Good evening to one and all, the Lord’s Blessings to you tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am forced to rethink the main count for wave [c] tonight after another overlap in the pattern occurred today.
Take a look at the 4hr chart first.
The main idea for a decline in wave [c] to complete wave ‘2’ is the same.
The internal pattern of wave [c] is different though,
I am looking at a possible ending diagonal wave [c] now.
And this would explain the continual overlapping action within this decline.

On the hourly chart I have shown wave (iii) as a three wave structure as per the ending diagonal pattern.
Wave ‘a’ and ‘b’ of (iii) are complete.
Wave ‘b’ has retraced just under 62% of wave ‘a’ tonight.
And I am looking for wave ‘c’ of (iii) to now continue lower from here.

Tomorrow;
Watch for wave ‘c’ to turn down in five waves from here.
Wave ‘c’ will be confirmed with a break of 1.0766.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am actually going to extend the target for wave (v) of [i] tonight.
The rally into this weeks lower high is viewed as corrective so far.
And I think this can be viewed as wave ‘ii’ of (v) now.
This pattern suggests wave ‘iii’ of (v) will drop again beginning soon.
And the lower target for wave (v) now stands at 1.2400 to complete wave [i] down.

Even this lower target for wave [i] is not a full retracement of the previous wave [v] rally as seen on the 4hr chart.
So I think this count is still quite conservative.

Tomorrow;
Watch for wave ‘iii’ to turn lower and break 1.2548 to confirm the count for wave (v).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

WE have three waves down into todays lows and that should complete wave ‘a’ of ‘iv’.
Wave ‘b’ should form a lower high tomorrow,
and then wave ‘c’ is left to complete this simple correction in wave ‘iv’ of (iii).
Wave ‘iv’ must complete above 134.91 and then turn higher again into wave ‘v’.

Tomorrow;
Watch for a three wave pattern in wave ‘iv’ to complete by the end of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Is this a top and reversal pattern now forming today?
That is the my main thought this evening.

We have a five wave pattern higher complete in wave ‘c’ of (ii) at todays high.
And wave ‘c’ reversed below the 62% retracement of wave (i) at 35040.
I am looking for a follow through to the downside now in wave ‘i’ of (iii) as shown.
Wave ‘i’ should break the wave ‘b’ low at 34440 again,
if that happens,
then we have a reversal on our hands!

Tomorrow;
Watch for wave (ii) to hold at todays highs and wave ‘i’ of (iii) to turn lower in an impulsive fashion to break 34440.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We have a five wave pattern complete in wave ‘c’ of (ii) here also.
The price just popped above the 62% retracement level at 1948 today.
Now I want to see the initial moves of a decline into wave ‘i’ of (iii) take over here.
If the price holds up for the rest of this week,
and we don’t see any impulsive reversal in wave ‘i’,
that action will definitely suggest something different is going on here,
I will cross that bridge if we come to it.

Tomorrow;
Watch for wave ‘i’ of (iii) to begin with a drop back below 1900 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

With all that talk about a Fed flip flop on the way,
you would think that crude oil would be a big beneficiary of that policy reversal.
Not so far at least!

I am still running with the idea that wave (iii) of [v] will take the price out to a new high above 85.00 over the coming days.
But I have to admit,
the price is finding it hard to accelerate into that third wave rally now.
The action today is even quite subdued for a third wave.

With this in mind I must consider the alternate count here again.
It is possible that we have a bearish impulse wave forming in wave (i) and (ii) here.
And if that is correct,
then we will see a sharp decline again in wave (iii) by next week.

I think it is worth keeping one eye on this alternate count.

Tomorrow;
I am going to allow more time to see if this count will prove itself.
A break of 79.25 again will really favor the alternate count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is holding at the highs of wave ‘c’ of (ii) again tonight.
There is not much more I can add to last nights comments here to be honest.
The is a pretty good corrective pattern in place here now for wave (ii),
and of course the sentiment situation matches a bearish lower high to a tee really.
The ‘no landing’ crowd have stolen the narrative now with talks of rate cuts and stimulus etc etc etc,
its the same ole ding dong again!

But sometimes market action is actually showing us something deeper than the headlines.
Three waves up to a lower high says a reversal is coming our way.

Tomorrow;
Watch for wave ‘i’ down to get started before this weeks trade completes.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has given us a spike higher and reversal today off a possible wave ‘c’ high.
I know the price has rallied pretty hard over the last few weeks to bring the price back towards the previous highs at wave [b].
But the potential is still here to see a sharp turn down into wave ‘i’ of (iii) even before the end of this week.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall back in an impulsive manner to begin a longer descent as part of the larger wave [c] pattern.
A break of wave ‘4’ at 23.90 will signal wave ‘i’ has begun.