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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Finally we have some positive action to point to a reversal in EURUSD today!

The rally today is inline with a third wave acceleration within an impulse wave.
So I am labelling this move as wave ‘iii’ of (i),
with the possibility rising here that EURUSD is has finally bottomed.
There is a way to go before we get a clear five wave pattern in wave (i),
but I will take this action as a good signal at least.

Tomorrow;
Watch for wave (i) up to continue tomorrow and to complete above the previous wave (iv) level at 1.0593.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The count is cable has the optimistic spin this evening.
The price rallied in a possible third wave acceleration labelled wave ‘iii’ of (a).
The first resistance level at wave ‘4’ was broken easily.
But I suspect wave (a) will come to a stop around the next resistance at wave ‘iv’ pink at 1.2638.
If we see a break of that level,
that will be a nice boost to the current bullish pattern.

Tomorrow;
Five waves up may complete by Thursday if todays action is matched.
So watch for wave ‘iv’ to hold above that wave ‘4’ level at 1.2400.
Wave ‘v’ should turn higher again and target the higher resistance.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have labelled the action over the last few days as a possible triangle in wave ‘iv’.
the price has not fallen out of the triangle yet,
but if we see a drop back below 128.50 again that will be a signal that wave ‘v’ is underway again.

Tomorrow;
Watch for wave ‘v’ of (i) to turn lower and break the wave ‘iii’ low at 127.50.
129.78 must hold for this count to be valid.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price action today brought the market up to break the target level at 32600 again.
that gives us a 50% retracement in wave (ii) blue at this point.
The market has fallen off that level again as we close out the day,
but the decline off the session high is too small yet to make any assumptions about wave (iii) down.
If we see a decline back below 32000 again and the action is impulsive to the downside,
then I will look seriously at a the idea that wave ‘i’ of (iii) has begun.
for now,
I want to see if we get confirming price action tomorrow.
A decline in wave (iii) of [iii] will require a large acceleration lower from this point.
So wave ‘i’ of (iii) must take the market back into the 3100 area again in this scenario.

Tomorrow;
Watch for wave ‘i’ of (iii) to trace out an impulsive pattern lower into that 31000 area over the coming days.
Lets see if todays highs can hold at wave (ii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is moving lower off Mondays highs now.
the decline is not big enough, or developed enough to signal wave ‘iii’ is complete yet.
So tomorrow I want to see a clear three wave decline complete above 1786.
Wave ‘ii’ must now build a higher low above that wave [ii] low to signal that the low is in here.
A break of 1780 again will seriously dent my bullish outlook in the short term at least.

Tomorrow;
Watch for wave ‘ii’ to complete a three wave decline above 1786.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Ok,
I am sticking with the short term target level for wave ‘C’ at 116.30 tonight,
but the decline off the high this evening is not in line with my wave [c] of ‘C’ count here.

I am now raising the invalidation level for this short term count to the wave (iv) low at 106.40.
If that level is broken to the downside,
then the odds will favor the alternate count for wave ‘2’ shown in the red box.
If wave ‘2’ is completing here,
then we are staring into a larger decline ahead in wave ‘3’ of (3).
And that one could drop back into the 80.00 area quite quickly if this count is correct.

Tomorrow;
I will give the main count another day to see if the price will correct course and turn higher again.
watch for that 106.40 level at wave (iv) to hold and wave (v) to continue higher.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has not put in the same type of rally that the DOW managed today.
And that action opens up another possibility for wave ‘b’ of (ii).
I am looking at an expanded flat correction in wave ‘b’ now.
And in this scenario,
wave ‘b’ will drop into the 3980 level again before turning higher into wave ‘c’ at the end of the week.

The 50% retracement level of wave (i) lies at 4248 now,
and this level is still the most likely target area for wave (ii).

There is an outside chance that wave (ii) is completing now.
So watch that wave (i) low at 3860,
a break of that level will signal wave (iii) has begun.

Tomorrow;
WAve ‘b’ must complete a larger corrective pattern above 3860 by tomorrow evening.
Wave ‘c’ should then rally again beginning Thursday.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am a little more cautious on Silver this evening.
The price has retraced into the previous wave ‘iv’ level at 21.95,
and with that level is a common target for a correction to complete at.
The price action off todays high has not confirmed the new count for wave (iv) yet,
but a sharp decline tomorrow will favor the idea that wave [v] down is now underway.

Tomorrow;
Watch for an impulsive decline to indicate that wave (i) of [v] is underway.
A break of 20.83 again will be a good sign that wave [v] has begun.