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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

What a turn around today.
The price failed to break that long term low at 1.0340 again today.
I cant rule out that alternate count yet,
but todays action has moved in favor of the main bullish count now.
I am tracking that wave (i) of [iii] wave up now.
And todays rally is a clear acceleration into a third wave.

Tomorrow;
Watch for this wave (i) up to continue to trace out a five wave pattern higher as shown.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable rallied hard also today,
and the price is close to confirming that wave ‘5’ of ‘1’ is done at the recent low of 1.1931.
A break above the wave [i] low of 1.2456 will favor the idea that a low is in for wave (1) now.
And that will lead to a large three wave rally in wave (2) over the coming months.

Tomorrow;
I am allowing for one last drop into wave [v] of ‘5’ to break 1.1931.
but if the price breaks above 1.2456 again that will signal wave [i] is in play.

Watch for wave [iv] to complete below 1.2456.
Wave [v] down should begin immediately tomorrow morning.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

A five wave decline is now on the cards for wave [i] green.
The low today may have completed wave (iii) of [i],
wave (iv) should now correct higher in a clear three wave pattern overnight and early tomorrow.
Wave (v) should begin before the end of tomorrows trade and I would like to see a break of the 130.00 handle again to complete wave (v) of [i].

Tomorrow;
Watch for wave (iv) to hold below 133.50 at the very higher end.
A complete correction below 133.00 is better.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW made another sharp move lower today as suggested by the wave count,
and now we have a reasonable five wave pattern in place for wave (i) of [iii].
The price has made a new low below the previous wave [i] low,
and that will be important in terms of creating an extension lower within wave [iii] of ‘3’.
So at this point,
all the cards are lining up perfectly for a horrible summer in stocks and the economy at large.

If we are close to a low in wave (i) now,
I will be looking for another corrective lower high to build in wave (ii) blue over the coming few sessions.
And if the declining second wave Fibonacci retracement scenario continues as I suggested last night,
then I am looking for a three wave pattern higher in wave (ii) to target the 38% retracement level at 31160 or there about.

Tomorrow;
Watch for a final low in wave ‘v’ of (i).
A push above 30500 again will signal wave ‘a’ of (ii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am not happy about the pattern of the rise in gold today.
The action strongly favors a three wave correction higher right now.
And this can be viewed as a correction in wave (ii) as per the alternate count.

We are going to know very soon if the alternate count is correct here.
Because todays action has completed a possible bearish impulsive wave to the downside.
And that will lead to a return to the downside again tomorrow in wave (iii) of [v] of ‘C’.
That alternate count will break to a new low by Monday if it is correct.

Tomorrow;
As for the main count.
Only a very sharp and extended rally into wave (i) of [iii] will do now to swing the count back in favor of the bulish count.

Watch for the price to continue higher in wave ‘iii’ of (i) tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

the sharp rebound this afternoon has complicated the pattern in wave [i] a little.
The decline is impulsive alright,
and the low almost took out the previous wave [iv] low at 110.00.
But the internal wave structure within wave [i] is not ideal.

That fact does not invalidate the wave [i] idea here,
but I would like to see a clear corrective lower high now form in wave [ii] to favor the bearish count.

Tomorrow;
Watch for wave (b) to fall and hold above the wave [i] low.
Wave (c) should complete wave [ii] by Monday evening.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A new low today in wave ‘5’ of ‘i’, and we seem to be drawing close to to a low now for wave ‘i’ of (iii).
A correction higher in wave ‘ii’ will come soon enough,
maybe not tomorrow,
but Monday should see that wave ‘ii’ begin to work its way higher again.

I will be looking for a three wave correction towards the 3900 level to complete wave ‘ii’.
And once that completes.
Then the trapdoor scenario is in play again for wave ‘iii’ of (iii) of [iii] towards the end of next week.

Tomorrow;
Watch for wave ‘i’ to complete possibly with a tag of the lower trend channel line near 3600.
Wave ‘ii’ will begin with a rise above 3750 in wave ‘a’.
The 50% retracement level off a suggested wave ‘i’ low at 3600 will come in at 3900.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is continuing to track higher along the wave [c] count so far.
This count is getting more secure the higher the price goes.
but I will admit that if gold does turn lower and trigger that alternate count,
then silver will likely follow lower and then break out of this current wave ‘4’ count.

Tomorrow;
Wave (iii) of [c] must continue higher to confirm this wave ‘4’ count.
A break of 21.30 again at wave (ii) will signal that wave ‘4’ is done and wave ‘5’ is underway.