Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has flirted with disaster this week by refusing to complete wave (ii)
and rally again out of the danger area into wave (iii) as suggested.

Today is another example of a that failure to reverse.
Although the action is not signaling a rally into wave ‘i’ yet,
So long as the price holds above 0.9535 then we still have a shot at that long awaited rally out of this correction.

Tomorrow;
The pattern is at a critical point now and if we do not see this price turn higher before the end of this week,
I will be forced to look lower in wave (B) again.
I don’t want to,
but I may have to.

Wave ‘i’ of (iii) must break above the wave ‘b’ high at 0.9926 again in order to tip the balance back in favor of this bullish outlook.
0.9535 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is holding above the 50% retracement level so far this evening.
and I am calling the low at 1.0922 wave (a) of [b].
Wave (b) should trace out three waves up from that low,
and we are off to a good start on that front today.
I would expect wave (b) to break above the wave ‘iv’ high at 1.1179 again and then top out before the end of this week.
Wave (c) will be pushed out out until next week if this interpretation is correct.

Tomorrow;
Watch for a clear three wave pattern to break above 1.1179 in wave (b) of [b].
1.0298 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Another run higher in the USD today and I must admit I am tired of chasing a top in USDJPY now.
The big problem I have is that there is no way of looking at the action over the last few weeks,
other than a topping process.
We now have another left shoulder in place and a new ‘head’ tonight in wave (v) of [v].
The session high today is about to tag the trend line off the previous peaks in the pattern.
And on the 4hr chart we have a lower high in momentum already in place.
So the signals are all there that this market is searching for a top.
But the reality has not hit the charts yet.

Tomorrow;
I will continue track this pattern in wave [v] until we see a viable reversal take over.
Lets see if that trend line can offer a topping target for this rally.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Market is flat today and as a result I am suggesting that wave ‘2’ of ‘iii’ is still underway.
We could see a rise into the declining trend channel above 29700 tomorrow,
that will complete a three wave pattern in wave ‘2’,
and a new impulse wave lower to begin wave ‘iii’ down.

If that happens as I suspect,
then Fridays trade will open up the possibility for a sharp decline to begin into wave ‘iii’.

The overall pattern on the hourly chart is again poised for a massive decline if I am correct.
And the next time the market breaks support may be the last time we see these levels in the DOW.
The waterfall decline that I am constantly pointing to will wipe out a whole lot of value pretty quickly.
So it is still worth the vigilance at the moment.

Tomorrow;
Watch for wave ‘2’ to complete near 29700.
Wave ‘3’ of ‘iii’ will begin with a break below support at 28580 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The low of this weeks trade so far lies at 1660 and the price has held above that level so far today.
The action does not look impulsive off that low yet though.
And this evening I am looking at the possibility of a fourth wave correction in wave (c) of [ii].
If this is correct,
then we will see another small decline in wave ‘v’ of (c) to break 1660 again this week.
And I will then look for wave [iii] up to begin next week.
That critical low at 1615 must hold in order for this bullish count to remain valid.

Tomorrow;
Watch for wave (c) to complete with one more break of 1660 as shown.
Wave (i) of [iii] should push above 1700 again to begin.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I know this weeks decline can be viewed as impulsive with a nice five wave pattern lower in place off 92.68.
But at the moment I am willing to give the main wave count another few days to prove itself.
A rally to complete wave (c) of [ii] above 92.70 again will do just that.
And then I will look for wave (i) down to begin.

Only a break below the wave ‘i’ high at 82.61 will trigger the bearish count in wave (i) of [iii].
So that level is key to the pattern going forward.

Tomorrow;
Watch for wave ‘i’ to hold at 82.61.
A break of 90.00 again should signal wave ‘v’ is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is stuck in a small sideways correction over the last few sessions.
And today I am considering a possible wave ‘4’ triangle within wave ‘v’.
This action suggests wave ‘5’ of ‘v’ is yet to drop to a new low below 3559 at a minimum to complete wave ‘v’.
Wave ‘v’ can go lower for sure,
I can’t rule out the idea that wave ‘v’ will fill the trend channel before completing.
We will see how the pattern concludes in wave ‘v’ this week.

As for the more bearish alternate count,
I can’t rule this idea out either!
In this case wave ‘iii’ of (iii) is now getting underway.
And this pattern calls for an acceleration lower over the coming week.
This pattern fits with the outlook for the Dow,
and this will happen if we hit a point of capitulation sooner than expected.

Tomorrow;
Watch for wave ‘5’ of ‘v’ of (i) to complete with a push below 3559 at a minimum.
A rally back above 3806 again will signal wave (ii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did break that key wave (i) high this afternoon and with that action the bearish count just got a big boost.
That break of 18.97 again has confirmed the recent rally was only corrective in wave ‘4’.
And now we can expect wave ‘5’ to continue lower over the coming weeks.

Wave (v) of [i] should fall again to complete five waves internally of the wave (iv) high.
A break of 18.50 will bring waves (i) and (v) to equality and complete a solid five wave decline in wave [i].
Wave [i] will complete before the end of this week,
and then I will look for a correction higher to begin in wave [ii] next week.

Tomorrow;
Watch for wave (v) of [i] to complete five waves down again and find a lower near the 18.50 level.