Good evening to you folks,

the Lord’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am on the fence again tonight regarding which is the better interpretation of wave (v) blue.
the price has bounced today off that new low at 0.9899.
so there is a chance that we are putting in a low here for wave (v).
I can’t discount that idea.

Now the alternate count is attractive as the sub waves seem to be in better proportion with each other.
in that case todays bounce is only wave ‘iv’ of (v),
and we can expect a further decline into wave ‘v’ of (v) later in the week.

Tomorrow;
Watch for a rally above 1.0121 to confirm the main count.
If the price falls again tomorrow that will trigger the alternate count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a three wave correction higher in wave (iv) in cable now.
The price bounced today in three waves and I have labelled this as wave ‘a’ of (iv).
Wave ‘b’ should fall again to a higher low above 1.1719,
and then wave ‘c’ of (iv) should complete below the wave (i) low at 1.2003.

Tomorrow;
Watch for wave (iv) to continue sideways for the next day at least as wave ‘b’ and ‘c’ complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has fallen today off the wave ‘B’ high with quite a sharp move.
I cannot confirm that wave ‘C’ has begun yet,
but this is at least a good initial step towards a reversal pattern.

The price is attempting a lower high now and I have labelled this as wave (ii) of [i].
So I would like to see a continued decline over the coming few days in wave [i] as shown.
A break of the previous wave [a] high will be a good signal in favor of the wave ‘C’ idea.

Tomorrow;
watch for wave (ii) to hold below 137.70.
Wave [i] down must continue for the rest of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding near the lows of this new decline this evening.
However the action today is pretty flat and overlapping,
so I am suggesting that we are watching wave ‘4’ of ‘i’ now underway as a possible expanded flat correction.
Wave ‘5’should fall again later in the week to complete five waves down.
And I would like to see wave ‘i’ break that initial support level at 32720 before completing and reversing higher into wave ‘ii’.

Tomorrow;
Watch for wave ‘4’ to complete a three wave correction early tomorrow with a bounce above 33180.
Wave ‘5’ is expected to fall again tomorrow and break the wave ‘iv’ lows.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold broke through that previous wave ‘a’ high yesterday and that level has provided support so far.
The price bounced today to complete three waves up in wave ‘4’,
and this evening it is looking like that wave ‘4’ rally is over at todays highs.

I am favoring the bearish count only slightly at this point,
but if we see a break back below 1730 again tomorrow that will complete wave ‘iii’,
and I’m afraid that we will be looking at a continued decline into wave (v) over the coming week.
A final low will come in gold,
but I don’t think we are there yet.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to break back under 1727 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is very close to invalidating the short term pattern this evening.
The high at wave [ii] is holding so far,
but there is still a good chance that this rally will break above 94.38 at the previous high.
and if that happens,
then I will switch to the alternate count for wave [ii] as shown.

This alternate count involves a complex ‘triple 3’ correction in wave [ii].
and this new high is viewed as wave (c) of [ii].

Tomorrow;
Watch for a sharp move lower into the 88.00 area to confirm the main wave count.
A break of 94.38 will trigger the alternate count for wave [ii].
If that happens,
we will have to wait for another few days before that wave [iii] decline gets underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market does seem to be finding support at that previous wave ‘4’ low at 4114 today.
The cash market hit a low at 4124 earlier today,
and we are holding just above that low this evening.

I am not sure if wave ‘1’ down is now complete yet,
as the action has not made any effort to correct higher into wave ‘2’ today.
However, I am allowing for that to happen tomorrow in the short term count.

If I am wrong here,
we will see one more spike lower to complete five waves off the top at wave (ii) early tomorrow.
And then wave ‘2’ will begin by tomorrow evening.

Tomorrow;
We should know early tomorrow if wave ‘1’ is going to break to a new low or not.
I will admit,
I would prefer to see a clear break of support at 4114 as wave ‘1’ completes.
Wave ‘2’ is expected to push higher to forma bearish lower high by Thursday.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did bounce off the lows created yesterday.
But I am pretty sure this spike rally only completed wave ‘iv’ of (c) at todays highs.
There is a clear three wave pattern higher now complete in wave ‘iv’,
and wave ‘v’ down should turn lower to break 18.17 again early tomorrow.
Wave ‘v’ of (c) must hold above 18.13.

If the bullish count is correct here,
then we must see a sharp rally take place in wave (i) of [iii] before the end of this week.

Tomorrow;
Watch for wave ‘v’ of (c) to complete above 18.13 again tomorrow.