Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has bounced a little higher than I would like to see,
but the price is still holding a lower high below the wave ‘iv’ top at 1.0089.
The low on Fridays did not break below the 0.9899 low of wave ‘iii’ yet either.
So at this point,
we have a possible second wave correction within wave ‘v’ now underway.
And if that is correct,
then we should see another low form this week to complete five waves down in wave ‘v’ of (v).

Tomorrow;
Watch for wave ‘v’ to turn lower again and break the wave ‘iii’ low at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable did make a new low below the wave (iii) level at 1.1719.
and with that we have hit the minimum expected target for wave (v).
I do expect another move to a new low in wave (v) this week however.
The move higher today is looking quite corrective and I have labelled this wave ‘ii’ of (v).

Tomorrow;
Wave ‘iii’ of (v) should turn lower again over the coming few sessions.
I am looking at the 1.1500 area to complete wave [iii].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have changed my mind on the structure of the correction in wave (4),
but I have not changed my mind on this three wave rally in wave ‘B’.

Right now I am looking at a possible expanded flat correction in wave (4).
And that will allow for a new high in wave ‘B’ as I have now shown.
And when this is done,
wave ‘C’ down is expected to decline quite rapidly towards the 126.00 area over the coming months.

Tomorrow;
This week will be taken up with a five wave rally in wave (v) of [c] to a new high above 139.40.
This top should be short lived though,
and next week I will look again to begin wave ‘C’ down.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Fthe overnight futures were lower this morning,
and that gave way to a small recovery inthe main session.
I am not quite sure what degree of correction this small recovery is,
but for the moment I am looking at this as wave ‘iv’ of (i).
Wave ‘iv’ should take a little longer to play out when compared to the corresponding second wave.
So I will not be surprised of this rest period extends into tomorrow in wave ‘iv’.

Tomorrow;
Wave ‘iv’ must complete below the wave ‘i’ low at 32760.
Watch for wave ‘iv’ and ‘v’ to bring the market lower again this week.
I would like to see wave (i) complete by the end of this week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

A new low and another lower high today in gold.
The decline into wave ‘1’ is a solid five wave pattern.
Although the spike rally is also looking like a five wave pattern higher.
This may suggest wave ‘2’ is not complete at todays high and may be moving towards a larger three wave pattern.

We will know soon enough.

the larger pattern in wave (v) down is still in play.
And I suspect we will see an acceleration lower this week into wave ‘iii’ of (v) to break below 1680 again.

Tomorrow;
Watch for wave ‘2’ to hold below 1765.
Wave ‘3’ of ‘iii’ down should begin by Wednesday at the latest.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A revised count for crude tonight as the market spiked higher earlier today.
the price has broken above the previous high created last week,
and now I am looking at a five wave rally in wave (c) to complete wave [ii].

The 78.6% retracement level of wave [i] lies at 97.96,
so watch that level for signs of a top forming in wave [ii].

Tomorrow;
Wave ‘v’ of (c) is underway,
so I don’t expect much more in this rally now.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Today corrective move higher is too small in many ways and this is adding a layer of mystery over the counts tonight.
The key low in the short term lies at the wave ‘1’ level at 4108.
If that level breaks,
then I will have to consider the possibility that wave ‘i’ is complete at that low.
For the moment,
the correction today is viewed as wave ‘4’ of ‘i’.
In this case,
there is more downside expected to complete a larger wave ‘i’ down over the coming few days.

Tomorrow;
WAtch for wave ‘4’ to hold below 4108.
Wave ‘5’ down should head lower again even by tomorrow night.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is sitting at a critical point in the structure now.
The correction in wave [ii] has just crossed over the 78.6% retracement level.
And made a new low in wave ‘v’ of (c).
Now it is critical that we see a solid rally over the coming days to begin wave (i) of [iii] up.
If that does not happen,
then I will have to consider the alternate count more seriously.

Tomorrow;
Watch for wave (c) to hold above 18.13.
A break above 19.41 again at the wave ‘iv’ high will be a good sign that wave (i) of [iii] is underway.