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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD came off the boil today and has begun its correction into wave (iv).
I have labelled the low of the session as wave ‘a’ with a rebound this evening in wave ‘b’ underway.
Ideally, wave ‘b’ should go no further than the 1.07 handle.
And then we should see a final decline into wave ‘c’ by tomorrow evening that should complete wave (iv).

Tomorrow.
Watch for the high at wave (iii) to hold at 1.0747.
Wave ‘c’ down must complete above 1.0564 at the wave (i) high.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays sideways action in three waves fits a correction in wave ‘b’ as shown.
The price is holding a lower high below the wave [a] high so far today,
and I am looking for that wave ‘c’ dow to come in tomorrow to complete three waves down in wave (a) as shown.
If I am right on this count,
then we are looking at sideways action for the rest of this week at least.
So this wave count is going to change and be a bit frustrating as wave [b] develops.

Tomorrow;
Watch for wave (a) to complete with another drop into the 1.2430 area.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price has risen off the wave (i) low in a three wave form so far today.
This action fits with the wave ‘a’ of (ii) scenario that I am looking at.
I am looking for wave ‘b’ to hold above 126.36 tomorrow,
and wave ‘c’ will probably take another few sessions to top out the correction in wave (ii).

Tomorrow;
Watch for wave ‘b’ to create a higher low above 126.36.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has stalled the rally below the 78.6% retracement today,
and we may even have a three wave flat correction in place at the session high.

I have my eye on the low labelled wave ‘b’ at 31357,
a break below that level will be the first signal that wave ‘ii’ is complete and wave ‘iii’ is taking over again.
If this count is correct,
then we will see a sharp move lower to begin wave ‘iii’ before the end of this week.
And once the market breaks the low of wave ‘i’ again at 30633,
that will open up this market for a real acceleration lower in a third of a third wave down.

Tomorrow;
Watch for wave ‘ii’ to hold below 32758.
Wave ‘iii’ of (iii) down could begin tomorrow.
So be alert for an initial spike lower to break 31357.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays action has opened up the possibility of an expanded flat correction in wave ‘iv’ pink.
the price came down in a reasonably sharp manner today but so far the wave ‘i’ high is holding at 1836.07.
A break of that level will invalidate this count for wave (i),
but the late rally this evening is saving this bullish count.
If wave ‘v’ of (i) is now underway,
then the minimum target for wave ‘v’ to complete is with a break of 1869.75.

Tomorrow;
Watch for wave ‘v’ to continue higher and break to a new high above 1870.
If that happens then wave (i) will be complete.
And then I will be looking for a bullish higher low to form in wave (ii) early next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action todays has not cleared up the short term count at all really,
so we are still stuck between a rock and a hard place right now.

I have developed the alternate count a little more this evening to show what I mean by an ending diagonal in wave [c].
This will involve a new high above 113.50,
but the price must hold below 116.25 in this scenario.

The main count has not changed this evening
There is still an opportunity open for wave (iii) down to begin with a sharp decline to break 103.20 at wave (i).
I will admit though,
that the odd’s of this happening are declining now.

Tomorrow;
Watch for a break of 108.00 again to favor the wave (iii) down idea.
A break above 111.45 again will trigger that alternate count for wave [c].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Wave ‘c’ of ‘ii’ has just reached its minimum target to complete this evening.
A break above the wave ‘a’ high at 3987 has confirmed wave ‘c’ of ‘ii’.
and now I can look at that 4035 level as the next target for wave ‘ii’.
This level marks the 78.6% retracement of wave ‘i’.

I would like to see wave ‘ii’ complete tomorrow and the initial signal for wave ‘iii’ down to begin.
I mentioned the wave ‘b’ low at 3874 as a the initial signal level for wave ‘iii’,
A break of that level will favor the bearish idea here.

Tomorrow;
Watch for wave ‘ii’ to complete below 4097.
wave ‘iii’ down should begin by tomorrow evening if all goes according to plan.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has rebounded again this evening to continue the sideways range that the price is stuck in all week.
I have labelled this move as wave (b) of [b] now,
Ideally this wave will complete below 22.19.
And then I am looking for a larger decline into wave (c) to follow.
Wave [b] should fall back towards 21.30 by the end of this week.

Tomorrow;
Watch for wave (b) to complete a lower high below 22.19.
Wave (c) down will be confirmed with a break of 21.27.