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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The rally today has put another spin on the short term count.
I am looking at this high as wave (iii) of [i] of ‘1’.
There is a pretty clear five wave pattern off the interim low at wave (ii),
and if this count is correct,
wave (iv) will begin by tomorrow evening I suspect.
Wave (iv) should correct in three waves and hold above 1.0564 at the wave (i) high.

Tomorrow;
Watch for wave (iii) to top out before the close tomorrow.
A break of 1.06 again will signal wave (iv) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A three wave pattern higher in wave [a] is close to complete after todays action.
The pattern in wave [a] is labelled as a flat correction – 3,3,5 internal structure.
Wave (c) of [a] is close to done now,
but I am looking for wave ‘v’ of (c) to pip above 1.2638 at the previous fourth wave high
before turning lower again into wave [b].

Tomorrow;
Watch for wave (c) to break that initial resistance at 1.2638.
Wave (c) and (a) will be close to equality at that point.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action in USDJPY today is very constricted and looks like a triangle is forming in that range.
At the moment I have labelled this triangle pattern as wave ‘b’ of (ii),
and this pattern calls for wave ‘c’ to rally out of the correction and break the wave ‘a’ high at 128.30 at a minimum.
I am looking at a higher target for wave (ii) also,
that is formed at the previous wave ‘iv’ high of 1.2978.
So I suspect wave (ii) will complete in that range.

Tomorrow;
Watch for wave ‘c’ to begin by breaking the wave ‘a’ high at 128.30 at a minimum.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

So wave ‘ii’ has pushed higher today and at the high of the session, the dow has retraced just over 62% of the wave ‘i’ decline.
I am still leaning in favor of the very bearish count here,
and in that scenario I am expecting that wave ‘iii’ of (iii) of [iii] will turn lower this week.
If wave ‘iii’ is complete at todays highs,
then wave ‘iii’ of (iii) should begin tomorrow.

Tomorrow;
Watch for this correction higher in wave ‘iii’ to complete below 32750.
An break of that level will invalidate this count.
Wave ‘iii’ down will be confirmed with a break of the wave ‘i’ low at 30630.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has completed three waves up at todays highs.
That completes wave ‘iii’ of (i),
and the decline off the session high is now labelled wave ‘iv’ of (i).

Wave ‘iv’ must hold above 1836.10 as that level marks the wave ‘i’ high.
If 1836.10 breaks,
then we have a problem as the rally off the lows will then best fit a three wave correction higher rather than a five wave impulsive pattern.
So I think that wave ‘i’ high is a key level in the short term count.

Tomorrow;
Watch for wave ‘iv’ of (i) to hold above 1837 just to be safe.
Wave ‘v’ should then push out to a new high to break 1865.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

If we first look at the 4hr chart tonight.
I want to draw attention to the alternate count for wave (2).
This involves an expanded flat correction,
and wave ‘B’ of that correction is set to fall back into the low 90’s again to complete.
And then wave ‘C’ of (2) will rally to break 116.55 to complete the pattern.

This pattern is far more fitting with the feeling of ‘uncertainty’ that we seem to navigating at the moment.
And I just wanted to keep that idea alive before I jump into the more bearish main count.

We have a lower high in -place this evening.
And if this is wave (ii) now complete,
then we should expect wave (iii) to fall sharply tomorrow and break 103.20 again at a minimum.

Tomorrow;
Watch for wave The high at 113.20 to hold.
Wave (iii) must continue lower to break the wave (i) low by midweek.

If 113.40 does break,
that will force me to rethink the main count completely, again!

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is another alternate count possible in the S&P that is still not ruled out yet.
Wave (ii) could make a final high above 4097 again in wave ‘c’ of (ii) as shown.

As for the main count,
Todays high is viewed as wave ‘ii’ and this is now close to complete.
The price has traced out a three wave pattern into the high,
and is losing momentum at the 62% retracement of wave ‘i’.
So we have reached a good area for a reversal to begin into wave ‘iii’ down.

If we see a sharp drop early tomorrow,
that will favor the idea that wave ‘iii’ of (iii) is underway.

Tomorrow;
Watch for wave ‘ii’ to hold below 4097.
A break of the wave ‘i’ low at 3807 again will signal wave ‘iii’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has traced out a reasonable internal pattern for wave [a] to top out at the session high.
The price has moved lower off the high today in an impulsive manner,
and I have labelled this wave (a) of [b] now underway.

Wave [b] should fall in three waves over the next few sessions,
and find a low with a break of the wave (iv) low at 21.27 again.
that level is just below the 50% retracement level of wave [a],
so I think that is an attractive target.

Tomorrow;
Watch for wave (b) of [b] to form a corrective lower high below the wave [a] high.
Wave [b] should complete by midweek if all goes to plan.