Good evening folks, the Lord’s Blessings to you all. Please forgive the late update tonight. the website was down throughout the day and I was having trouble getting it back online.

Thank GOD that was sorted just a minute ago!

on with the Show.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD took another step lower today and that move has strengthened the case for the main count.
I have not ruled out that alternate idea for wave [c] of ‘2’ down yet.
but that alternate is a little less likely now.

The wave count for wave [c] here is calling for a five wave decline with a target near 1.04 when complete.
Todays move is just a step in the right direction.
But wave ‘iii’ of (iii) of [c] is still underway here,
and we need further progress to the downside to confirm this pattern.

Tomorrow;
this weeks action should be dominated by wave (iii) blue,
and we should see a five wave pattern develop in that wave.
watch for wave ‘3’ of ‘iii’ to complete below the support at 1.0722
Then wave ‘4’ and ‘5’ should take another step lower by midweek.
1.0812 must hold at the wave ‘1’ low.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am going to suggest another count for the recent action after todays sharp move lower.
Fridays count has not been ruled out just yet.
But I think its worth testing this idea for a few days.

There is a possibility that wave (i) and (ii) completed as last weeks high.
Granted wave (ii) is quite a challenging correction.
But the move lower today can be viewed as wave ‘i’ of (iii).
If this count is correct,
then wave (iii) down will trace out a five wave pattern lower this week.
and we should see a low in wave (iii) near 1.2300.

Tomorrow;
Watch for wave ‘ii’ to complete a lower high below 1.2772.
Wave ‘iii’ down will then turn lower as suggested.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have shown a possible five wave pattern higher in place for wave (i) at todays highs.
I am not certain about this count though,
as wave ‘v’ of (i) is very small.
We will see if wave (i) will extend higher tomorrow.

If wave (ii) is already underway here,
then we should see a three wave drop into wave (ii) over the coming days.

Tomorrow;
Watch for wave (ii) to turn lower and drop towards the 147.00 level over the next few days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It was a choppy start to the week and that opens up the possibility that wave (v) of [v] completed last Friday.
It will complete eventually,
but this is at least an opportunity for the market to test the theory here.

If the top is in for wave [v] green,
then we should see further decline this week as wave [i] builds.

The market must break support at wave [iv] to signal the larger turn is in play here,
so todays move lower is interesting,
but its not enough.

Tomorrow;
Lets see if we can build a five wave pattern lower over the coming days.
A break of 37750 at wave (ii) will add weight to the wave [i] down idea.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I can actually see a five wave pattern lower complete at todays lows.
That low takes the wave ‘1’ of ‘iii’ label tonight.
The price has rebounded off the session low this evening,
and that rebound suggests wave ‘2’ of ‘iii’ is now underway.

The larger pattern suggests wave a significant decline in wave (iii) of [c] of ‘2’ is on the cards for the next few weeks.
With the target for wave [c] of ‘2’ near the 1800 level if this pattern is correct.
A break below the previous wave (i) low at 1972 will suggest wave (iii) is underway,
and favor the larger pattern.

Tomorrow;
Watch for wave ‘1’ and ‘2’ to complete a lower high as shown.
The price should turn lower into wave ‘3’ of ‘iii’ by Wednesday at the latest.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has completed a five wave decline into the session low today.
The price has broken the previous wave (b) low as expected.
So that should be the end of wave (i) down now.

Now that wave (i) is done,
wave (ii) should take over this week.
As usual,
I am looking for three wave corrective rally to the upside which should top out near the 62% retracement level at 76.18.
This correction will take most of this week to play out if all goes to plan.

Tomorrow;
Watch for wave (i) to hold at todays lows at 71.43.
Wave ‘a’ of (ii) should hit the 74.00 handle in three waves.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

So far Fridays high is holding in the S&P,
but the decline today is less than impressive to be honest.
The Dow put in better showing that the wider market.

There is a possible three waves down in place at todays lows.
I am suggesting a correction in wave ‘iv’ of (v).
So it is possible that wave ‘v’ of (v) will take another step higher tomorrow.
After that I will look for a turn lower off that top into wave (i).

Tomorrow;
Watch for wave (v) to complete five waves up at a new high tomorrow.
After that we will see if an impulsive decline appears.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The decline in silver is slowing down as the price approaches support at 21.92.
I am still going with the idea of an ending diagonal wave [c] here.
and the minimum expected target lies at 21.92 at the wave (iii) low.
So I will look for a decline into that level over the next few days to close out this pattern.

Tomorrow;
Watch for wave (iv) blue to hold at 23.31.
Wave (v) should complete three waves down over the next few sessions.