Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD hit a low at 0.9669 today and so far the price has bounced in three waves off that low.
This rally is not enough to consider wave ‘i’ of (iii) underway yet,
but I think we should give it time to see if a five wave pattern higher will develop off the wave (ii) low.
The short term pattern is leaning towards the bullish interpretation after a long decline phase,
but I do need more positive action before getting too excited for wave (C) up.
That rally should be a sight to behold when it does get going.
As usual we need confirmation in the price action before jumping onboard!

Tomorrow;
The higher low at wave (ii) is intact but the low at wave (B) at 0.9535 must continue to hold.
Watch for wave ‘i’ of (iii) to push back above the wave ‘b’ high at 0.9926 at a minimum.
I would prefer to see a break above the wave (i) high at 1.00 to confirm the larger wave (iii) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave (a) of [b] seems to be complete at the early morning lows of 1.0994.
The rise off wave (a) has traced out three waves up and I have labelled that as wave ‘a’ of (b).
Wave (b) should trace out three waves up overall and should top out above 1.1200 over the next few sessions.
That will take us into Thursdays session before looking down into wave (c) as suggested by the short term count.
At the moment I am looking at the 50% retracement at 1.0898 for wave [b] to complete.
So if this count is correct,
the trade for the rest of the week will be sideways to down.

Tomorrow;
Watch for wave (b) to complete a lower high in the area of 1.1200 again before turning lower into wave (c).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am waiting on a dream to become reality here it seems as USDJPY continues to just levitate near the highs at 145.00 for another day.
At this point there is very little to say other than I would like to see the decline into wave (i) begin very soon.
And the immediate target for that initial decline lies at the wave (iv) lows at 143.50.

Tomorrow;
The action todays does not exactly look like an impulsive decline.
At the very least I can say that upside momentum has died over the last month.
I will wiat and see if wave (i) down can begin over the next few days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays rebound is labelled wave ‘2’ of ‘iii’ on the main count.
While the collapse has not happened yet,
I do think the risk is big enough to continue with this count until proved wrong.
This count is the most immediately bearish interpretation as wave ‘iii’ down should be a prolonged decline,
and wave ‘iii’ could take the market below 26000 if the acceleration really picks up steam.

I am counting the alternate count day by day also as there is enough evidence to support this view.
And if the sharp acceleration does not happen into wave ‘iii’ as I suspect,
then this alternate count will be triggered.

In this alternate count,
wave ‘v’ of (i) can also continue lower in five waves,
with wave ‘1’ and ‘2’ of ‘v’ now complete.
Wave ‘3’ of ‘v’ should turn lower before the end of this week.
And then next week wave (ii) alt will correct higher in three waves.

Tomorrow;
back to the main count.
Wave ‘iii’ down requires a sustained decline to begin before the end of this week.
Wave Initially I will look for a push into the lower trend channel line near 27000 again.
A clear break below 28588 again will signal wave ‘3’ of ‘iii’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

A sharp move lower as I write is not inspiring confidence in the idea that wave [ii] is done at Mondays lows.
Gold did enjoy a brief rally this morning that topped above 1680 again,
but now the decline in wave (c) of [ii] has gained momentum again with a spike lower this evening.

If this action continues tomorrow,
and we see a break below 1615 again,
I will be forced to rethink the larger count in the 4hr chart.

Tomorrow;
For the moment I am going to stick with the idea that this short term pattern is a bullish impulse wave higher to put an end to the wave (4) correction.
I do want to see wave (i) of [iii] begin by tomorrow evening though to re-enforce that idea.
The key level to watch here is that wave [i] high at 1729.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave ‘iv’ continues lower today and the price is right in that sweet spot to complete that correction.
If the price threatens the wave ‘i’ high at 82.60 again,
that will invalidate the main count,
and I will reconsider the the idea that wave [iii] down is already underway off that 92.68 high at wave ‘iii’.
The count is safe so far,
but I want to see wave ‘iv’ complete by tomorrow evening and then a rally up above 92.68 again in wave ‘v’ by the end of this week.

Tomorrow;
Watch for the wave ‘i’ high to hold at 82.60.
a break of that level will suggest wave (i) of [iii] is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is now back below 3600 again while holding a double bottom with the wave ‘b’ low this evening.
I want to see wave ‘v’ of (i) fall into the lower trend line again to complete an ideal pattern.
Wave (i) is likely to complete by the end of this week.
And then wave (ii) should then begin next week and correct higher towards 3800 at the previous wave ‘iv’ high.

If the market does not find support at the lower trend line area near 3400,
then I will favor the alternate count idea.
This count suggests wave (iii) down is already underway,
and in that case,
the crash scenario is back on the cards again.

Tomorrow;
Watch for wave ‘v’ of (i) to close out the trend channel near 3400 over the coming days.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is on the verge of breaking that critical wave (i) high at 18.97 this evening.
The price turned lower again this evening with quite a sharp move,
and wave (v) of [i] now seems to be underway as shown.

The action this weeks supports the idea that the recent rally was only a correction higher in wave ‘4’.
And now the final decline phase is underway in wave ‘5’ of (C) of [2].
The minimum target for wave ‘5’ red lies at the wave ‘3’ low of 17.56 as shown on the 4hr chart.
But I do suspect wave ‘5’ will fall into the 15.00 handle and close out the trend channel when complete later this month.

Tomorrow;
Watch for wave (v) of [i] to break 18.97 at a minimum.
Wave [i] should complete pretty soon and then I will look for a correction higher in wave [ii] before the end of the week.