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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We now have another five wave pattern in place into todays new low.
And I think that is enough to consider wave ‘v’ of (v) now complete.
the price has not quite closed the trend channel yet at these lows,
So we can allow for a little more downside to complete that task,
but overall we are very close to that final low in wave (v) of [c]
so I am going to look for a reversal in the action into wave (i) for the rest of this week.

Tomorrow;
Watch for wave ‘v’ pink to complete and then we should see a spike higher back above 1.05 again to suggest a turn higher is getting started.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has halted the decline at least today but there is no sign that wave (b) is complete yet.
the session low came in at 1.2050 today,
and I want to see a higher low build off that level in wave ‘i’ and ‘ii’ to signal wave (c) is beginning.

Tomorrow;
Watch for wave (b) to hold at the lows of 1.2050.
Wave ‘i’ should push above 1.2150 again and then create that higher low as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY hit that 150.00 handle at the top today and then the market got hit by a lightning bolt to send it right back to earth again!
The 150 handle did not last long!

Although it is very possible that the top is now in for wave [v] of ‘3’,
the price is holding at a lower high this evening,
but this is not enough to call wave ‘4’ under way yet.

If there is a solid follow through over the coming days that will signal wave [a] of ‘4’ has begun.
The initial target for wave [a] lies at 144.00 again.
So there is a whole lot of work to do here before we get down there.

Tomorrow;
Watch for this initial decline to develop towards at least three waves down in wave (a) of [a] as shown.
We will know by the end of this week if the turn is underway into that large degree wave ‘4’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price action in the Dow is now reaching towards that preferred target for wave (iii) blue.
The 162% extension of wave (i) gives a target for wave (iii) at 32400 again.
The market broke 33000 today for the first time since June.
This is a good signal for the overall pattern.
but as usual,
this is not confirmation of the larger degree pattern in wave [i] at all.
There is a long way to go before we can count five waves down in wave [i] green.

First things first,
we must complete five waves down in wave (iii) of [i].
And that is the task at hand.

I am tracking wave ‘v’ of (iii) today.
and that fifth wave looks like it is extending lower right now.
The internal wave ‘3’ of ‘v’ is tracing out an extended five wave pattern also.
And the market has now hit the lower trend channel for wave (iii) blue.
and all off this adds weight to the idea that this is an impulsive move into a large third wave down.

And as I said before,
the lower we go here,
the more likely that we have finally hit that point of no return for the stock market.

Tomorrow;
wAtch for wave ‘v’ pink to trace out five waves down and hit the lower target area at 32400 again.
I want to see that wave ‘iii’ level hold at 33300 as the wave ‘v’ pattern completes.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The market is very slowly moving higher off this weeks lows today.
the move is very small so it is hard to be certain about the nature of the action yet.
But I have labelled the small higher low as wave ‘a’ and ‘b’ of ‘iv’ now.
this count requires that the low at wave ‘iii’ hold at 1815.
and wave ‘iv’ should trace out three waves up and complete near the 1850 area again by the end of this week.

Tomorrow;
Watch for wave ‘iv’ to trace out three waves up as shown.
Wave ‘ii’ should hold for the rest of this week as wave ‘iv’ completes.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The bounce in crude today can be viewed as a corrective rally so far.
The price topped out just below the 90.00 handle and is now holding at 88.56 this evening.
I am counting this rally as wave ‘iv’ of (iii).
and as the count suggests,
the price should turn lower for the rest of the week as wave [i] completes.
The pattern in wave [i] requires two more steps down to complete a five wave decline in wave [i].
so there is still more work to be done here until we complete an impulsive five waves down off the recent top.

Tomorrow;
Watch for wave ‘v’ of (iii) to fall back below 87.00 again at the wave ‘iii’ low to complete wave (iii) blue.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I have abandoned the alternate count for wave ‘iv’ pink tonight.
The market turned down sharply again today and that action suggests wave ‘v’ of (iii) is in play here.
Wave ‘v’ should complete an internal five wave pattern as shown.
and todays decline is shown as wave ‘3’ of ‘v’.

I am still hopeful that wave (iii) can make the lower target at 4100 to complete.
But the main wave count will not fail if that does not happen.
It is simply a nice extended target for the pattern to reach.

Tomorrow;
Watch for wave ‘v’ pink to continue lower in a five wave pattern as shown.
Wave ‘v’ has already broken the wave ‘iii’ low so the wave has reached its minimum target now.
But I woule still like to see more downside to complete the larger pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has corrected slightly higher today and I am suggesting that wave ‘iv’ of (iii) is in play here.
WAve ‘iv’ may even be complete at todays highs,
but I cant be certain about that.

The pattern is still clear here though.
Wave (iii) blue requires one more drop towards that 20.50 area to complete.
WAve (iv) and (v) will bring this wave count so close to invalidation that I think I will be sweating if we hit 20.00 again.
WE will see of course.
But for the moment wave (iii) still needs one more drop to complete five waves down.

Tomorrow;
Watch for wave (iii) blue to complete with a break of 20.67 again.