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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Ok,
I did it.
The long term and long loved triangle wave [B] is now dead!
Long live the zigzag correction in wave [B].

AS you can see from the weekly chart above.
Wave (B) is still expected to find a low here soon.
A break of 1.0635 is the minimum target for a three wave correction in wave ‘C’ of (B).
And now wave (C) of [B] is set to rally is set to rally off the eventual low of wave (B).
That final move lower in wave ‘C’ is now what I am tracking.

The short term pattern is not actually much different from the previous count.
It is still a wave ‘C’ decline and the internal structure is the same.

Tomorrow;
WAve [v] of ‘C’ has filled out a trend channel at this evenings lows,
once the price breaks 1.0635 that will validate this pattern.
I do think we will see a low form in wave ‘C’ this week going on the short term pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have switched to the alternate count in cable also this evening.
This new pattern is now calling for the long term wave [C] decline on the weekly chart to get underway.
And now I am tracking wave (1) of [C] off last years highs.

Wave (1) should trace out five waves down towards the 1.15 area before completing.
And right now I think we are witnessing wave ‘3’ of (1) underway.
Wave [iii] of ‘3’ is has traced out a full five wave internal patter,
so I am looking for a low to form soon in that wave.

Tomorrow;
Wave (v) of [iii] has filled the channel on the short term chart.
And the decline has reached excessive oversold levels now.
So the correction higher in wave [iv] is around the corner soon.
Watch for a rally back off the lows to begin wave (a) of [iv] this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am really only a passenger in USDJPY these days.
The pattern I want to see has not developed yet,
and even today the recent decline has only traced out three waves down.
So until we get a reasonable acceleration lower into wave (iii),
then I will be sitting and scratching my head and trying to figure out the next best interpretation is.
A three wave decline is obviously favorable to a correction now.

Tomorrow;
I am willing to allow a few more sessions to see if wave (iii) down does get going.
I want to see the price hold below 128.20.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The dow is threatening yesterdays lows again this evening so that ‘twitter’ rally was short lived.
We have a clear five wave pattern now in place off the wave (ii) high.
So wave ‘i’ has a complete structure.
I am looking at that wave [i] low off the all time high at 33130 as a support to break again.
The price is heading that way now as I write.
And then wave ‘ii’ is likely to target the previous wave ‘4’ high at 34120.
that level also marks the underside of the triangle.
And as such that should offer resistance to any rally in wave ‘ii’.

Tomorrow;
watch for wave ‘i’ to complete with a break of 33130.
Wave ‘i’ should hold above the next lower support at 32330.
A break of that level will signal that wave ‘iii’ of (iii) is already underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has simply flat lined today holding just above support at 1890.
I have labelled this corrective action as wave ‘4’ of ‘iii’ tonight.
The price should drop again into wave ‘5’ of ‘iii’ tomorrow as shown.
And then wave ‘iv’ will be clear to correct higher again in three waves.
Overall the pattern in wave (c) of [ii] is on track for completing in the area of 1850.
A clear three wave decline into that level will suggest wave [ii] is complete.

Tomorrow;
Watch for wave ‘iii’ of (c) to complete with a break of 1890 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The rally off the low of wave (ii) is looking impulsive so far and as such I am sticking with the five wave rally idea for wave [c].
WE have three waves up in place off the low of wave (ii).
And I have labelled that pattern as waves ‘i’ and ‘ii’ complete,
with wave ‘iii’ underway.

Wave ‘iii’ should trace out a five wave internal pattern also and complete in the area of 108.00 again.
A break of the wave ‘b’ high at 105.30 will pretty muc confirm this count for wave (c) of [ii].

Tomorrow;
Watch for wave ‘iii’ to continue higher in five waves.
105.30 is the minimum target for wave ‘iii’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A break of 4200 again today has all but retraced the whole Mar/Apr rally into the wave [ii] high.
and now we are on track for a third of a third decline in wave ‘iii’ of (iii) as shown.
I am going with the idea that wave ‘iii’ is underway now off yesterdays highs,
but that count now marks the wave ‘ii’ high at 4307 as a critical high.
And that level should not break if this count is correct.
WAve ‘iii’ of (iii) should continue lower and hit to new lows on the year with a break of 4100 at a minimum.
But I would prefer to see an even deeper decline,
even a break of the 4000 level again.
That will create enough distance between the low of wave (iii) and wave (i) to allow for a correction higher in wave (iv) later on.

So the next few sessions are key to this wave structure.

Tomorrow;
Watch for wave ‘iii’ of (iii) to continue lower in five waves.
4307 must hold.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am waiting for a break of 23.38 today in order to complete a clear five wave pattern in wave (iii).
The decline into wave ‘v’ of (iii) is not very satisfactory as an impulsive pattern.
So I am also allowing for a larger wave ‘iv’ pattern as the alternate count here.
But overall,
wave (iii) of [iii] should compelte with a break of 23.38 again this week.

Tomorrow;
Watch for wave ‘iv’ to resolve in the alternate count at the 24.00 area again if the price rallies early in the session.

Otherwise,
wave ‘v’ of (iii) should fall again with a clear break of 23.38.