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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A quick look at the weekly chart above shows you where I stand in the big picture.
The long term triangle that I am tracking is in wave [B] as shown.
and then I expect a longer term decline into wave [C].
The triangle needs one more rally into the 1.20 area to complete wave (E),
and then wave [C] is free to begin.

Now there is an alternate count for wave [B] which can allow for a new low to break 1.0635,
and then setup for a rally into wave (C) of [B] towards teh 1.27 handle again.
Now that would be one heck of a rally in this pair.
We will see where this goes,
but over the next few months I am looking for a rally to complete wave [B] in bothcases.

Tomorrow;
As for the hourly chart,
The price has risen today back off the danger area at 1.0635,
but I really need a five wave pattern back above 1.1000 again to give us a positive signal here to begin wave (E) again.
And todays rally is just not enough yet.

1.0757 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is in a similar no mans land tonight with the price rising off the support at 1.2972,
but this is not enough to save the bullish count yet.
The wave ‘i’ high lies at 1.3147 so at a minimum I want to see that level break to save this count.

The larger correction in wave ‘4’ is not in the same danger of invalidation as the triangle pattern in EURUSD.
If support breaks at 1.2972 then we will simply be searching for a new low to complete this correction.

Tomorrow;
Watch for wave ‘iii’ to pull higher and break 1.3147 to signal wave (i) is in play here.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

As an early signal on the flip side,
USDJPY has dropped with a nice impulsive looking pattern today.
I will just wait and see if this action does indeed develop into a larger bearish lower high scenario.
At this point the initial support to the price lies at 125.08,
that’s a long gap to fill before giving a bearish signal here.
but that is the nature of the recent explosive rally that covered so much ground so quickly!

Tomorrow;
Watch for wave (i) to continue lower over the next few sessions.
If we do see a break of that 125.00 level again that will signal the turn is in for wave (2).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is forcing me to eat humble pie tonight.
The price rallied out of the previous pattern shown last night.
And although the invalidation level has not been broken yet at 35380,
well it is close enough to look at the alternate count for wave (ii).
This involves a five wave rally in wave ‘c’ of (ii).
And wave ‘5’ of ‘c’ carried the price back into resistance today.
Wave ‘5’ of ‘c’ can break above that 35280 level again and complete a standard 3,3,5 flat correction for wave (ii).
This count will be invalidated with a break of 35860 at the wave [ii] high.
This is best viewed on the 4hr chart.

Tomorrow;
Watch for wave ‘c’ to complete below 35860 again.
the price must then fall back below the recent range low at 34000 again to signal that wave (iii) down is beginning.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding above the wave ‘b’ triangle at 1915 again today.
The pattern off the high has not yet traced out a five wave decline in wave ‘i’.
And I do want to see a break of that 1915 low to give a solid boost to the wave (c) count.
So,
this is a good start,
but wave ‘i’ is not done yet.

Tomorrow;
watch for wave ‘i’ of (c) to fall back into the 1915 level to signal the top of wave (b) is complete and that wave (c) down is now in play.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have to admit that todays the action today has complete five waves down off the wave (i) high.
This can only be interpreted as wave ‘a’ of (ii) in terms of the wave [c] rally.
And if this is correct,
then we will see a three wave correction sideways in wave (ii) this week.
So wave ‘b’ of (ii) should track higher tomorrow,
followed by a decline in wave ‘c’ to complete the wave (ii) correction by Monday.

Tomorrow;
Watch for wave ‘b’ to turn higher and complete below 109.20.
The price must hold above 92.75 for this pattern to remain valid in wave [c].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays rally is not as pronounced in the S&P,
I suppose the ‘industrials’ in the dow catch a bid when a big Fang name like netflix gets hit.
The pattern off the wave (i) low can be viewed as a five wave move now,
and with that I have labelled this wave ‘a’ of (ii).
If wave (ii) is now underway,
then we should see a three wave lower high build again over the coming few sessions.
This count has pushed back the date for a third wave decline until at least next week.
So it is another few days of sideways grind ahead I suspect.

Tomorrow;
Watch for wave ‘b’ of (ii) to fall to a higher low above 4360.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver may have completed five waves down today in wave (i).
The price did break that 25.00 handle at the previous wave (a) high,
and with that,
it does seem the overall pattern has now shifted to a negative bias in the structure.
And wave [iii] down is now one step closer.

Tomorrow;
Watch for wave (i) to complete and wave (ii) to trace out three waves up into Fridays close.
Wave (ii) should complete near the 25.50 level again.