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

US index futures overall length hits record high

Oil Plunges After Saudi Arabia Cuts Oil Prices For February Amid “Persistent Weakness”

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is holding below 1.1000 again today and that wave ‘ii’ high remains in place for the moment.
The price did retrace higher to create a lower high below wave ‘ii’ this afternoon.
and now I am waiting for a reversal into wave ‘iii’ to begin.
The action off wave ‘ii’ is not enough to confirm wave ‘iii’ is underway yet,
but if the price breaks 1.0890 again that will signal wave ‘iii’ has begun.

There is a possibility for4 a larger wave ‘ii’ pattern to drag the price higher again,
We should know tomorrow if that idea fits better.

Tomorrow;
Watch for wave ‘ii’ to hold at 1.0998 and wave ‘iii’ down to begin with a break of 1.0891.
Wave ‘iii’ should fall into support at 1.0720 again.

GBPUSD

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GBPUSD 4hr.

GBPUSD daily.

I am struggling with the pattern in wave (ii) again today.
The price turned higher to threaten 1.2770 at the session high.
And that has opened up another possibility for the pattern here.
I will admit that the initial decline into wave (i) is not ideal,
but the rally off that low can be viewed as a three wave correction in wave (ii) as shown.

Wave ‘c’ of (ii) can make a new high above 1.2770 to complete this pattern.
and then we can look for wave (iii) down to reverse lower again and break 1.2600.

Tomorrow;
Watch for wave (ii) to complete below 1.2828.
Wave ‘i’ of (iii) should then fall back below 1.2700 to signal wave (iii) is underway.

USDJPY.

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USDJPY 4hr.

USDJPY daily.

We have a three wave decline in place now for wave (ii) so that achieves the miniumum expected pattern for wave (ii).
But,
I am not convinced that wave ‘c’ of (ii) is complete just yet.
the 50% retracement level for wave (ii) lies at 143.10.
And that level marks the previous wave ‘iv’ low also.
So it seems fitting that wave (ii) fall into that area before turning higher into wave (iii) later this week.

Tomorrow;
I am going to allow for another drop in wave ‘c’ of (ii) to hit the 143.00 area to complete the correction.
From there we can turn attention higher into wave ‘i’ of (iii).

DOW JONES.

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DOW daily.

The DOW refuses to give up the fight again today with another spike rally to end the session.
that makes four retracements within this initial decine.
And it really does reduce the potential of the current bearish count.

The only bearish pattern that fits the recent action now is a leading wedge decline in wave (i),
and now an expanded flat correction wave (ii).
Wave ‘c’ of (ii) is close to breaking wave ‘a’ of (ii) as I write,
so it is very possible that this wave count will be invalidated tomorrow with a break out to a new high.
I will deal with that if it happens.
But for the moment I can give this pattern another day to either be invalidated or confirmed.

Tomorrow;
Watch for wave (ii) to complete below the recent highs.
Wave (iii) down must turn lower from here.

GOLD

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GOLD daily.

The bearish pattern continues to build today with another small lower higher now underway.
Wave ‘1’ of ‘iii’ fell to break the wave ‘i’ low at the session lows today.
and now I am looking for a three wave correction higher into wave ‘2’ as shown.
Wave ‘2’ of ‘iii’ should complete near 2040,
and then I will look for wave ‘3’ of ‘iii’ to begin with a drop back below 1972 again to confirm that wave ‘iii’ is underway.

Tomorrow;
Watch for the wave ‘ii’ high to hold at 2064.
Wave ‘iii’ down should continue to trace out five waves as suggested.
If this pattern is correct,
then we should see a break of 1972 again by midweek.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil fell again today and that really puts the main wave count under pressure.
The wave [iv] pattern is still possible,
but the price must hold above 69.36 at wave (b) for this pattern to remain valid.

If the price breaks the wave (b) low again,
that will suggest wave [iv] is already complete and wave [v] is underway.

Tomorrow;
Watch for wave ‘iii’ to turn higher and break above 74.00 again to confirm this pattern.
Wave (b) must hold at 69.36.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has rebounded today with quite a sharp rally into the close this evening.
The market has now reached above the 62% retracement level of wave ‘i’.
And the price has traced out a three wave pattern higher off the wave ‘i’ low.
This pattern is a close call now,
so the market must now stop the rally here and reverse into wave ‘iii’ of (i) tomorrow.

Tomorrow;
Watch for wave ‘ii’ to hold at the session highs this evening,
wave ‘iii’ must begin tomorrow.
And a break below 4663 again will signal wave ‘iii’ is underway.

SILVER.

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SILVER daily.

Wave ‘ii’ is holding above 22.50 again today but the action is again threatening to break support.
I have mentioned a few times how the price is stuck in limbo between two patterns at the moment and neither pattern can be confirmed yet.

Wave ‘iii’ of (iii) up will be confirmed with a break above 23.50.
And wave ‘iii’ of (iii) down will be confirmed with a break of 22.50.
Until we get a move out of this holding pattern in either direction here,
then Im afraid the pattern is stuck rigid!

Tomorrow;
WAve ‘ii’ must hold above 22.50,
Wave ‘iii’ should turn higher and break 23.50 to signal wave ‘iii’ has begun.