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

EURUSD.

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EURUSD daily.

Three waves up into wave ‘a’ is complete tonight.
The price should fall again in three waves towards 1.0000 in wave ‘b’ tomorrow.
And wave ‘c’ is expected to push higher to the previous fourth wave high at 1.02 again by the weekend.

All in all this should remain a pretty flat week as wave (iv) traces out.

Tomorrow;
Watch for wave ‘b’ to hold that higher low above wave (iii).

GBPUSD

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there is an alternate count for this weeks action now.
It is possible that wave (v) is tracing out an extended wave form.
And in that case,
wave ‘i’ and ‘ii’ have completed and wave ‘iii’ of (v) will fall again to a new low tomorrow.

the main count is still valid.
The running flat may be complete at todays high.
In that case,
wave (v) should begin off this level and head lower tomorrow.

Tomorrow;
1.2056 must hold in both wave counts.
Watch for the price to continue lower into wave (v) tomorrow;

USDJPY.

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USDJPY daily.

Wave (v) has met the minimum target to complete the pattern now.
Wave ‘v’ has broken the top of wave ‘iii’ this evening.
But I am not sure if this will be enough to top out this rally yet.
We will see soon enough I suppose.

Tomorrow;
Watch for wave (v) blue to show signs that it is closing out.
A break below the wave (iv) low at 134.95 again will signal the top is in again.

DOW JONES.

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The market dropped like a stone after that cpi number today,
but again we have a reasonable recovery off the lows.
The only way I can call this an impulsive decline in the making,
is if we have an expanding wedge to form wave ‘1’ of ‘iii’.
That pattern is never ideal,
but it is a possibility for sure.

In this case,
the recovery this evening is a corrective recovery in wave ‘2’ of ‘iii’.
And I can still hold the idea that wave ‘iii’ of (iii) will accelerate lower beginning this week.

I will just have to wait and see how the price action plays out over the next few days to confirm or deny the main pattern here.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to hold below the wave ‘ii’ high again.
A drop back below 30350 again will be a good sign that wave ‘iii’ is underway.

GOLD

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Gold did make a new low after breaking out of that triangle today.
And that decline obviously finished a larger pattern because the price spiked higher off that low.
So wave ‘iii’ pink is now complete,
and now we have a possible wave ‘iv’ underway as shown.
the pain is not over for gold though.
This rally should prove corrective and then wave ‘v’ of (iii) should fall again and maybe even break the 1700 level to complete.

Tomorrow;
Watch for wave ‘iv’ to continue higher in a three wave form at a minimum.
there is a reasonable chance that we will see a triangle form in wave ‘iv’ also.
We should know by the end of this week what form wave ‘iv’ will take.

CRUDE OIL.

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A new low today has not ruled out the wave ‘2’ correction,
but it does mean that the only viable patterns for wave ‘2’ are an expanded flat,
or a running flat correction.
And if this idea is correct for wave ‘2’.
Then wave [c] should rally back above the 100.00 handle again in a running flat.
the expanded flat correction will take the price back above 103.00 at a minimum.

Tomorrow;
Watch for todays lows to hold.
Wave [c] of ‘2’ must now push higher in five waves.
the 100.00 handle is the minimum target for the running flat idea.
Lets see how that goes.

Obviously a complete capitulation and selloff again will signal wave ‘3’ down is already underway.

S&P 500.

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The price has not sold off enough today to signal wave ‘3’ of ‘iii’ is underway.
But at the very least we have another piece in the puzzle now in place.
And todays action has opened up another possibility for wave ‘ii’ pink.
That alternate count involves a three wave correction higher in a flat correction.
In that case we will have to wait for another week to close out wave ‘ii’.

Tomorrow;
Watch for a break of 3737 to signal wave ‘iii’ is underway.
The price must hold below 3946 again stick with the main pattern.
An immediate reversal lower tomorrow will favor the bearish idea.

SILVER.

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I am watching a possible five wave pattern building in wave (c) of [iv] today.
the price has rallied off the overnight lows today and I have labelled this as wave ‘iii’ of (c).
Wave (c) should complete five waves up above the wave (a) high at 19.45 if this pattern is correct.

Tomorrow;
Watch for the wave ‘i’ high at 1912 to hold.
Waves ‘iii’, ‘iv’ and ‘v’ should hit the 19.50 area to complete.