Good evening to you folks,

God’s blessings to you all tonight.

As they say, things can always get worse…….

Margarita Simonyan, the Editor-in-chief of state-funded RT news, made the following ominous prediction:

“By what is happening and still about to happen, this week marks either the eve of our imminent victory, or the eve of nuclear war. I can’t see anything third.”

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The odd’s are that I am now beat on this bullish EURUSD count.
I cannot rule out the recent rally as wave ‘i’ just yet,
but I am filling in the alternate count tonight to shown you what I’m thinking.

If you take a look at the 4hr chart.
This chart shows the alternate count in full.
You can see that wave [v] of ‘C’ has the potential to fall again in five waves into the 0.95 area if we get a fifth wave extension as I fear.

As for the main count,
if we break below 0.99 again that will pretty much invalidate my bullish scenario.

Tomorrow;
Watch for wave ‘ii’ to hold at 0.9944.
The official cut off for the bullish count lies at 0.9863.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have changed the count for wave (iii) of [v] this evening.
the correction over the last few sessions is now labelled as wave ‘ii’ of (iii) of [v].
And in this case we should see a sharp decline into wave ‘iii’ of (iii) beginning tomorrow.
Wave (iii) should fall towards 1.11 when complete and the overall pattern in wave [v] is likely to continue into next week at this rate.

Tomorrow;
Watch for wave wave ‘ii’ t hold at 1.1461 and wave ‘ii’ of (iii) to continue lower break below 1.1200 to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Even todays action looks corrective to the upside in USDJPY,
and if that is the case,
then we should see a sharp drop over the coming days in wave (iii) also.
I know that is not very common that all three USDX markets would move together,
but until this pattern is proven wrong with a break of 145.00 again,
then this bearish count remains a real possibility.
A break of 141.50 again will confirm this pattern.

Tomorrow;
Watch for the high this evening to hold at 143.91.
A break of the wave ‘i’ low at 142.56 will be a strong signal that wave (iii) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow did drop off the high labelled wave ‘2’ of ‘iii’.
So far the market is holding at the recent lows this evening without making a major push lower into wave ‘iii’.
With the short term action a little stuck in the mud today,
I am beginning to favor, slightly, the alternate for wave ‘i’ and ‘ii’ as shown boxed in red.
This does not change my overall outlook,
but it does allow for another small impulse wave to build in wave ‘1’ and ‘2’ again to begin wave ‘iii’ down.
We should know tomorrow if this alternate count is correct if the sharp decline into wave ‘iii’ does not happen.

Tomorrow;
there are two major supports coming up pretty soon.
30120 and 29650 mark the interim and major lows of the previous decline phase.

If the market cuts down through these levels without a pause at all,
then we know that wave ‘iii’ of (iii) is in force and we can expect the crash type scenario to build from there.

Watch for wave ‘2’ to hold at 31155 and wave ‘iii’ down to continue the pattern lower as suggested.
30120 is the first support to watch.
A break of that will leave the market vulnerable to a plunge through the next support.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding above the recent lows at 1653 today.
And I can say that the action this week so far is corrective in nature.
The lows of todays session filled a small channel for this correction.
If this is truly the low finally in place for gold,
then tomorrow should bring a solid rally into wave ‘i’.
A break of 1735 will go a long way to confirming the low is in.

Tomorrow;
First we need to see the low hold at 1653.
If that breaks then we are in for another leg lower to complete a larger pattern in wave (v) blue.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude dropped todays to create a small higher low above the wave (ii) level.
I have labelled this weeks higher low as waves ‘i’ and ‘ii’ to begin a wave (iii) rally.
Wave (iii) of [c] should push above 95.00 again over the following few days if I am correct here.
This count all hinges on the recent lows of wave [b] at 81.00 holding fast.

Tomorrow;
Watch for wave ‘ii’ to hold at todays lows at 83.00.
A break above 89.66 again will confirm this count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The big third wave acceleration that I am waiting for has failed to appear today.
That does not mean we are out of the woods here at all!
But it may be a signal that another pattern is working in the background for waves ‘1’ and ‘2’ as shown in red.
If the alternate is correct,
then we could see another holding pattern build tomorrow before any acceleration lower begins into wave ‘iii’ proper.

Tomorrow;
If Monday’s interim high at 3919 holds,
then the main count is in force and we can expect the market to begin moving lower with more conviction over the rest of this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The pattern in silver is holding steady today and wave ‘ii’ pink has traced out a three wave decline to a higher low above 18.77.
This pattern suggests we will see another move above 20.02 at wave (iii) this week.
Wave ‘iii’ of (v) should break that high at a minimum.
And the larger wave [c] target remains at 20.86 for later this week.

Tomorrow;
Watch for wave ‘iii’ of (v) to turn higher again tomorrow and break 20.02 at a minimum.