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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The market turned higher to break out of last nights pattern and it seems wave (ii) blue is creating a larger correction into tonight’s highs.
the price has now hit the 62% retracement level of wave (i).
and we should see this correction top out and turn lower into wave (iii) soon.

Tomorrow;
Watch for this knee jerk reaction to be fully retraced in wave ‘i’ of (iii) beginning tomorrow.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern in wave wave (ii) is holding onto the action in cable also today.
the price spiked higher and broke the wave ‘a’ level with that sharp rally this evening,
and now we have a three wave expanded flat corrective pattern complete at this lower high.
Wave (iii) down is now expected to begin with a drop back below the wave () low at 1.2500 again.

Tomorrow;
Wave ‘c’ of (ii) should not go much further now as we are in a good position to top in a second wave retracement now.
Watch for wave ‘i’ of (iii) to begin tomorrow by falling back into wave (i) at 1.2500 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has fallen in three waves now to form a higher low above the wave [a] low at 141.60.
This should complete wave (b) of [b] now,
and we should see the beginning of wave (c) of [b] tomorrow.
Wave ‘i’ of (c) is expected to rally back above 144.00 again.
That should be enough to consider wave (c) underway.
and then wave (c) will be set to push higher in five waves to break the wave (a) high at 146.60 next week.

Tomorrow;
Watch for wave (b) to complete this three wave decline soon.
A break above 144.00 again will signal wave ‘i’ of (c) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A new all time high tonight is enough to drive any sane person into a straight jacket.
But seen as I am frequently referred to as mindless,
I should be comfortable with this position.

I will start with the weekly chart above;
the new high completes three waves up in wave (B) of [A].
the fact that we have a new high does not negate the larger count for wave [A] of ‘iv’.
It simply means wave [A] is now an expanded flat pattern.
so this new higher does not mean that disaster has been averted,
in fact its quite the opposite in this pattern.

Daily;
You can see this rally in wave (B) has brought us to a new high tonight.
And wave (B) has traced out a clear three wave pattern.
Wave ‘C’ of (B) has a clear five wave pattern as wave ‘c’ of any pattern will usually have.
The upper channel line of the wave (B) channel is higher again,
so this pattern can allow for more madness before turning into wave (C),
but turn down in a major way is what this will do in due course.

4hr chart;
A simple trend channel in wave ‘C’ will show that wave ‘C’ is close to a top even now.
The pattern is now extending in a fifth wave of wave ‘C’.
and now that the market has reached a new high,
the overall declining momentum of this rally will weigh on the action.

1hr chart;
Wave ‘C’ has just closed out an Elliott channel at todays top which suggests the pattern is even closer to complete at todays highs.

Tomorrow;
I know you are sick of me calling the alarm.
But this pattern is just about as dangerous to this market as the previous bearish patterns.
We will see what effect the options expiry has on the end of this pattern.
It may extinguish the ‘goal seek’ nature of this rally.
I will say buyer be ware at this point.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The rally in gold today has broken last nights pattern also.
I am looking now at a possible wave ‘i’ and ‘ii’ to begin wave (iii) blue on the hourly chart.
The price must hold below 2039 for this pattern to be valid.
And wave ‘iii’ of (iii) must turn down sharply tomorrow.
If the rally continues to break that wave (ii) level tomorrow,
I will then look again at the bullish possibilities.

Tomorrow;
Watch for wave ‘ii’ to hold below 2039.
Wave ‘iii’ should fall into the next support level at 1931 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

crude is turning higher again today to begin that wave [iv] correction at last.
The rally in wave (a) of [iv] should trace out three waves up and break above 73.00 to complete.
And when that happens,
I will be more confident of this overall pattern.

Tomorrow;
The final low for wave (v) of [iii] lies at 67.95.
That level must now hold as wave [iv] completes.
Wave (a) of [iv] should be lose to done by Fridays close for sure.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays rally ha brought the Dow to a new all time higher,
but the pattern in the S&P is still intact here for wave ‘2’ blue.
The high of the session today brought wave [c] of ‘2’ above the 50% target level of wave [a].
And the high of wave (v) of [c] has now hit the 62% of the length of wave (i).
The price has broken above the upper trend channel line of this wave [c] pattern.
So we have a throw over in place at a fifth wave top.
We will see by the end of Fridays trade if the air comes out of this levitating rally after the largest OPEX in history closes.

Tomorrow;
The pattern is stretched for wave ‘2’ of course,
but the door remains open for this wave to top and reverse into wave ‘3’ down over the coming week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

After a very deep retracement in wave ‘ii’ this week,
it seems that the silver price has finally closed out the correction and begun the next leg up into wave ‘iii’.
The rally today is big enough to consider wave ‘1’ of ‘iii’ close to complete now.
So we should see a higher low build in wave ‘2’ over the coming days.
The main thrust of the rally will com in wave ‘3’ of ‘iii’ as shown.
First we must see a consolidation above the wave ‘ii’ low in wave ‘2’ of ‘iii’ to signal the price is ready to rally again.

Tomorrow;
Watch for wave ‘ii’ to hold at 22.50.
Wave ‘2’ of ‘iii’ should correct and form a higher low before the end of this week.