Good evening to one and all.

The Lord’s Blessing’s to you all again tonight.

Welcome back to a new week everyone.

Subprime Auto Lender And Used Car Retailer Collapses As Distress Cycle Finally Arrives

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD seems to be moving off the lows of wave (a) today with at least a hint at wave (b) now beginning.
Wave ‘a’ of (b) is expected to top out near the 1.07 handle again,
that level marks the high of wave ‘2’.
While the previous wave ‘iv’ is a likely target for wave (b) to top out overall,
that gives us a target for wave (b) at 1.0803.
Three waves up to a lower high is the aim this week.

Tomorrow;
Watch for wave (a) to hold at 1.0530.
Wave ‘a’ and ‘b’ should for a higher low above 1.0530 this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

If we take a look at the 4hr chart to start with.
I have been tracking this wave [c] decline to complete a larger degree wave ‘B’ correction in three waves.
There is also a possibility that wave ‘B’ is tracing out a contracting triangle pattern.
Only a break of the wave [a] low at 1.1834 again will rule that idea invalid.
Just keep that possibility in mind here.

AS for the hourly chart,
I am going to continue with the idea of a five wave decline in wave [c],
but I will admit that this pattern is gettign a little stretched now.
Wave ‘ii’ of (iii) of [c] is now completing a larger three wave pattern.
And wave ‘ii’ should top out tomorrow with a break of the wave ‘a’ high at 1.2149.
Then wave (iii) should turn down properly to move the pattern closer to an ideal five wave decline overall in wave [c].

tomorrow;
Watch for wave ‘ii’ of (iii) to close out with a break of 1.2149.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is dead in the water today, it seems the market has shut down completely.
the small decline that occured today is corrective in nature.
And wave ‘5’ of ‘iii’ should turn higher tomorrow to to complete its pattern with a break of 137.00.
Once that happens,
then we can look lower again into wave ‘iv’ over the following few sessions.

Tomorrow;
Watch for wave ‘iii’ to top out with a pop towards the 137.00.
Wave ‘iv’ pink is then expected to fall back to 133.90 again in three waves.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has so far failed to break to a new low below the wave (i) level at 32570.
That does not invalidate the wave count,
but it does leave the pattern open to interpretation until we get confirmation of wave (iii) with a break of the wave (i) low.

The market is holding a higher low above that wave ‘i’ low today.
The action does suggest that wave ‘ii’ is now underway.

With wave ‘a’ and ‘b’ now complete today,
wave ‘c’ of ‘ii’ should turn higher tomorrow and hit the 33350 area to top out wave ‘ii’
and at that point I will be looking for that long awaited third of a third acceleration lower that I spoke about last week.

Tomorrow;
WAtch for wave ‘c’ to complete wave ‘ii’ in the area of 33350.
There are two pivot lows in that price area within the previous rally.
So I would like that area to serve as resistance to this rally.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Three waves up seems to be the theme of the week,
and gold is no different!

The price has turned higher today but the move has not confirmed the low is in for wave (a).
Wave (a) has held above 1800 so far which seems to be a psychological hold out number for the market.

However the rise off that low is just not large enough to be sure the turn higher is in play yet.
I would like to see that 1806 level hold now and wave ‘a’ of (b) to push back into 1840 again to be more certain that wave (b) is underway now.

tomorrow;
Watch for 1806 to hold.
Wave (b) should dominate this weeks trade with a three wave rally towards 1860 again.
Wave ‘a’ of (b) should retrace most of last weeks decline and complete near 1840 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Take a look at the 4hr chart tonight to begin.
The price has basically gone sideways over the last few weeks,
and there is a possible range contraction underway around that 77.00 handle since early January.
With that in mind I am looking at a possible triangle pattern in play for wave [b] as an alternate count here.
If that count is correct,
then last weeks lows at 73.85 must hold in order for the triangle pattern and the main count to remain valid.
It seems that last weeks low is now critical to the wave [c] rally idea in both interpretations.

Tomorrow;
Watch for wave ‘iii’ of (iii) ot [c] to continue higher as suggested.
73.85 must hold.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is drifting sideways also today suggesting that the wave ‘ii’ correction is now underway.
We have a small three wave decline off the wave ‘a’ top now,
and the price is holding a small higher low above wave ‘i’.
So I am suggesting wave ‘a’ and ‘b’ of ‘ii’ are now complete.
And wave ‘c’ of ‘ii’ should turn higher again soon and top out near 4050 later this week.

Once we have a corrective lower high complete in wave ‘ii’ of (i) of [iii].
then I will look for wave ‘iii’ of (i) to accelerate lower again to confirm this bearish pattern.
Wave (i) should break the wave (b) low at 3760 again.
you can see that better on the 4hr chart.

Tomorrow;
Watch for wave ‘ii’ to complete a three wave correction to a lower high near 4050.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The main pattern in silver requires more downside in order to complete correctly,
so this week will be a bitter pill to swallow if this pattern is correct.
I want to see wave (2) fall far enough to wipe out any bullish sentiment that was built up in wave (1).
And I don’t think we are there yet.
I suspect a break below 20.00 again will get close to achieving that goal,
Although I would prefer move downside.
But,
we may get a signal around that are to indicate wave ‘C’ of (2) is done.
We will see how the action develops.

Tomorrow;
watch for wave [iii] of ‘C’ to continue lower and break the 20.00 area over the next few days.