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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It came close, oh so very close, but the low of the session did not break 1.0806 today.
You can call this a defacto double bottom here,
but the price has reacted to the upside this afternoon and that is a hopeful hint towards the long awaited wave (i) to begin wave (E).
It is still to early to call,
but for the moment we have a stay of execution on that bullish count.

Tomorrow;
I want a five wave rally into wave (i) to develop over the coming week,
Lets see if wave (i) can push above 1.0938 first.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable pipped below the minimum target for wave (v) overnight.
That is enough to consider wave [c] and wave ‘4’ now complete.
And now today we have a nice impulsive looking spike off that low at wave ‘4’ so the evidence is starting to build in favor of the main count.

Tomorrow;
Watch for wave (i) to continue higher over the coming few days.
A break above the previous fourth wave at 1.3166 will be a signal in favor of the main count.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am giving up calling a top to USDJPY now.
The pattern has not reversed this week as I expected,
so I am going to hold off for another few sessions to let the action lead the way.
On the 4hr count I still favor a pretty large sell off to take place in wave (2),
but I do not know how that will manifest itself yet.
So for the moment I am going to take my hands off here until I can see a bit clearer.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The number of upside corrections continues to rise as this pattern builds off the recent top.
Today was another example,
and I have labelled this action as a possible wave ‘1’ and ‘2’ to begin wave ‘iii’ down.
This pattern will be invalidated with a break above 34679 at wave ‘ii’.
And of course this pattern requires an immediate halt to the rally and a reversal to begin into wave ‘iii’.
We will see soon enough on that front.
But even if the market breaks above that initial invalidation line,
I will just revert to a larger wave ‘ii’ pattern.

Tomorrow;
Watch for a34679 to hold.
Wave ‘iii’ down will be confirmed with a break of 34100 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The correction higher in wave (b) still holds today as the rally in wave ‘c’ of (b) seems to have come to a halt at the 50% retracement level.
I can on suggest that we take a breather here and wait for a confirming move to the downside in wave ‘i’ of (c).
That will come with a break below 1915 again.

Tomorrow;
Watch for wave ‘c’ to top out and reverse over the coming few sessions.
It may not happen tomorrow, but we will see.

The markets seems to have lost any initiative to switch out of the current trends this side of the holiday weekend.
But this three wave pattern higher in gold is clear enough to suggest that we are on the verge of that change now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has now created a five wave pattern higher off this weeks low at wave [b].
The pattern is running quite smoothly at the moment,
and if this pattern is correct,
we will see a larger rally in wave (iii) of [c] next week.
For the next few sessions I want to see wave (i) complete and wave (ii) begin with a drop bak into the high 90’s again.
Possibly a drop into 98.00 in three waves again will do it.

Tomorrow;
Watch for wave (i) to find a top near that initial resistance line at 104.80.
Then a three wave drop is on the cards for Mondays session.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The stock markets are moving in lock step today so the exact same count fits in the S&P as with the Dow.
The move lower today can be counted as the beginning of wave ‘iii’ down,
but this can be ruled out pretty quickly with a break above 4472.
If that level breaks,
then we look to 4525 as the next target for wave ‘ii’.

Tomorrow;
Keep an eye on a possible immediate reversal into wave ‘iii’.
A break of 4379 will favor that count.

4472 must hold in this scenario.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The action in silver has invalidated last nights count now.
The price broke above 25.79 again,
and that forces a rethink of the pattern overall.

I am now going with the larger wave [ii] scenario as mentioned before.
The action still fits a corrective rally to the upside.
The price has reached the 62% retracement level of wave [i].
And with that pattern comes the logical next step into wave [iii] down.
We will have to wait until next week for that to begin I suspect.
So tomorrow trade may not deliver much clarity off that wave [ii] top.

Tomorrow;
Lets see if a reversal begins off the wave [ii] top.
I am looking at the wave (a) top at 25.08 as an initial signal level.