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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The corrective action continues today with a sideways range within a channel.
This action is still viewed as wave ‘4’ of ‘iii’,
but the correction is getting a little too large for the wave ‘iii’ pattern.
If the price does not turn down into wave ‘5’ of ‘iii’ tomorrow,
then I am going to be forced to rethink what is happening here.

the pattern fits for now,
but lets just keep an eye on this.

Tomorrow;
Wave ‘5’ of ‘iii’ must turn lower towards the target at 1.0400.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A small change in cable tonight but the pattern remains the same.
The action today has shifted the position of waves ‘iii’ and ‘iv’ pink.
And the rally this evening is now labelled wave ‘c’ of ‘iv’.
It looks like wave ‘iv’ should top out near 1.2720.
and then turn lower again into wave ‘v’ later tomorrow.
And the larger wave (iii) should be done by the end of the week if all goes well here.

Tomorrow;
Watch for wave ‘c’ of ‘iv’ to rally into 1.2720 and then turn lower to begin wave ‘v’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has switched out of pattern today also.
I am suggesting that todays rally is wave ‘ii’ still underway here.
It is possible that wave ‘ii’ will complete as a running flat very soon,
and then we will see a turn lower overnight to begin wave ‘iii’ of (i).
This pattern is still early in its development,
so things are unclear as it stands.

I will mention that we only have a three wave decline in place off the top so far,
so there is potential for the rally to resume again,
and in that case I will have to go back to the drawing board here for wave ‘B’ red.
But I will cross that bridge if we get to it.

Tomorrow;
Watch for wave ‘ii’ pink to complete near 155.35 and then turn lower again to begin wave ‘iii’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW broke below the previous wave (iii) high today,
and almost reached the 62% retracement of wave (v) at the lows.
So,
if this is only a corrective decline off the top,
then now is the time for the market to turn higher again in a big way.

this will be a test for the market in the short term,
if the market fails to bounce in an impulsive manner from here to begin a larger rally,
then I will be looking for a continuation lower to break support at wave (iv).
And at that point I will get more ambitious to the downside.

Tomorrow;
lets see if the bounce off the session low makes progress higher to signal that the decline is only corrective.
A further breakdown will favor the idea of a topping pattern again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

GOLD has had a nice bounce off the lows of wave (a) now,
and the session highs today have retraced into the 38.2% retracement levels of wave (a).
at the moment I am labelling this initial rally as wave ‘a’ of (b).
But because of the size of this rally,
there is an argument to be made that todays highs could be all of wave (b) here.
We will see how it works out,

Tomorrow;
I am allowing for a larger wave (b) pattern to play out here.
A 50% retracement in wave (b) will top out at about 2660.
and the price should turn lower into wave ‘b’ in this scenario.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The high in crude oil today has completed an expanded flat correction here.
The price hit the 50% retracement level and the reversed with a spike lower.
so,
there is evidence to suggest that wave (c) of [ii] is topping out here.
If that is the case,
then wave (i) of [iii] should turn lower before this week is finished.

Tomorrow;
Watch for wave [ii] to hold at todays highs.
Wave (i) of [iii] should fall back below 67.00 again in a five wave pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

much like the DOW,
the S&P dropped back below the wave (iii) high early today,
and then bounced out of the session low to close positive on the session again.

The question is this,
have we completed a five wave decline off the top.
And is this bounce a correction to the upside now underway.
I have suggested as much with the labelling tonight,
but it remains to be seen what comes of the correction into a possible second wave over the coming days.

Tomorrow;
Watch for wave ‘ii’ to complete a lower high.
And from there I think this market will get very interesting again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is still hanging on in wave (ii) blue at the close tonight.
There is a possible three wave pattern complete at the high,
but the price has so far failed to reach even the 38.2% retracement level of wave (i).
That does seem a little shallow for a second wave correction.

I am open to the pattern in wave (ii) working it’s way higher over the coming days,
so lets see how that works out tomorrow.
The 50% retracement level lies at 32.26.
That level seems like an ideal target for wave (ii).

Tomorrow;
If wave (ii) is complete then we should see a sharp turn lower into wave ‘i’ of (iii) tomorrow.
If that fails to materialize,
then wave (ii) remains intact.