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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The alternate count was triggered by that sharp move lower today.
The pattern in wave [ii] is now a clear three wave flat correction.
And todays drop is labelled wave (c) of [ii].
It looks like there is a little more downside left to complete wave (C).
The 50% retracement level of wave [i] lies at 1.0567,
so that is a reasonable level to look for a bottom in wave [ii].

Tomorrow;
Watch for wave [ii] to complete near 1.0567.
Only a rally above 1.0786 will confirm wave [iii] has begun, so we will have to wait for next week for that to happen.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The low of wave (ii) is taking a long to to find as we now complete a third day of corrective action off the wave (i) top.
This count will remain valid as long as the price holds above 1.2429.
And right now the decline off wave (i) remains corrective looking.
So I am reasonably confident that wave (iii) of [c] will ebgin tomorrow.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete above 1.2429.
Wave (iii) will be confirmed with a break of 1.2600 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is holding again in a corrective pattern off the recent top.
The action today suggests an expanded flat correction in wave ‘iv’.
And now a renewed rally in wave ‘v’ of (v).
The top will com tomorrow if this scenario is correct.

Tomorrow;
Watch for this five wave pattern in wave (v) to top out and drop again to begin an impulsive decline in wave ‘A’ of (2) next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I was on the verge of jumping onto that alternate count I showed last night.
The triangle was developing well and earlier today the pattern seemed settled!
Then this evening came and threw all that logic out the window.

The market is moving impulsively lower into the close now and while this does not confirm the main count yet,
it is enough to favor the bearish count again.

If wave ‘iii’ of (i) is now underway,
then tomorrow will be a solid down day and wave ‘iii’ should find a low below 32000 again.
I have marked the wave (a) high at 31960 as a possible area where support might be found.

Tomorrow;
Now the focus switches to tracking five waves down in wave (i) to shift the tide back in favor of that bearish count into wave [iii].

Watch for wave ‘iii’ of (i) to continue lower and complete five waves down below 32000.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is really playing with fire today as the price flirted with breaking that wave ‘ii’ low at 1837 again.
I am a little concerned that a big selloff in stocks could drag all boats lower including gold,
so I am watching those supports to see if this count remains valid.

Tomorrow;
A break of 1837 again will trigger the alternate count for wave (ii).
If that happens the critical low at 1786 becomes the focus again.

Watch for a break of 1873 again to confirm wave ‘iii’ of (iii) and to rule out this alternate count for wave (ii).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

crude is holding below the recent high so far but I will admit that the decline is not yet impulsive at all.
This actually looks like a correction within wave (c) of [v].
I have labelled wave (c) to show a possible five wave pattern developing.
and in this case,
the decline today is in wave ‘iv’ of (c),
with a final pike higher in wave ‘v’ of (c) expected to complete this pattern.

Tomorrow;
Watch for wave ‘v’ of (c) to complete the ending diagonal pattern in wave ‘C’ with a break of 121.50.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am leaning in favor of the bearish interpretation again tonight after a nice sharp drop out of that triangle pattern.
The market has hit a low at 4020 this evening and seems to have stopped the drop.
If this is wave ‘i’ of (iii) now taking over,
then we need to see this sharp decline continue lower tomorrow
and for wave ‘i’ to complete a five wave decline below the wave (i) low at 3857.
I want to see wave ‘i’ of (iii) complete a full retracement of that recent rally in wave ‘c’ of (ii).
That would be an ideal start to wave (iii) down.

Tomorrow;
Watch for wave ‘i’ down to trace out a five wave decline as suggested.
If we see a break above 4070 again that will favor a larger wave (ii) pattern again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is beginning to step lower again into a possible wave [i] decline.
Todays decline broke the previous wave (i) low.
And now the price is close to taking out the previous wave [b] low at 21.42 again.
A break of that low will signal wave (iii) of [i] is underway.

Tomorrow;
Watch for wave ‘ii’ to create a small lower high after wave ‘i’ completes.
Wave ‘iii’ of (iii) may even begin by tomorrow evening.
And that wave should take the price back below 21.00 again over the next few days.