Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

If you take a look at the 4hr chart to start tonight.
You can see that wave [c] in green has already hit the initial target area for this pattern to complete.
Wave [a] has been broken at 1.0638.
And now the price is approaching the previous wave [iv] low at 1.0516.
The 1.05 level was my base case scenario for wave [c] a few months back.
Now that we have reached that level I do have one eye on completing this pattern in wave ‘2’.
We will see how it goes over the rest of this week.

Tomorrow;
Wave ‘c’ of (iv) has failed to turn higher as expected again today.
The decline into todays new low is still part of a three wave structure and so wave ‘b’ is still in play here.
If this decline continues tomorrow I will be forced to rethink this pattern.

Watch for wave ‘b’ of (iv) to complete this three wave decline and then turn higher as suggested.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is another market that is refusing to stop this decline.
I have not changed the overall pattern tonight despite this action,
the price action within this decline is looking pretty tired overall.
so I do think we will find a low this week to complete wave ‘v’ of (v) of [i].
Wave [ii] is waiting in the wings,
and I think the first impulsive looking rally out of these lows will signal wave (a) has begun.

Tomorrow;
I will give this pattern another few days to see how the action plays out.
A break above 1.23 again will signal wave ‘i’ of (a) has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Its a similar problem here in USDJPY.
The rally in wave ‘b’ has not topped out just yet,
but todays action is pretty flat off the top this evening.
The momentum has definitely slowed to a crawl now.
And I think we will see a turn lower before the end of this week.

I have shown a possible alternate count for wave (v) as an ending diagonal pattern.
This alternate count will call a halt to the larger wave [v] pattern sooner than the main count.

Tomorrow;
Watch for wave ‘c’ of (iv) to turn lower to break 147.86 again to signal wave ‘1’ of ‘c’ has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well that’s another solid down day in the books for the Dow.

I was a looking at Mondays top as a possible wave ‘4’ of ‘iii’ count.
Todays action definitely favors that idea now.
and we can call todays decline wave ‘5’ of ‘iii’ which I don’t think is complete just yet.

Wave ‘iii’ has definitely extended the overall pattern to the downside like I was hoping for last week.
But I am still reluctant to call victory in this wave count yet.
There is still only three wave down in place off the August highs at wave ‘2’ blue.
This does fit the main wave count in wave [i] of ‘3’.
but we cannot confirm that pattern yet.
We need a solid five waves down to confirm wave [i] of ‘3’.

We are getting there slowly but surely.

Tomorrow;
I have shown a lower target for wave ‘iii’ pink this evening.
33446 marks the point where wave (iii) blue reaches equality with wave (i) blue.
So if we hit that level it will give a nice boost in confidence.

Watch for wave ‘iii’ pink to complete with a drop into that lower support.
WAve ‘iv’ of (iii) will probably begin a correction higher beginning later this week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is falling again today and the price has now hit the wave ‘i’ low again at 1901 this evening.
I think we can call this decline a signal that wave ‘3’ of ‘iii’ is now underway.
the next support lies at 1884 at the wave (i) blue level.
A break of that level will suggest that wave (iii) blue is underway.

Tomorrow;
Watch for wave ‘iii’ down to continue lower to extend the pattern into the larger wave count.
An extended decline in wave ‘iii’ should hit the 1850 level at least.
At this point,
the lower the pattern goes the better.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The wave count is getting a little complicated now in crude.
the price fell to a new low early in the session,
and now again the price is rallying to retrace all the early declines.
I am now considering a possible running flat correction in wave ‘ii’.
In this case,
wave ‘c’ of ‘ii’ will not make a new high for the pattern.
And a new decline into wave ‘iii’ should be on the way in wave (i) later this week.

Tomorrow;
Watch for wave ‘iii’ down to turn lower beginning tomorrow.
A break of 87.80 again will signal wave ‘iii’ is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has now made it down to the lower trend channel line after another drop today.
Wave ‘5’ of ‘iii’ should come to a close pretty soon,
but that does not rule out another step lower to complete the wave first.
Like I said before,
the more extension we get in wave ‘iii’ the better for the larger bearish pattern.
And so I would like to see even more declines tomorrow.

This decline in wave (iii) blue has now hit equality with wave (i) at this evening s lows at 4269.
It would be nice to see that level used as resistance for any bounce off the lows in wave ‘iv’ pink.
We will see how that goes over the coming few sessions.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to find that final low to complete five waves down with a break below the lower trend channel line again.
We should see a bounce in wave ‘iv’ beginning on Thursday.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has now hit the previous wave ‘b’ low this evening,
that was an initial target for wave ‘1’ of ‘iii’,
but I want to see more to complete wave ‘1’ to be honest with a target near 22.50 being more ideal to begin wave ‘iii’.

Wave ‘1’ and ‘2’ should trace out a lower high below 23.77 by the end of this week.
And if we see that pattern complete,
then I will begin to set some targets for the next leg down in wave ‘iii’ of (iii).

Tomorrow;
So far so good for silver,
but I want to see a solid confirmation of this bearish pattern by the end of this week.

Watch for wave ‘1’ to complete with a drop into the 22.50 area.
Wave ‘2’ will then be set to correct higher.