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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has opened up the possibility for a bullish alternate count after the last few days action.
The price action is looking pretty corrective off the top of an impulsive looking rally last week.
The price is now holding at a higher low also.
So,
this action may be forming a bullish reversal now if the action continues to be corrective to the downside.
And we get another break to a new high from here.

The main count remains the same,
wave (v) down can still fall to break 99.50 again.

Tomorrow;
If the price rallies again and we see a break of 1.0277 again,
that will favor the bullish alternate count.

I think it is a clean 50/50 between both counts now,
so I will just wait and see which way it breaks.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is being stubborn also today,
The price has not turned lower into wave (v) down yet,
and there is a lingering possibility that the action is turning bullish off the recent lows.

If the alternate count is correct here,
then we will see a bullish higher low build above 1.1760 this week.
And with that the rally into wave (2) will begin over the coming months.

As for the main pattern.
That has not been ruled out yet,
The minimum target for wave (v) lies at 1.1759.

Tomorrow;
Watch for wave ‘i’ of (v) to fall back below 1.1888 to favor the main count this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is still corrective higher today in wave ‘iv’ of (iii).
This correction should complete below 137.09 and if that level breaks,
then I will be forced to view last weeks declines as a correction overall.

Tomorrow;
Watch for wave ‘v’ of (iii) to fall again to break 135.55 and complete wave (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The short term pattern is forming a convincing head and shoulders pattern around last weeks high at wave ‘c’ of (ii).
If this signal pattern holds,
then we will see a break of the corrective neckline again at 31520 where the previous wave ‘4’ completed.
And five waves down will build from there in wave ‘i’ down.

I can’t add much more to last weeks comments here.
If the correction in wave (ii) is complete,
then wave (iii) down will begin this week.
And wave ‘i’ of (iii) should retrace most of the recent correction as shown.

All the signs are pointing that way at the moment,
so I will just wait and see if the price actually follows through.

Tomorrow;
Watch for wave ‘i’ down to be confirmed with a break below 31500 again.
I expect wave ‘i’ to fall into the 30000 level to complete.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is a small part of me that is now leaning to the bullish side in gold.
The rally late last week can be viewed as a bullish impulse wave off the low.
And if that is the case,
then we will see a third wave rally this week.
I am not sold on this bullish count yet,
but it is a viable option if the price continues to surprise to the upside.

Tomorrow;
If the main count is correct,
then we will see a new low this week to complete the larger pattern in wave [v] of ‘C’.
A break of 1700 again will favor the main count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

At least the pattern in crude is working well these days!

Crude fell early today and reached the target lows for wave [b] to complete.
The price hit the 62% retracement level of wave [a],
and then we saw a nice spike off the intraday lows at 92.60 again.

I have labelled this rally as wave (i) of [c].
and I am expecting a five wave rally off that wave [b] low to complete wave [c] and wave ‘2’ later this week.
The initial target for wave [c] lies at the wave [a] high at 100.84.
The higher target lies at the 50% retracement level of wave ‘1’ at 104.97.
I expect wave ‘2’ will complete in that range over the coming days.

Tomorrow;
Watch for wave (ii) to form a higher low above 92.60 again.
Wave (iii) of [c] should break above the wave [a] high by midweek.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We are sitting in a limbo these days with the stock market.
The previous pattern is complete,
and now I am just sitting and waiting for that initial price action to signal the next leg of the pattern is beginning.
In this case,
wave ‘ii’ is down.
and I am waiting for that initial impulsive move lower in wave ‘1’ of ‘iii’ to confirm my larger bearish thesis.
A full retracement of the recent rally in wave ‘ii’ will seal the deal here,
and then we can set targets for wave ‘iii’ down over the coming week.

At the moment it is a waiting game until the next leg of the pattern reveals itself.

Tomorrow;
Watch for wave ‘1’ of ‘iii’ to turn lower and trace out five waves down.
3720 marks the initial target for wave ‘1’ to complete.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is not looking as encouraging as gold might be today.
My working assumption here is still the same,
I think we will see a new low form in wave [v] towards the 17.00 area.
If this pattern is correct here,
then we will see wave ‘iii’ of (iii) down accelerate lower this week.
And wave (iii) will likely hit the 17.50 area to complete.

Tomorrow;
Watch for a break of the recent low at 18.13 again to confirm wave ‘iii’ of (iii) is underway.
Wave ‘ii’ should hold at 18.77.