Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It seems that the correction idea for wave ‘iv’ is a better fit for the action after all tonight.
The price is tracing out three waves up,
and I am looking for a top in wave ‘iv’ at about 1.0040 and then wave ‘v’ down should begin.

Tomorrow;
Watch for wave ‘iv’ to complete this corrective pattern.
and then reverse lower in wave ‘v’ to break 0.9899 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Three waves up in wave (iv) is the name of the game here also tonight.
Wave ‘b’ has completed a higher low above 1.1719 again today,
and wave ‘c’ should push above the wave ‘a’ high and complete near the 1.1910 area.
Wave (v) down should fall below 1.1719 again in five waves before the end of the week.

Tomorrow;
Watch for a three wave correction to complete in wave (iv) as shown.
Wave (v) of [iii] is expected to complete by Friday evening.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is a three wave correction higher in place off the recent high also in USDJPY.
The action sure looks corrective here in wave (ii),
and if this count is correct,
then we should see wave (iii) down take over tomorrow and fall into the 134.00 area again.

Tomorrow;
Watch for wave (iii) of [i] to fall again sharply towards 134.00,
if this happens,
it should be enough to confirm the main wave count in wave ‘C’ down.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action today looks corrective again and I am reasonably confident that wave ‘4’ of ‘i’ is now completing.
This count calls for a fifth wave decline to break the initial support at 32720 again to complete five waves down in wave ‘i’.
And if that happens,
then I will look for that bearish correction higher into wave ‘ii’ early next week.
It is all to play for here in the DOW.
a completed bearish impulse wave at wave ‘ii’ will spell disaster for the market coming our way in September!

Tomorrow;
Watch for wave ‘5’ of ‘i’ to turn lower and complete below 32720 again.

If the short term alternate count is correct here,
then wave ‘ii’ will begin correction higher now and complete near 33700 early next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is still in a correction mode even though we have a very small new high today.
I will need to see a much better rally build off this point to convince me to switch to the alternate count here.

For the moment,
I am still tracking this wave ‘iii’ down that is underway.
this correction in wave ‘4’ should give way to a spike lower again in wave ‘5’ tomorrow.
And I would like to see wave ‘5’ of ‘iii’ complete close to 1700 again.

Tomorrow;
Watch for wave ‘4’ to complete and then turn lower into wave ‘5’ before the end of tomorrows session.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has triggered the alternate wave [ii] count today.
The pattern is complex,
which means it is bloody hard to track!
In short, it is a series of 3 wave patterns stuck together to make the large correction work.

The correction overall is tracing out a complex expanded flat.
So wave (c) is completing above wave (a) today as you might expect.
Wave (c) is also holding just below the 62% retracement level today.
This level should provide resistance to the wave (c) advance.

Next we should expect wave (i) of [iii] to push lower and break below the 90.00 handle again.

Tomorrow;
Watch for wave ‘i’ of (i) to turn lower again and break 91.60 at the wave ‘a’ high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is pretty flat today and I suspect that wave ‘2’ is already underway here.
The action has found reasonable support at the previous fourth wave low over the last few sessions.
And if I am correct here,
we should see wave ‘2’ track higher for another day at least.
I am looking at the 4220 area to complete this lower high.
If we hit that area after a three wave correction,
then we should prepare for a rapid decline into wave ‘3’ next week at the latest.

Tomorrow;
Watch for wave ‘2’ of ‘i’ to complete by Friday.
This should not be a very sharp correction higher.
Actually,
I want to see a very labored and overlapping rise in wave ‘2’ which should give up easily.
Wave ‘3’ down should accelerate lower in a more classic impulsive move.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is correcting i9n a possible triangle pattern these last few days.
Wave ‘iv’ is still in play now if the triangle is correct.
And wave ‘v’ down will pull the price lower again to complete five waves down in wave (c) as shown.
The low of wave (c) must hold above 18.13.
As a break of that level will invalidate this bullish setup.

Tomorrow;
Watch for wave (c) to complete with one more drop below 18.71.