Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Three waves up in wave ‘iv’ completed right on point at the upper trend channel line today.
And now we have a drop off the high at 1.0033,
so there is a good chance that wave ‘v’ of (v) is now beginning.
I expect five waves down again into wave ‘v’ pink.
And at least a break of the wave ‘iii’ low at 0.9899 to complete wave ‘v’.

Tomorrow;
One more day should be enough to close out this pattern in wave (v) now.
so lets see if wave ‘iv’ holds as a clean three wave correction and wave ‘v’ should continue lower.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a possible triangle correction in wave (iv) today rather than the flat correction from last night.
This pattern is a good explanation of the contracting range of the price action here.
And the outcome should be the same also,
another drop into wave (v) of [iii] beginning tomorrow.

Tomorrow;
Watch for wave ‘e’ of (iv) to complete and then price should turn lower to break below the range of the triangle to confirm wave (v) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has not fallen out of the sideways range today,
so my bearish count is still unconfirmed at the moment.

The price is on the verge of a spill over into wave (iii) of [i] this evening,
so that is still my best interpretation at the moment.
A break of 135.80 again will signal wave (iii) is underway.

Tomorrow;
Watch for wave [i] down to continue lower for the next few days.
WAve (iii) of [i] should begin tomorrow.
The high at 137.70 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

No break of support at 32720 yet,
But we do have a correction higher folloed by a spike lower this afternoon.
I have labelled this action as wave ‘4’ now complete,
and wave ‘5’ now underway.
Wave ‘5’ must carry the price to a new low and break the support level at wave ‘iv’ also.
That will give us a solid five wave pattern lower to begin wave (i) of [iii].
Early next week should begin a three wave correction higher in wave ‘ii’.

Tomorrow;
Watch for wave ‘4’ to hold at todays high of 33250.
A break of support again will give a real boost to the bearish count here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold came very close to retracing 50% of the decline in wave ‘i’ today.
With this in mind,
I have changed the main count to wave ‘i’ and ‘iii’ now complete at todays highs.

This pattern does suggest another larger decline is ahead in wave ‘iii’,
but we will have to wait until next week in order to confirm this idea.

Tomorrow;
Watch for the session highs in wave ‘ii’ to hold at 1765.
A drop back below 1727 again will favor the idea that wave ‘iii’ is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil pipped above the 61.8% retracement level of wave [i] today.
And immediately we have a sharp move lower off that high this evening.
this is promising action,
but I want to see five waves down now build into wave (i) over the coming days.
So tomorrow it will be important to hold that high at 95.65,
and then complete a ‘i’ ‘ii’ impulse wave off that wave [ii] high.

The next week is looking interesting to the downside again if this pattern is correct here.
Of course there is the question of another bearish lower high in wave (ii) further out in the pattern,
So it will be another few weeks before we see that big acceleration lower into wave (iii) of [iii].

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to create a lower high below 95.00 again.
This should lead to a larger decline in wave ‘iii’ of (i) early next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am not convinced that wave ‘2’ is complete with the correction higher we have seen this week.
The 50% retracement level of wave ‘1’ lies above here at 4215,
so I can allow for a larger pattern to build in wave ‘2’ here over the coming days,
before looking for wave ‘3’ down to begin again.

However,
if we see a sharp decline begin tomorrow that breaks to a new low below 4000,
that will signal wave ‘3’ is underway.

Tomorrow;
Watch for the market to either decline sharply into wave ‘3’ down to break 4000 again,
or a continue the correction higher into a larger wave ‘2’ towards 4215.

I do not have a favored count here yet,
So tomorrows trade should be enough to confirm one of these options.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A larger three wave pattern higher into a larger wave ‘iv’ is now in place at todays highs.
And now the price is giving up the gains again.
So we are actually flat on the days give or take a few cents.
This action does seem to rule out any bullish interpretation of this weeks rise now.

I still favor the idea that we will see one more decline in wave ‘v’ to complete a higher low in wave (c).
And wave ‘v’ must complete above 18.13.

Tomorrow;
a drop back below 18.94 again will favor the wave ‘v’ decline.
and then we can look for a break of the low at 18.71 again.