Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A bounce today that looks impulsive for the moment.
The action has not proved the low is in at all,
but at least the previous ending diagonal pattern for wave ‘v’ is now gaining credibility.

I will wait for a break above the wave ‘iv’ high at 1.0081 before getting too excited about the prospects here.

Tomorrow;
Watch for wave ‘i’ to continue to develop higher in a five wave pattern.
A break of 1.0081 should top out wave ‘i’ and then I will look for a bullish higher low in wave ‘ii’ by the end of the week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has bounced today also and in the current wave count this bounce should not last long.
I am looking for wave (c) of [iv] to top out at a minimum target of 1.1610.
And wave [iv] must complete below 1.20 at the very top end.
A break of 1.20 will invalidate this count.

Once wave [iv] completes,
I will be looking for wave [v] of ‘5’ to turn lower again and break 1.1400 at a minimum to complete the larger pattern in wave (1).

Tomorrow;
Watch for wave (c) to hit 1.1610 at a minimum.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has completed five waves up in an extended wave (v) blue today.
I do not want to see this rally in wave ‘B’ go any further to be honest,
so beginning tomorrow I want to see an impulsive move to the downside to begin wave [i] of ‘C’.
If we do not get a substantial move lower this week in wave [i],
then I will have to rethink the whole expanded flat idea that I am working with in wave (4).
So this week is proving to be a critical point for this pattern.

Tomorrow;
Watch for a decline back into the trend channel at least to begin wave [i] green.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has managed a rally this afternoon to kick off wave ‘c’ of (ii) as shown.
The expanded flat idea for wave (ii) is back on track now,
and I am looking for wave ‘c’ to break back above 32040 to complete this pattern.
The market has made a good start on that target today,
but the rally must continue tomorrow to confirm this pattern.

An upper end target for wave (ii) is the 50% retracement level at 32760.
That is a 700 point target band to finish this correction in wave (ii) so lets see how it goes.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete above 32040.
Any weakness after wave ‘c’ completes will be an early signal that wave (iii) of [iii] is getting ready.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold today is beginning to take the form of a triangle for wave ‘4’ of ‘iii’ now.
The margin for error is tight here,
but as long as this triangle in wave ‘4’ completes below 1720,
then this overall pattern for wave (v) is valid.
If we see a break above 1720 again that will signal the ending diagonal is a better fit for wave (v).

Tomorrow;
Watch for the price range to continue to contract and complete below 1720 by tomorrow evening.
the price should then decline again and break 1680 to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil took a severe hit today and that has brought forward the bearish wave count in wave (iii).
Todays decline is the type of acceleration that I would expect to see in wave ‘ii’ of (iii),
so, if this wave count is correct in wave (iii),
it seems the downside trend is now strengthening again,
and we could see a continued sell off that can easily take us back below 75.00 again before wave (iii) completes and wave (iv) consolidates the action.

Tomorrow;
The low of wave ‘i’ of (iii) must hold at 84.85.
Watch for wave break below 80.00 and stay below there in wave ‘iv’ over the following days.
Wave (iii) down might even complete by the end of this week if this count continues at this pace.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally came in the S&P today in wave ‘c’ as suggested.
This rally will not last long if I am correct here,
but wave ‘c’ should complete with a run towards 4070 again and then return lower to begin that dreaded wave ‘iii’ of (iii) decline.

The wave ‘a’ high lies at 4019,
so that gives us a minimum target for wave ‘c’.
And the 50% retracement level of wave ‘i’ lies at 4116,
so that level marks the top end of where I expect wave (ii) to complete.

Tomorrow;
watch for wave ‘c’ of ‘ii’ to hit 4020 at a minimum.
We will see then if the rally can continue towards the higher targets.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is challenging the wave ‘ii’ high again at 18.57 this evening.
The main count calls for a sharp decline into wave ‘iii’ over the coming days,
but I will have to rethink that count if 18.57 is broken.

The main count will only be invalidated if we see a break of 19.41 again.
So I am willing to give this next leg down time to develop here.

Tomorrow;
Watch for wave ‘iii’ of (iii) to return lower and confirm the short term count with a break of 17.55 again.