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

Here are a few stories that stood out to me today.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

After making a very slight new high Last night to break the wave ‘a’ level at 1.0277,
now the price has reversed today with a reasonably sharp decline off that top.
The action is favoring the short term count for wave ‘c’ and wave (iv) at the moment.
But I will not make any big calls on this just yet!

The decline off the wave ‘c’ high is far too small to call a clear top for wave (iv).
but if we do see a break o 1.0094 again at the wav ‘b’ low,
that will be a good signal that wave ‘i’ of (v) is underway.
The confirmation for wave (v) will not come until we see a break below 0.9950 again at the wave (iii) low.

Tomorrow;
Watch for wave ‘i’ of (v) to fall below 1.0094 again.
We should see a lower high in wave ‘ii’ by Thursday at the latest now.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is finally showing signs again that the top is in for wave (iv) here.
The price is dropping off that wave ‘c’ top now,
and we are back to flat for the weeks action so far.

I am looking at the spike low at 1.2063 again to signal wave ‘i’ of (v) is underway.
So I would like to see a break of that level again tomorrow to get this pattern rolling to the downside again.

Tomorrow;
Watch for wave ‘i’ to fall in five waves towards the wave ‘b’ low at 1.1890 for the rest of the week.
A break of 1.2063 again will be the first signal that wave ‘i’ is underway again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We have a strong rebound in USDJPY today to begin the first leg up in wave ‘B’.
The move is pretty impulsive looking and I am looking at a possible five wave rally into wave [a] now.
This five wave rally should lead to an overall 5,3,5 zigzag pattern in wave ‘B’.
And I am looking at the area of the previous wave [a] low as a target for wave ‘B’.
that level lies at 135.57.

Tomorrow;
Watch for the price to hold above 130.40 as wave [a] completes five waves up.
Wave [b] should correct lower again towards the end of the week.
And wave [b] should hold above 130.40 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has turned a corner today along with many of the markets that I am watching,
and my first thought is that this shift across markets may be the end of that corrective reflation trade we have witnessed over the last three weeks.

There is no discernable impulsive pattern off the high yet,
but if the top is now in for wave (ii),
then we should see a five wave pattern lower in wave ‘1’ of ‘i’ as shown by the end of this week at the very latest.
I would like to see a break of that triangle low of wave ‘4’ sooner than that to be honest.
So,
that wave ‘4’ low at 31790 becomes the target for this initial move off the high in wave ‘1’ of ‘i’.

Tomorrow;
Watch for the high of wave (ii) to hold.
I want to see this new decline continue lower in five waves to break 31790.
A lower high in wave ‘2’ may even be possible this week if wave ‘1’ moves sharply lower tomorrow.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has turned lower after tagging the upper trend line this morning at 1788.30.
That level marks the top tick for wave (iv) now.
the price is falling off that wave (iv) high with a nice impulsive look so far.
And if this count is correct,
then wave (iv) should hold for at least the next few weeks as we find a low in wave (v) of [v] again.

I am looking for wave ‘i’ of (v) to fall into the wave ‘b’ low at 1710 again over the next few days.
If the price falls below the 1739 high at wave ‘a’ again,
that will add confidence to the bearish count here.

Tomorrow;
Watch for wave (iv) to hold at 1788.
Wave ‘i’ of (v) should continue lower for at least a few sessions and complete five waves down near 1710 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude did make a good attempt at a retracing into the wave (i) lows at 96.30 today,
but the rally has faded this evening and the price has fallen back sharply off the high.

At this point in time,
this action is favorable to the bearish pattern for wave [i] down.

In this scenario todays high can be viewed as wave (iv) of [i].
And the new decline is viewed as the beginning of wave (v) of [i].

The alternate count for wave ‘2’ is not ruled out yet.
So that is still a possibility here.
If the price rallies back above 96.30 again that will favor the alternate count.

Tomorrow;
Watch for wave (v) of [i] to fall back below 91.78 again.
that will complete five waves down and I will then begin to look for a corrective lower high in wave [ii].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has not shown the same impulsive nature to the declines today,
but I am going to allow time here for a possible impulse wave to build off the top of wave (ii) by the end of this week,
before I go questioning the main wave count or looking for alternates.

It is possible that the S&P has another spike left in wave ‘c’ to complete the larger pattern.
And that would be a good explanation for the shallow drop today.
We should know tomorrow if the pattern has topped out in wave (ii) or if there is another new high left for wave ‘c’ of (ii).

Just lie the DOW,
I am looking at the previous fourth wave low of 3910 as a signal level to indicate that wave ‘1’ of ‘i’ is in play.

Tomorrow;
Watch for a renewed decline and a break 3910 again to confirm that wave ‘1’ of ‘i’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The rally in silver has been quite extended over the last week,
but I suspect the turning tides across markets is bout to take silver down with it too.

The rise into the high yesterday was labored and showed the hallmarks of a momentum death!
And now today we see a sharp reaction off the high.
I have labelled this decline as wave ‘i’ of (i) of [v].

the decline is not big enough to call a top in wave [iv] yet,
but the early signs are promising.

Tomorrow;
Watch for the top to hold at 20.49.
wave (i) down should continue lower and break back into the range of the triangle wave (b) by the end of this week.
19.09 is the target for wave (i) now.