Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD made a new low in this correction in wave (ii) today,
and so far the price has managed to hold above the wave (B) low for another day.
The price whipsawed al over the place this afternoon after the cpi data,
but now we are closing the day back above the corrective range of this weeks trade after hitting the 78.6% retracement level.

Now this is where the question of the bullish nature of this (i) (ii) pattern will be answered.
Wave ‘i’ of (iii) must continue higher as shown.
I don’t know if wave ‘i’ will break out above 1.00 again,
but if it does that will secure the bullish pattern and wave (iii) will be confirmed.

Tomorrow;
Watch for the low of wave (B) to hold at 0.9535.
Wave ‘i’ of (iii) must continue higher as shown.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a different interpretation for wave [b] tonight after todays spike rally.
This pattern has not been confirmed yet.

Cable has traced out a possible five wave rally into the highs of todays session.
Maybe wave (i) can extend a little higher towards resistance at 1.1493 again to make this pattern more certain,
but there is enough in place now to suggest that wave [b] is actually complete at the recent lows.

Tomorrow;
Watch for wave (i) and (ii) to trace out a higher low above 1.0922.
Wave (iii) of [c] will have to wait until next week,
and a break of 1.1493 will confirm wave [c] has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Who was it that said the USD was dead?

Another extended five wave pattern in wave (v) to deal with today!
A throw-over above that connecting trendline is in the bag,
and a sharp reversal off the session high is now underway.
I am going to hold my predictions for a top in wave [v] here for another few sessions,
as I want to see more evidence to back that up now and I am willing to wait.

Tomorrow;
Lets see if the price can at least form a lower high to point to a possible trend change in play.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The stock market has taken a step back off the cliff edge today and it seems we have a stay of execution for stocks this evening.

A really powerful snap back rally occurred today which has shifted the short term pattern somewhat.
I can now call the last 10 days action a single corrective pattern in wave ‘ii’ of (iii).

The market dropped sharply this morning
and the price did make a new low for the year in wave ‘b’ in the cash session.
but the rally off that low has now retraced most of wave ‘b’.
So we are on track for a possible expanded flat correction in wave ‘ii’ here.
We will see tomorrow if the highs of wave ‘a’ will halt this rally.
I will have a better idea tomorrow evening on the final pattern for wave ‘ii’.

And also,
in terms of the alternate count.
We should know by the reaction off the wave ‘a’ resistance how likely or unlikely this alternate count is.

Tomorrow;
Watch for wave ‘c’ to complete a corrective rally in wave ‘ii’ with a break of the wave ‘a’ high.
The 50% retracement of wave ‘i’ lies at 30630.
That gives a tight band of resistance to put a hold on wave ‘ii’.

There is even a chance that wave ‘iii’ will begin with a reversal of todays rally,
if that happens then we are in deep water tomorrow as wave ‘iii’ finally takes over and begins a long acceleration.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold hit a new low for the wave [ii] correction today at 1642.
But that decline was met with a solid rally off the low.
There is a reasonable chance that wave [ii] is now complete,
and wave ‘i’ of (i) of [iii] will begin a five wave rally out of the danger zone over the coming days.

It is too early to tell where wave (i) will top out,
first we need todays low of 1642 to hold.
And I suspect wave (i) should top out above 1700 to turn the tide of the recent declines.

Tomorrow;
Watch for wave ‘ii’ of (i) to hold above 1642.
Wave ‘iii’ of (i) must carry higher towards 1700 again early next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It is a funny case of an everything rally today and I am nervous when these days come.
The reason being you do not know which markets are lying to you and ready to dump at the first chance the very next day.
Crude could be one of those markets,
so I am wary here to be honest.

If todays low marks wave ‘iv’ of (c),
then we should see wave ‘v’ push higher over the coming few sessions to complete five waves up in wave (c),
and a three wave expanded flat correction in wave [ii].
Wave (c) must complete below 97.30.
And then I will look for wave [iii] down to begin later next week.

Tomorrow;
Watch for wave ‘iv’ to hold at todays lows.
Wave ‘v’ should break 92.70 at a minimum.

A break of 82.61 again will invalidate this short term pattern for wave [ii].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A new low for the year today and a completed pattern in wave ‘v’ of (i) also.
Even with that sharp drop early this morning, wave ‘v’ did not close the trend channel as I thought it might,
but the rally off the low today has now now gone far enough to suggest wave (ii) is underway.

The market is coming off the highs of the session this evening so this rally may be done now.
It depends on how complex a pattern wave (ii) ends up building here,
but I am suggesting that wave ‘a’ of (ii) may even be in place at that top.
We will know soon enough.

Overall wave (ii) should break back above the wave ‘iv’ high at 3806 to complete.
the 50% retracement of wave (i) comes in at 3908.
That correction should take a few days at least.
and then wave (iii) will be in a position to begin again next week.

Tomorrow;
Watch for wave ‘a’ to top out and wave ‘b’ to correct lower again to create a higher low near 3600.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has completed five waves down at today session low.
The rebound is now viewed as the beginning of wave [ii] up.
Wave [ii] must trace out a three wave correction over the coming few days.
And I am looking at the 50% retracement level at 19.80 level to complete this pattern next week.

Tomorrow;
Watch for wave (a) to complete near the previous wave (iv) high at 19.30 tomorrow
Wave (b) should then fall to a higher low as shown.