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

I apologize profusely tonight!

When I published last nights update I had some website problems, then after I managed to fix the problem,

I forgot to categorize the post,

and that meant the post did not show up in your feed!

It is visible now, but that is a day late and a dollar short, I am sorry about that. I am humbled by my own stupidity!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Tonight in general we are looking at a momentum reversal situation across various markets.
EURUSD is one of those markets.
The price has stalled the rally and seems to be reversing.
I have labelled the top of wave (iv) as now in place.
There needs to be more downside to call wave (v) underway.
But the probability is rising now.

Tomorrow;
Watch for wave ‘i’ of (v) to trace out five wave down.
A break of 1.0100 again will be a good sign that wave i of (v) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The move off the top of wave (iv) in cable is less convincing than in EURUSD.
At the moment the pattern in wave (iv) is a running flat,
as wave ‘c’ did not hit a new high above wave ‘a’.
we will see soon if wave ‘c’ does make a new high tomorrow and then create a more impulsive decline off that top.
For the moment,
I will run with the running flat idea.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ of (v) to fall off and then create a lower high by tomorrow evening.
A break of 1.1900 again will favor the idea that wave (v) is now underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The working pattern here is a possible impulsive pattern lower in wave (i) and (ii) off that top at wave (3).
This pattern can allow for a little more upside in wave ‘c’ of (ii),
before turning lower again into wave (iii).
This pattern is really early stages here,
so lets see how it develops over the next few sessions.

Tomorrow;
watch for wave ‘c’ of (ii) to complete below 139.39.
Only a break below 135.00 again will convince me that a major reversal is in play now.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays top looks like a clean hit on the 62% retracement level of the wave (i) decline.
The rally has hit a wall today at 32000,
and there is a good chance that we will see a reversal pattern build off that top now.
At this point we have a clear three wave flat correction in place at the top of wave (ii).
The pattern looks complete.
and now we can call for a reversal pattern to build in wave ‘i’ and ‘ii’ to begin a larger decline into wave (iii) over the next weeks.

Tomorrow;
What we need now is simple.
A sharp decline to retrace much of the gain 9in wave ‘c’ of (ii).
That gives us an initial target for wave ‘i’ of (iii) at 30120.
I know that is quite a decline from here,
but the pattern requires it.
And if wave (iii) is to create a large extension lower,
then the initial decline into wave (iii) should be substantial.

Watch for a drop below 31000 again to signal wave ‘i’ of (iii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold is still very flat and lifeless in general.
But we do have a possible pattern building in wave (iv) now.

Wave ‘a’ traced out three waves up.
Now wave ‘b’ is completing three waves down again to a double bottom.

If this is wave (iv) as I suspect,
then wave ‘c’ will rally again off this double bottom in five waves as shown.
And I am looking at the previous fourth wave high at 1745 as a target for wave ‘c’ to complete.

Tomorrow;
Watch for wave ‘b’ to complete very soon.
Wave ‘c’ will be confirmed with a break above the wave ‘a’ high at 1724.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding below the 100.00 handle today and there is a corrective decline beginning to form now.
the pattern calls for a three wave decline towards the 95.00 area overall in wave [b].
But I suspect we will see wave (a) of [b] make it as far as 97.00 where the previous fourth wave low stands.
If this pattern is correct in wave [b] here,
then we will likely see a very quiet oil market over the next week at least as this correction plays out.
Then wave [c] will track higher again to complete wave ‘2’.

Tomorrow;
Watch for wave (a) to complete three waves down in the area of 97.00 as shown by the end of this week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Stock market momentum has dropped off today as we seem to be forming at least a short term top now.
Todays top did break above the wave ‘a’ high again.
So wave ‘c’ has hit the minimum target level.
And if this decline off the top does continue tomorrow,
then we could be looking at a large bearish impulse pattern now complete at wave ‘ii’.
the next step for this pattern is a sharp decline into wave ‘iii’ over the next week or so.
The most important level to give us confirmation of wave ‘iii’ lies at the wave ‘i’ low of 3636.
A break of that low be a good signal that the top is in for the correction in wave ‘ii’,
and that wave ‘iii’ down is underway.

Tomorrow;
Watch for a sign that the top is in for wave ‘ii’.
A sharp decline tomorrow to break the wave ‘b’ low at 3720 will be a good first step in building wave ‘iii’ down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The pattern is silver is less convincing as a wave (i) and (ii) lower high today.
I am not ruling this out just yet,
but I do want to see a sharp decline into wave (iii) to break the wave (i) low at 18.13 again to confirm the pattern now.
As long as the high at 19.40 holds,
then we should be on track for wave [v] down to continue.

Tomorrow;
Watch for wave (iii) down to fall back below 18.13 again to confirm the larger pattern.