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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Right now we seem to be holding at a possible trend change off the recent lows at 0.9955.
The alternate count is now showning a possible (i) (ii) pattern off the lows.
If this pattern is correct,
then wave (iii) will rally again off the wave (ii) low and that trigger level of the previous wave (i) low at 1.0358 will be broken.
If that happens,
then the prospects for EURUSD get immediately brighter.

Tomorrow;
the main count can still allow for a three wave rally into wave ‘c’ of (iv) as shown.
That pattern in wave (iv) must complete below 1.0358,
and wave (v) should begin off that corrective high.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has actually broken above the previous wave [i] low today,
and usually that fact would be enough to call a trend change for me.
but the recent rally off the lows is in a clear three wave corrective pattern,
and because of that fact,
I am willing to allow for the possibility of one last low to complete wave [v] of ‘5’ of (1).
I will be satisfied with that wave (v) of [v] is underway if we see a break of 1.1890 again.

Tomorrow;
Watch for the high at wave (iv) to hold, and wave ‘i’ of (v) to fall into 1.1890.
We should know early next week at the latest if this count will be invalidated.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

A few very interesting things happened today in USDJPY.
The price fell very impulsively into wave [c] of ‘A’ and now it seems wave [c] is closing out quicker than expected.
That completes a three wave flat correction into wave ‘A’ of (4).
the price also broke the previous triangle lows at 134.95.
And this is a good signal that at least the short term trend has changed into wave (4).

Tomorrow;
I am not sure at all that wave [c] is complete,
but I do see a five wave pattern in place off the wave [b] high.
the trend channel is also closed for wave ‘A’,
and we should expect wave ‘B’ to begin over the next few days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another spike rally today has carried the correction in wave (ii) to the 78.6% Fib retracement level.
The trend channel is closed out now in wave ‘c’ again.
And a nice five wave pattern is complete in wave ‘c’ also.

I will point out this evening that wave ‘5’ of ‘c’ has completed a five wave internal pattern also.
So all in all we are pretty much done here I think.

I cant comment too much extra here to convince either you or myself that this corrective rally is now closing out,
other that to suggest that wave (iii) of [iii] crash is not what people are expecting in general,
so that suggests the extreme negative sentiment that was evident at the wave (i) lows,
is now mostly dissipated by this rally.
And that brings us to the most dangerous position of all.
A correction complete along with neutral sentiment.
the way is clear for wave (iii) down to begin.

#Tomorrow;
Watch for wave ‘c’ to fizzle out.
Wave (ii) should shown signs of turning by tomorrow evening.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The pattern off the recent lows in gold at 1680 is a clear three wave move.
I am calling this wave ‘c’ of (iv) where wave (iv) is a complex expanded flat.
you could easily call this rally a simple three wave zigzag correction off that 1680 low also.
both interpretations suggest a decline into a fifth wave is next on the cards.

I am not giving up on the short term corrective pattern here just yet because of that corrective action.
But I will change to a more bullish perspective if we see a five wave pattern in place off the lows.
For the moment I am short term bearish as wave (v) completes.

Tomorrow.
Watch for wave ‘i’ of (v) to reverse into that 1710 level again.
A break of that level wil signal wave (v) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Its the opposite tale I am telling in crude tonight!
The bullish pattern into wave [c] is not dead yet.

I have shown an alternate bearish count on the hourly chart tonight.
But that will take a full scale decline below 8860 again to confirm.

With that in mind,
the most likely outcome here is for wave [c] to continue higher and to complete wave ‘2’ with a five wave rally above 101. at a minimum.

Today we have another pretty sharp move lower after the price broke above the wave (i) high.
This action can be viewed as either as an ongoing flat correction in wave (ii) of [c].
Or a ‘i’ ‘ii’ rally to begin wave (iii).
In both cases,
the low at wave [b] must hold at 92.53 again.
A break of that level will favor the bearish pattern.

Tomorrow;
Watch for wave (ii) to complete as a flat correction above 92.60.
Wave (iii) up should begin by the end of tomorrow session.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Even though wave ‘c’ of ‘ii’ has extended slightly this week,
I don’t see any need to get alarmed, or bullish either!
The overall pattern in wave ‘ii’ is a solid 3,3,5 flat correction.
and wave ‘c’ of ‘ii’ is completing this evening with a nice minor five wave rally off the corrective lows from Tuesday.
Both wave ‘c’ and wave ‘ii’ have filled their trend channels,
and the 78.6% Fib retracement level has been hit this evening also.

The argument remains the same,
this is a corrective rally,
and I am confident now that we will see a full wipe out of this rally in wave ‘1’ of ‘iii’ over the coming week.

Tomorrow;
Lets see if this rally reverses with an bearish impulse wave lower.
Watch for a break of 3900 again to signal wave ‘c’ is complete.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Wave (c) of [iv] has hit its minimum target level by breaking the wave (a) high at 19.09.
But here also we see an extension in wave (c) of [iv].
The overall pattern in wave [iv] is in three waves and the internal triangle wave (b) is a big tell in terms of the corrective nature of this action.

So,
another correction is complete,
and this correction higher should be retraced pretty quickly once wave [v] begins.

Tomorrow;
I want to see a sharp reversal pattern build off this high.
A break below 18.43 again will signal wave [v] is underway.