If the overall correction idea for wave [ii] is correct,
then we have reached a possible point of exhaustion for wave (c).
In that case wave (i) of [iii] should begin tomorrow.

Tomorrow;
Watch for a sharp spike lower to begin a possible wave (i) of [iii].
A break of 34790 again will signal wave (i) is in force.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I find it interesting that gold is marching in lockstep with the stock market these days.
A sharp decline into late January,
and now a three wave rise to a lower high right along with stocks.
This mirroring action does suggest a big leg down in stocks will pull gold down with it for sure.
The only question is this,
will this next decline be wave [c] or wave [iii].
Wave [iii] has the potential to go much further than wave [c]!

Tomorrow;
The main count is still tracking with this wave [b] corrective rally.
And this should give way to a sharp wave [c] decline before the end of the week.
Watch for wave (i) of [c] to fall into 1810 again very soon.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has traced out a corrective form over the last 2 sessions.
I am working with the idea that this is wav (iv) of [i] possibly complete at todays high.
The pattern off the wave (iv) high today should trace out five waves down from here.
The previous fourth wave low at 85.95 is a reasonable target for wave [i] to complete.

Tomorrow;
Watch for todays highs at 89.59 to hold again tomorrow.
Wave (v) could even complete tomorrow if we get an early spike lower to break 86.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I have altered the short term count today to mirror the count in the Dow.
Last nights pattern has not been invalidated just yet,
but if it does,
then wave ‘v’ of (c) will be confirmed as shown.

The rally seems to have stalled at the 62% retracement level tonight.
So this level is proving a significant resistance to the rally in wave [ii].
If this rally fails and drops sharply again off this high,
It will definitely add weight to the overall bearish picture here.

Tomorrow;
watch for wave ‘v’ of (c) to complete a small five wave pattern at a nearby high.
A reversal lower over the next few sessions that break 4445 again will signal wave (i) of [iii] has begun.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has lost momentum to the upside now and wave (c) seems to be at an end now.
This expanded flat pattern in wave [ii] has almost achieved a 50% retracement of the wave [i] decline.
So we have reached a ripe area for a reversal to occur into wave [iii].

Tomorrow;
Watch for wave (c) of [ii] to complete and then a drop back below 22.50 should be enough to confirm wave (i) is underway.