Good evening to you all and the Lord’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There will come a day soon when this wave count clears up,
today was not that day!

I am leaning towards that larger wave [ii] green again today.
the internal pattern is not ideal,
as wave [ii] is tracing out a triple combination wave at the moment.

But as long as the action the the downside is corrective in nature,
then I will stick with the bullish option here.

Tomorrow;
Watch for wave (c) of [ii] to complete at or near the 1.0898 wave (a) low.
And then wave [iii] up should begin and break above 1.1122 to confirm the pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

cable has spiked higher today in line with the idea of a significant low now forming in wave ‘4’ red.
Todays rally is viewed as the beginning of wave ‘iii’ of (i).
and in this scenario wave ‘iii’ should push towards 1.3400 at a minimum over the coming days.
It is still very early in the development of this pattern.
So we need more price action to confirm the trend change is underway.

Tomorrow;
Watch for the low at 1.3120 to hold and wave ‘iii’ of (i) to continue higher in five waves again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The strength in USDJPY is baffling even me this week,
and I have been a long term bull on this pair!

Anyway,
the nature of the acceleration higher in USDJPY over then last week
is beginning to lean in favor of the alternate count for wave [iii] at the moment.
The internal count remains the same so I am not rushing to switch right now.
Once this rally completes,
and it will soon enough,
the size of the correction off the high will determine which count is correct.
A sideways consolidation will favor the alternate count.
while a steep decline will favor the main count in wave [ii].

Tomorrow;
Watch for this five wave pattern in wave (v) to top out tomorrow.
Any drop back below 119.00 again will signal the beginning of wave (a) of [ii].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

the rally in wave ‘c’ of (ii) is powerful for sure,
but the fact that the market has pushed out above an upper trend channel line in a correction is not a surprise really.
I think the big surprise will be when this rally gives up and drops vertically into wave ‘i’ of (iii) this week.

Nothing has changed overall in this wave count.
The price has traced out three waves up and filled a trend channel.
The internal pattern of wave (ii) fits a triple combination correction.
So that explains the tricky nature of the action.
All in all,
this temporary rally should result in a new impulsive decline into wave (iii) beginning this week.

Tomorrow;
Watch again for a sign that wave ‘c’ of (ii) is done and wave ‘i’ of (iii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We have three waves down to complete a higher low in wave ‘ii’ this evening.
Wave ‘ii’ must hold above 1895,
and if the short term count is correct then wave ‘iii’ is should rally out of this low tomorrow.

Tomorrow;
A break above 1950.11 again will signal wave ‘iii’ is underway.
Wave (i) should trace out five waves up and complete with a break of the 2000 level again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has dropped off the wave [a] high today and so far the market is holding a lower high.
Ideally the price will now fall in three waves in wave [b] and complete above 92.30 again this week.
The action today does not confirm wave [b] is underway,
but as long as that 113.10 high holds in place,
then we will should see three wave decline as shown this week.

Tomorrow;
Watch for wave (a) of [b] to trace out three waves down.
Wave ‘b’ of (a) may be forming a triangle as I write tonight,
so this should give way to a decline in wave ‘c’ tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has again made another new high today by breaking above the 78.6% retracement level of wave (i).
Obviously this rally is pushing the bounds of the current short term count now.
So I am eagerly awaiting a reversal pattern lower to begin wave ‘i’ of (iii) now.
If that fails to materialize tomorrow then I will have to rethink this short term count again.

Tomorrow;
Wave (ii) is in place and all the boxes have been checked in terms of this corrective pattern.
So all I need now is that initial spike lower to begin wave ‘i’ of (iii) down.
Watch for the wave [ii] high to hold at 4595.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

If the main count is correct in silver,
then we are on the verge of a waterfall collapse into wave ‘iii’ of (iii) of [iii] this week.
This pattern will be confirmed with a break below the 24.50 low again.

As for the alternate count tonight.
the price has traced out three waves down into the low today.
this can still be interpreted as wave (b) of [ii] shown in red.
A break above 25.40 again will confirm this alternate count is correct.

Tomorrow;
Watch for wave ‘ii’ to complete a three wave correction close to the 25.00 handle again before turning lower into wave ‘iii’ of (iii).