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

We are back to Normal service this week again, hurray! I am way behind on my emails at the moment, so If you are waiting for a reply, don’t worry I will get to you and sort any issues out hopefully by tomorrow evening.

thanks again for your patience.

On with the show.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

we got a rally today in EURUSD that seems to satisfy the expanded flat idea for wave (iv).
Wave ‘c’ did top out above the wave ‘a’ high,
although I am not certain that wave ‘c’ is complete at that because the internal pattern is not ideal.
What we can say is that the minimum expected target has been hit.
so what wave (iv) completes,
the next full wave will be to the downside in wave (v) later this week.

Tomorrow;
Watch for wave (iv) to show signs of a top coming in.
A drop back below 1.0100 again will signal wave ‘i’ of (v) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern in cable is taking another form today after a break above the previous interim high at 1.1967.
The price is back below that level now again,
but the overall pattern suggests wave (iv) is an expanded flat also,
and now the sharp decline off that level is the beginning of wave (v) down.
Wave ‘i’ and ‘ii’ should form a lower high tomorrow to signal wave (v) is underway.

Tomorrow;
Watch for wave the high at wave (iv) to hold at 1.2033.
wave (v) should continue lower for at least the the next few sessions.
I am looking towards a low at wave (v) in the area of 1.1650 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

A short term top has formed at 1.3939 over the last few sessions.
This action off that top is less than convincing as an impulsive move lower yet though.
So I will have to wait for further declines to trace out five waves down this week to give a stronger signal in favor of a top.

Tomorrow;
It is getting hard to have patience with USDJPY here.
But a top will come sooner or later,
and then the big surprise will be how far the pair has fallen in such a short time!
That is the nature of markets!

Watch for the top to hold at 139.39.
Lets see if we get a follow through on the downside to trace out an impulsive pattern lower.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well todays rally can fit in two bearish scenarios at the moment.
The main count now shows a larger three weave expanded flat correction in wave ‘ii’ pink.
The high at wave (ii) is holding at 31880 so far.
And the decline this evening is in line with a possible reversal into wave ‘iii’ of (iii) again.
So we may have a ‘i’ ‘ii’ complete at todays high.
And the probability is rising that we are now going to head lower into a third of a third acceleration.

The alternate count for wave (ii) is still a reasonable option here.
in this scenario wave ‘c’ of (ii) should break above 32000 to complete the correction.
And then wave (iii) down should begin before the end of the week.

We should know by midweek which wave count is correct here.

Tomorrow;
Watch for wave ‘iii’ of (iii) to be confirmed with a break below 30118 at the wave ‘b’ low.

If we see a reversal rally tomorrow that will trigger the alternate count for wave ‘c’ of (ii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is pretty flat today off Thursdays low at 1697.
The wave (iv) correction should carry the price back towards 1750 again and create a more substantial pattern.
The correction so far is still very small even to begin wave (iv).
I will have to wait and see if the action builds towards the larger correction over this week.
If the price declines again then I will have to rethink wave (iii) again.

Tomorrow;
Watch for wave ‘b’ to hold above the recent wave (iii) low at 1697.
Wave ‘c’ should carry higher towards 1750 again when wave (iv) is complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The new pattern in wave ‘1’ and ‘2’ seems to be tracking quite well with the price action so far.
The rally off the low at wave ‘1’ is in three wave so far.
And todays spike higher again is suggesting wave (c) of [a] is now underway.
Wave (c) of [a] should complete five waves up by tomorrow evening if this pattern is correct.
And then we should see a higher low in wave [b] form over towards the end of this week.

Tomorrow;
Watch for wave (c) of [a] to top out pretty soon above the 100 area.
Wave [b] will fall again in three waves later in the week.
The initial target for wave [b] lies at the previous wave (b) low at 93.00.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The main pattern for the action over the last few weeks now shows a running flat wave ‘2’ of ‘iii’.
this pattern is the most bearish possible pattern at the moment
as it allows for a very sharp acceleration lower into wave ‘3’ of ‘iii’ over the coming few days.
This next decline could easily break 3400 as wave ‘3’ completes over the next week.

That wave ‘3’ of ‘iii’ decline could now be underway after todays top and reversal seems to have completed wave ‘2’ of ‘iii’.

The alternate count shown now is a larger wave (ii) blue, this can be seen on the 4hr chart.
this pattern can allow for a rally back into the upper trend line at 4000 again.
We will know soon which pattern fits best.
But I want to be at least aware of the possibility that wave ‘iii’ could accelerate lower from here.

Tomorrow;
Watch for todays high to hold at wave ‘2’.
A break of 3718 again will signal wave ‘3’ of ‘iii’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has formed another lower high today at the wave (ii) high.
The price has rolled over again this evening and this is the initial sign that wave (iii) of [v] is now underway.
Wave (iii) down must fall in five waves and break below 18.12 again at a minimum.
Although a low near 17.20 again is more likely when wave (iii) complete later this week.

Tomorrow;
The high at wave [iv] must hold at 19.40.
Watch for wave (iii) of [v] to fall again and break 18.12 to confirm the larger pattern.