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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Fear is starting to drive markets a little more these days
and with that the USD gets a bid no matter what!

the current low for wave (D) lies at 1.0757.
the price did spike higher off that level late last week,
and now we see another drift back into that short term support.
I am on the look out for a reversal pattern to build for a while now in EURUSD,
and this week the story is the same.
As always we spot the previous fourth wave and mark that as a target for any impulsive reversal to begin.
that level sits at 1.0923 now.

Tomorrow;
Watch for the price to hold above support at 1.0757.
Even if that level breaks,
I will be keeping an eye on 1.0923 as a a sing that the price is beginning to reverse higher into wave (E).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable put in a good first impulse move higher last week to begin wave (i) up.
but the action has again drifted back into the previous lows today.
Support at wave ‘4’ is holding so far at 1.2973.
But we are trading too close to that level now to be very confident.
I want to see a sharp rally into wave ‘iii’ of (i) tomorrow if this count is to remain valid.

Tomorrow;
Watch for wave ‘4’ to hold at 1.2973.
A break of the wave ‘i’ high will be welcome!

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has put in an impressive 11% rally in 6 weeks.
And a 25% rally in a 14 months!
That is impressive for a pair that basically traded sideways for the previous 4years!
But as I have said a lot lately,
this rally is too far, too fast,
and I think we will see a sharp reversal take place soon
this action will basically mirror the Atlantic pairs.
A wave (2) correction here,
a final rally in cable and EURUSD on the flip side.
Then we will likely see all heck break loose in these pairs again.

Tomorrow;
For the next week I am basically on the sidelines waiting for a signal of a reversal off the top of wave ‘5’ of (i).
So patience is required now.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is again ending the day tracing out another lower high.
I am hopeful this is an indication of wave ‘iii’ of (iii) coming our way now.
But we will see soon enough.
If the short term pattern is correct,
then this weeks trade will be heavily to the downside in a third of a third decline.
And that can easily get scary quickly.

Tomorrow;
If the market breaks the wave ‘i’ low at 34102 with a sharp acceleration lower,
that will be a clear signal that wave ‘iii’ is kicking off.

The next support below that is 33700 at wave ‘1’ of ‘c’.
And then the all important support is the previous low of wave (i) at 32230,
but that is a long way down from here.

At the moment all I can say is that we are at a decision point in the wave structure.
The market has to decide now if the game is up and a third wave decline is in play.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Thursdays decline turned out to be a corrective set back in wave ‘c’.
The price rallied out of the weekend lows and pushed for 2000 again today.
That top came within a whisker of hitting the 62% retracement level at 2001.
The price filled the trend channel in wave (b),
and this evening gold is moving lower again with a hint that this three wave run higher has now come to an end.

Tomorrow;
This week I am looking for a solid five wave move lower to break back below the wave ‘b’ low at 1915.
Wave ‘i’ should take the bulk of the weeks trade to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The count in wave [c] is getting a slight reworking this evening.
I have shown todays new high as wave ‘iii’ of (iii) of [c].
And if that is correct,
then we have an extension in wave ‘iii’ of (iii) now complete.
Wave ‘iv’ and ‘v’ should continue the trend higher for the next day or two.
and then later in the week a correction in wave (iv) should cool off the rally.
There is a reasonable amount of time this week left to complete wave [c] altogether,
but we are getting there all the same.
If this count is correct for wave ‘2’,
then wave ‘3’ down will be a real shocker over the coming few weeks!

Tomorrow;
Watch for wave (iii) to complete a five wave pattern above the 110.00 handle possibly by Wednesday morning.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

4420 marks the wave ‘a’ high within the previous wave (c) rally.
I have been pointing to that level as a pivotal point in the structure for wave (c) of [ii].
And if the price broke below that level it would signal the end of wave (c) and wave [ii] as a three wave rally rather than a normal five wave structure.

Well now the price action is beginning to use that level as resistance rather than support this evening.
So the standard five wave pattern is now ruled out for wave (c) of [ii].
and that is another leg of the bullish stool knocked out from underneath!
The market is technically ‘wobbling’ here!

If the price continues to step lower as I am suggesting here,
then we can easily see a waterfall sell off happen this week as wave ‘iii’ of (i) takes hold.

Tomorrow;
Watch for wave ‘ii’ to hold at 4461.
Wave ‘iii’ is set to continue lower as long as that level holds.
WAve ‘iii’ of ‘iii’ is targeted to the 4220 area.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A spike higher this evening has halted the wave (i) decline I was pointing to last week.
The price is heading lower again after gapping higher to 25.99.
I am looking at 25.00 at the wave (a) high to signal the reversal into wave [iii] is underway.
So again its a waiting game in silver at the moment.

Tomorrow;
WAve (i) of [iii] should fall in a clean five waves down to break that 25.00 handle again.
I would like to see wave (i) hit 24.50 before any correction higher begins.