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

If you have a few minutes to listen to David Rosenberg on Markets and everything around them.

well worth it in my little ole opinion!

EURUSD.

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EURUSD daily.

There is a glimmer of clarity appearing around the edges of todays action.
The decline into wave (c) seems to be tracing out that three wave pattern that I have been talking about.
The sideways grind today can be viewed as wave ‘b’ of (c).
And this pattern suggests one more push lower to hit 1.0898 again to complete wave [ii] by the end of this week.

Tomorrow;
Watch for wave ‘b’ to complete three waves up near 1.1050 and then reverse lower into wave ‘c’ again.

GBPUSD

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GBPUSD daily.

Todays action has pretty much ruled out the developing impulse wave higher to begin wave ‘5’.
The price rallied early and then gave up most of yesterdays gains again.
At this point we have a clear three wave pattern higher at the high of 1.3297.
This high is now viewed as wave ‘iv’ of (c).
And this does suggest wave ‘v’ will fall again to to break 1.2998 again to complete five waves down again.
I realize that wave ‘i’ and ‘iv’ do overlap into this scenario,
but until cable prints a clear five wave pattern higher,
then I will be forced to allow for one more low to complete the correction in wave ‘4’.

Tomorrow;
Watch for wave ‘iv’ to hold at 1.3297.
five waves down must develop from here into wave ‘v’ pink.

USDJPY.

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USDJPY 4hr.

USDJPY daily.

There is no sign of a turn into wave [ii] down yet after another day of this pair holding around the 121.00 handle again.
Yesterdays decline does fit as a corrective three wave pattern now,
so I am allowing for wave (v) of [i] to spike to a new high in wave ‘v’ of (v) tomorrow.
That will give us five waves up within wave (v) and wave [i].
And then I can begin to look lower again into wave (a) of [ii].

Tomorrow;
WAtch for wave ‘v’ to pop above 121.40 again to complete this pattern.

DOW JONES.

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DOW daily.

The Dow is cooling off today after a pretty epic rip higher in wave ‘c’ of (ii) over the last week.
I keep mentioning the fact that we do have a clear three wave corrective pattern higher now in place in this market.
And if this wave (ii) pattern is correct,
then it suggests a very large decline is dead ahead of us now.
Todays decline is not enough to confirm that wave (iii) is underway yet.
But if we do see a drop back below that internal wave ‘c’ pivot at 33700 again
that will be a strong signal that wave ‘i’ of (iii) is underway.
In an ideal world wave ‘i’ of (iii) will retrace all of wave ‘c’,
but I will just have to wait and see how the pattern develops now.

Tomorrow;
Watch for wave ‘c’ and (ii) to hold at the 34890 high.
Wave ‘i’ down must fall in five waves from here.

GOLD

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Ok I am watching a possible alternate for gold tonight that will allow for a bigger decline to come next week.
This pattern involves a three wave correction higher in wave (b),
which will be followed by another decline in wave (c) next week.
This pattern could see a low in wave [ii] near the 1800 level again.
I know this is about the last thing the market expects here,
but just keep an eye on tomorrows action to see if we get a reversal off a top in wave (b) at 1970.
That action will favor the alternate idea.

Tomorrow;
Back to the main count.
Wave ‘iii’ of (i) should continue higher and break above 1990 again before the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

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CRUDE OIL daily.

Crude has now rtetraced 62% of the previous decline and the rally is in five waves off the low.
The only way I can view this move as corrective to the upside
is as part of a larger three wave correction in wave ‘2’ as I have shown.
Obviously I can be proved wrong here if this rally continues,
but at this point I favor the main count by a nose!

Tomorrow;
If this market does not turn lower into wave (a) of [b] tomorrow,
then I will have to ask some serious questions here.
Watch for wave [a] to top out and reverse lower into wave [b] before the end of the week.

S&P 500.

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S&P 500 daily.

The S&P is rolling over this evening but without any impulse wave down off wave (ii) yet.
This market is in exactly the same position as the Dow right now.
We have a picture perfect corrective pattern in place for wave (ii).
and now all we need is an impulse lower in wave ‘i’ to kick off an even bigger decline phase in wave (iii).
Right now I will just be patient to see if we get that initial impulse lower in wave ‘i’ of (iii).

Tomorrow;
Watch for the wave (ii) high to hold and wave ‘i’ to continue lower in five waves.

SILVER.

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SILVER daily.

I have switched to an alternate count for wave [ii] this evening after another spike higher this evening.
The pattern off the interim high at 25.53 created a clear three waves down.
and now we have a possible five wave pattern building off that low at wave (b).
If the price breaks above 25.38 again that will confirm this new wave count.
And wave (c) of [ii] should top out again with a break of 25.53 at the wave (a) top.

Tomorrow;
Watch for wave (c) to continue higher in a five wave pattern by Friday evening.
That will complete three waves up and then the door will be open for a reversal into wave [iii] down next week.