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

Every day the news just gets worse and worse. And I have a mountain of charts to show you guys!

On with the show!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price range contraction over the last week is beginning to take the form of a triangle.
I am not sold on the idea yet,
but if we see another small higher low tomorrow above the wave ‘ii’ high,
that will definitely favor the triangle wave (iv) idea.

The outcome should remain the same regardless,
as wave (v) should push out to a new high above 1.0786 again.

Tomorrow;
Watch for wave ‘iii’ of (v) to push above 1.0786 to confirm the main count.
1.0627 must hold to stick with the wave (v) idea.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Tuesdays rally hit a brick wall today and now yesterdays top takes the wave (i) label.
The decline today is still quite corrective looking,
and so I have labelled this wave (ii) of [c].
Wave (iii) of [c] must begin before the end of this week,
the sooner the better really.

Tomorrow;
Watch for wave (iii) to push above 1.2666 to confirm wave [c] is underway.
The low at wave [b] must hold at 1.2429

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have shown a fully extended wave (v) count this evening to complete wave [v] green.
Even the final rally into wave ‘v’ pink has a five wave form at todays high.
Maybe I am clutching at straws here,
but I do think we have a completed wave structure here,
and all that remains to occur is that initial sharp drop to begin wave (2).

Tomorrow;
I will just have to wait and see again if that happens before the end of this week.
But for now I am a little more confident that wave [v] is reaching a conclusion here.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am showing two scenarios for the short term pattern tonight.
The main count suggests that wave (i) of [iii] is already underway off the recent high.
The count is a little complex for wave ‘i’ and ‘ii’,
but it is a viable option for the moment.
If the price accelerates lower from here,
that count will be confirmed.

As for the alternate,
wave [ii] could drag on for another few weeks if that count takes over.
In that scenario,
the recent action is viewed as a triangle in wave ‘iv’ of (a).
Wave (b) will then fall back into the 32000 area.
And wave (c) will be left to complete a three wave correction higher.

Tomorrow;
This week is proving to be another non event in terms of the decline into wave [iii] down.
A sharp decline will bring the main count back to the fore again.
Watch that recent low at 32500 to signal wave ‘iii’ of (i) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at this weeks action and I am trying not to see an impulse wave to the downside off the wave ‘i’ top!
The rise over the last few days is looking more corrective to the upside rather than the beginning of wave ‘iii’ up also.
So I really do have to watch that alternate wave (ii) scenario now.
A break of 1837 again will trigger the alternate count for wave (ii).
And we can then expect a drop into the 1800 area again for wave ‘c’ of (ii) to complete.

Tomorrow;
A sharp rally tomorrow to break 1873 will save the bullish count.
1837 must hold now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We have a bulls eye hit in the target area for wave (c) tonight.
The pattern in wave (c) does not look complete just yet though,
I suspect wave (c) will step higher again to complete the internal pattern.
And then we will see if that is followed by an impulsive decline to signal wave ‘C’ is complete.

Tomorrow;
Watch for that final spike in wave (c) to complete an internal five wave pattern.
I will reserve the foolishness of calling a top here for later in the week!
At least I would like to see a sharp drop in five waves to signal a top is in.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The triangle in wave ‘4’ of ‘c’ seems very likely now after another day of dead ranging action.
That triangle pattern shou;ld now be complete,
and I am looking for one last push above 4200 to complete wave ‘c’ and wave (ii) tomorrow.
And if that happens,
then I will look for a sharp reversal to begin a possible wave ‘i’ of (iii) decline.

Tomorrow;
Watch for wave ‘4’ to complete now and wave ‘5’ of ‘c’ to push higher again to complete five waves up.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a possible running flat correction in wave (ii) at todays high.
This pattern must give way to another decline into wave (iii) of [i] beginning tomorrow.
A decline below 21.80 again will signal wave ‘i’ of (iii) is underway.

Tomorrow;
The price must hold below 22.50 for this bearish count to remain valid.
Watch for wave ‘i’ of (iii) of [i] to fall again tomorrow and begin a longer decline phase for silver over the next few weeks.