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

Thank God for antibiotics!
I am still hobbling around today with a swollen big toe,
but things are improving and I should be back to normal this week.
So,
Lets get into it and see how the week is lining up shall we.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is coming down to fill that trend channel in three waves overall.
The pattern looks corrective still,
and I am looking for one more drop into the lower trend channel line at 1.1000 in wave ‘c’ of ‘iv’.
that will complete the correction,
and then later this week I will look higher again in wave ‘v’ of (c) of [b].

Tomorrow;
Watch for wave ‘c’ of ‘iv’ to hit the 1.1000 level to compete the pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

As the days go on it seems the action in cable is turning more corrective in nature.
Much like EURUSD,
the price has now just filled a trend channel off the high in three waves,
And this can be viewed as a correction in wave ‘iv’ of (c) also.
The alternate count now covers this possibility.
If the price rallies off the current lows to break above `1.3200 again I think that will trigger this alternate count.

Tomorrow;
the main count continues to be valid until the action changes to the upside.
A drop back below 1.3000 again will favor the main count and I will continue to look for a five wave decline in wave (i) this week.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue lower to break 1.3000 again before wave ‘iv’ consolidates and then moves sideways again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is holding above the low at wave [b] today but the price action has not proved that wave [c] is underway yet.
I want to see a five wave pattern higher in wave (i) of [c] to confirm the pattern.
and once we see that,
then I will be more confident of the larger rally into wave [c] later this week.

Tomorrow;
Watch for wave [b] to hold at 141.76.
Wave (i) and (ii) should form a higher low above that level over the coming days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I know I am going to have struggles with the pattern in the market this week!
Todays action is a prime example of it.
First a reasonable rally this morning,
and now a retracement of the early rally.

The internal pattern of wave ‘i’ is a little hap-hazard at the moment to make any big predictions.
I am going to give the market some more time to see if the major trend has turned lower or not.
The sooner the better in my book.

Tomorrow;
Watch for wave ‘ii’ to hold that lower high.
A drop back below the wave ‘i’ low will favor the main count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is rising along that lower trend line again today
and this action fits the main count.
The ending diagonal pattern calls for a final three wave rally in (v) of [v] this week.
Wave ‘c’ is left to complete wave (v) now.
And if this pattern is correct,
then we will see a pop to 2550 this week.

And from there we can look lower into the wave ‘4’ correction.

Tomorrow;
Watch for wave ‘c’ of (v) to form a new all time high in the next few days to close out the larger pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is bouncing along the lows today in line with the possible wave (iv) pattern.
Wave [v] down is left to drop to a new low and complete wave [v] of ‘1’.
I am looking higher this week in general as I wait for wave ‘2’ blue to begin.
but once we get a final five wave pattern into the wave [v] lows,
then I will turn my attention higher again.

Tomorrow;
watch for wave (v) of [v] to break 66.70 to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market has created another lower high today,
and this pattern lends itself to a third wave extension in wave ‘iii’ pink.
The market has completed waves ‘1’ and ‘2’ of ‘iii’ so far,
and over the rest of this week we should see a five wave pattern lower develop in wave ‘iii’.

Tomorrow;
The market must continue lower in the current format to confirm this pattern.
So lets see if wave ‘3’ of ‘iii’ can do that over the coming days.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver corrected higher today and I am suggesting this is wave ‘c’ of (ii) with the main bullish count still intact.
Wave ‘c’ should trace out five waves down as shown,
and that leaves wave ‘5’ of ‘c’ left to complete the pattern.

The low of wave (ii) will bottom out at the 78.6% retracement which is in line with the previous wave ‘ii’ low also.
If the price breaks that Fib level aggressively,
then I will be very worried for this count.
And it will be a case of back to the drawing board again,
with one eye on that alternate count on the daily chart.

Tomorrow;
Wave ‘c’ of (ii) must complete a higher low this week and then turn higher again into wave (iii) blue.