Good evening folks and the Lord’s blessings to you.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It is going to be a long slog sideways going on the action over the first two sessions this week!
we have a small three wave drop to a higher low in wave ‘b’ now in place today.
And I am looking for wave ‘c’ to turn higher from here to complete wave ‘a’ pink.
with a bit of luck,
that wave ‘c’ will push higher tomorrow and top out with a touch at 1.0900 again,
and then its back down again into wave ‘b’ for the rest of the week!

Tomorrow;
Watch for wave ‘c’ of ‘a’ to complete with a tag of 1.0900.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I think we have a triangle central wave now complete in wave ‘2’ at 1.2967.
Wave ‘2’ is heading higher again tonight and the price will reach the upper channel line at about 1.3050 by tomorrows close if all goes well.

tomorrow;
Wave ‘2’ must complete below 1.3073.
a break back below 1.2900 again will signal wave ‘3’ down is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We have a double top in place at todays high after a three wave rally.
I am still calling this move as part of wave ‘a’ pink.
perhaps wave ‘b’ of ‘a’,
with wave ‘c’ ready to turn lower again tomorrow as shown.
if we see a break back above the wave (iii) top at 153.88 again that will postpone wave (iv) for another few days I suspect.

Tomorrow;
Watch for wave ‘a’ of (iv) to complete three waves down near 150.00.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I think I may be losing the battle for this main wave ‘i’ count after todays action.
there is no progress higher overall,
but the market si failing to turn into wave ‘5’ of ‘i’ yet also.
And I would really like to see a break of support in wave ‘5’ to give a boost to the possibility of a larger reversal here.

Wave ‘4’ is still a reasonable count for todays top,
so I will give wave ‘5’ another chance to see if we get a break of 41800 again.

Tomorrow;
Watch for wave ‘5’ of ‘i’ to fall into support and complete the first impulse wave lower off that recent high.

GOLD

GOLD 1hr.

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GOLD daily.

Well I thought we had a little more in the tank for wave ‘iv’ pink,
but the market had another idea today!

It seems wave ‘iv’ completed in a triangle,
and now wave ‘v’ is off higher in a solid impulsive move.
This rally came earlier than expected,
but it should be the final move in that larger wave (v) blue.
And that wave (v) blue will complete a much larger pattern in wave ‘3’ red.
There is a possible target for wave ‘v’ at 2790,
this is where wave ‘i’ and ‘v’ reach equality.
so lets see is there a reaction near that level.

Tomorrow;
Watch for wave ‘v’ of (v) to reach a final higher this week with the initial target at 2790.

CRUDE OIL.

CRUDE OIL 1hr.

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CRUDE OIL daily.

Crude only managed a small three wave rally into yesterdays highs and today the price retraced to a new low again.
Now we have a better pattern complete in wave [i] green,
and I still think we will get a three wave rally higher into wave [ii] over the coming days.
That remains the outlook for the rest of this week.

Wave [ii] will hit the 50% retracement of wave [i] at 69.50.

Tomorrow;
Watch for wave (a) of [ii] to break 68.00 at the wave (iv) high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

the market is pretty flat this today as we approach the close.
the action seems to be completing a three wave sideways correction at the moment.
I have not ventured to label this action yet,
we don’t have a five wave pattern off the top,
and I would first like to see a decline into support before getting constructive to the downside here.

the price action today is within a small channel,
so I am suggesting this is a correction to the upside at least.
If that is correct,
then we will see a drop to break 5760 again tomorrow.

Tomorrow;
Watch for this pattern to continue lower in an impulsive manner to break support at 5670 by the end of this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is crawling towards the upper trend channel line again today but I gotta say this is a choppy move overall in wave ‘5’.
The minimum target for wave ‘5’ lies at 34.86 at the wave ‘3’ high.
So first we need to see that level break to confirm the pattern,
we might see a spike higher once that level is broken to complete wave ‘5’ of ‘iii’.
The pattern is on track here,
if a little subdued!

Tomorrow;
Watch for this wave ‘iii’ rally to complete with a break of 34.86 at a minimum.