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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The action today has not cleared up the issue with the hourly count yet.
The pattern for wave ‘2’ has extended today and I think we re dealing with a combination wave here now.
The lower high in wave ‘2’ is still valid here.
but wave ‘3’ of ‘iii’ has not been confirmed yet.

Tomorrow;
Watch for that wave ‘ii’ high to hold at 1.0931.
Wave ‘3’ must be confirmed tomorrow with a drop into the lower support at 1.0723.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I will admit that the triangle pattern in cable is looking more likely now,
and if we see a break above that upper trend line tomorrow that will invalidate the main count here.
But the same problem exists here also.
The price action has not ruled out the main pattern either.
So we can easily see a sharp drop back below 1.2640 wo favor the main count again.
So I will hold off for one more day until we see a move that actually progresses the pattern is either direction.
For the moment we are stuck in limbo.

Tomorrow;
Watch for a break below 1.2640 to confirm the wave ‘iii’ idea.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Ok.
This action has really forced a rethink of the pattern here.
I am looking now at a completed five wave rally in wave [i] of ‘5’ at the recent high.
And now the corrective move off that high is viewed as wave [ii] green.
WAve [ii] is close to completing three waves down even now after that sharp move lower.
And the low is approaching the 38.% retracement level at 145.53.
We should see a low in wave [ii] form between now and the 50% level at 144.52.

Tomorrow;
Watch for wave (c) of [ii] to complete this three wave correction before the end of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Is this the top of an extended fifth wave at todays highs?
Well that would be nice alright.
But that remains to be seen.

The decline off the top is picking up some steam as we hit the close tonight.
But this is to be expected after a long rally in wave [v].
I have marked the wave (iv) low at 37754.
So that is the main level of interest as we go on here.
I will raise an eyebrow again if this decline managed to break that level with ease.

Tomorrow;
Watch for a possible drop into support at 37750.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have switched up the internal labelling of the recent correction to wave ‘ii’ of (iii) now.
And after filling the trend channel in three waves this week,
the price created another throw-over pattern at todays top and now we have a sharp sell off to signal wave ‘ii’ is over.
That wave ‘ii’ top also retraced between the 50 and 62% Fib levels.
so it is a standard enough correction when viewed in that light.

The question now is,
has wave ‘iii’ begun off this lower high.

Tomorrow;
Watch for a break below 2001 to confirm wave ‘iii’ of (iii) of [c] of ‘2’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil fell again today and that has brought us to within an a few points of signaling a top for wave [iv] now.
So far the three wave pattern can still be interpreted as a correction in wave ‘iv’ of (c).
Wave ‘v’ still has the potential to rally back higher from here.
But;
If we see a further drop back into the 74.00 handle again tomorrow that will be enough to call and end to wave [iv] here,
and to turn our attention lower into wave (i) of [v].

Tomorrow;
Watch for a possible rally into wave ‘v’ of (c) to finish off this correction in wave [iv].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

An interesting move lower this evening in the S&P but just like the Dow, not enough to prove a top yet.
I have shown this wave (v) pattern as complete this evening in the S&P,
but there is a chance that todays decline is happening as part of a larger wave (iv) correction.
If that is the case,
then we will see another rally into wave (v) to complete wave [v] green at a later stage.

Todays move lower will get very interesting if we see a break below 4803 at the wave (i) top.
And below that,
the wave [iv] support lies at 4663.
So you can see there is substantial support below the price here that must be broken in order to raise the chances that this market is on the turn.

Tomorrow;
Lets see how the market reacts over the next few days to see if there is anything to this move lower.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A reasonable move lower today in silver raises the possibility that wave (v) is now underway.
The wave (iv) high lies at 23.31 at todays top.
And I am looking for a break of 22.50 to favor the wave (v) decline.

If wave [c] is is an ending diagonal as I am suggesting,
then wave (v) of [c] should trace out three waves down.
And the minimum target for wave (v) lies at 21.90 with a break below the wave (iii) low.

Tomorrow;
Watch for wave (v) to continue lower in three waves to complete this pattern.