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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

IF we start on the 4hr chart tonight you can see that EURUSD has broken the first major support this week at wave (b) at 1.0597.
The next lower support lies at 1.0450 and we are fast approaching that level also.
We knew back when wave [b] was topping out that the potential for wave [c] was quite large.
And so far this has not disappointed.

Wave [c] down will trace out five waves down overall if this pattern goes to plan,
so there is more declines ahead of us here.

Wave (iii) of [c] has not completed yet either.
The current action is viewed as wave ‘iii’ of (iii).
wave (iii) blue will reach equality with wave (i) at 1.0485.

So even that wave has more downside potential as the internal pattern completes.

Tomorrow;
Watch for wave ‘iii’ pink to trace out five waves down over the next few sessions to hit a low near 1.0400.

1.0680 must hold for this pattern to remain valid.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘iii’ of (iii) seems to have found a low at todays session low.
the price has rebounded well this afternoon,
and I have labelled that bounce as wave ‘a’ of ‘iv’ now.
WAve ‘iv’ should trace out a corrective three wave pattern higher over the next few days.
And wave ‘iv’ must hold below 1.2833 at the wave ‘i’ low.

Tomorrow;
Watch for wave ‘iv’ to complete three waves up,
with wave ‘b’ creating a higher low tomorrow.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is working its way higher again today but the internal pattern of wave ‘iii’ pink is not ideal yet.
I want to see more upside and a clearer five wave pattern to confirm this count in wave ‘iii’.
the count suggests a top for wave ‘iii’ near 158.00.

But so long as the price continues its upside trend,
then I can stick with the main idea here.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ of (v) to make more progress higher.
The low at wave ‘2’ must hold at 154.32.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The jury is still out on whether wave (v) is complete today.
The market has dropped into the rising channel and is holding in there again this evening.
So from that point of view,
at least a short term top has been made.
The only judge on this pattern is the support at 41650 at wave (iv).
There is basically no support formed within wave (v) because of the euphoric nature of that rally.
It may even be viewed as a blow off top scenario!
But at the moment,
the pattern is undecided.

Tomorrow;
Lets see if the price can fall back below the wave (iii) top at 43350 to start with.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold reached a low at 2537 today and the price rebounded off that level.
It seems that wave (a) is now complete,
and wave (b) should get going from here.

I am looking for a three wave rise into wave ‘a’ at a minimum.
And wave ‘a’ should reach above 2600 again to complete.
Wave ‘b’ wil have to wait until early next week if all goes well.
and three waves up into wave (b) should take up the lions share of next weeks action.

Tomorrow;
Watch for wave ‘a’ of (b) to trace out there waves up as shown with a break of 2600 as the target.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Three waves up in wave (a) topped out today with a break of 69.00 again.
The price has dropped off that level now into wave (b).
I am looking for three waves down in wave (b) and I don’t think we have that in place just yet.
I am looking for a drop in wave ‘c’ of (b) to form that higher low tomorrow,
and then wave (c) will take us higher again on Monday.

the target for wave [ii] lies at the 70.00 handle again after a three wave rally.
and from there I will lower into wave [iii] down,
but that is next weeks battle.

Tomorrow;
Watch for wave (b) to form a higher low after a three wave decline as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P dropped out of the triangle formation in wave ‘iv’ today,
but the corrective nature of the decline remains intact.
So I expect wave ‘v’ will rally back to the trend line again to complete five wave up in wave (v) blue.
As with the dow,
the real test comes at support created by wave (iv) at 5693.
I will be looking for a turn down to that level once wave (v) completes.

Tomorrow;
Lets see if the market will rise out of the correction in wave ‘iv’ to begin wave ‘v’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has completed five waves down to break support at 30.11 this week.
The price hit the low of wave ‘v’ today and now a bounce off that low has begun wave (ii).
Wave (ii) will trace out three waves up from here in this scenario.
and a top should form in wave (ii) at or near the 50% retracement level at 32.26.

Tomorrow;
Watch for wave (ii) to complete three waves up over the coming days.
The wave (i) low should hold into the middle of next week in this scenario.