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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A bounce today has brought forward the end of wave [c] I think.
I wanted a lower low in wave [c] to finish this correction in wave ‘2’ to be honest,
but I will test this new idea over the coming few days to see where it leads.

On the daily chart you can see that wave [c] did hit the lower trend channel line,
and now the price has bounced back above that trend line again.

the 4hr chart shows a five wave decline in wave [c],
and the price is back off the lows again this week.
The rally has not proved itself as an impulse wave up yet.
but that is the base case scenario at the moment.

I am showing a five wave pattern in play off the lows on the hourly chart.
the price needs to pop again in wave ‘5’ to complete wave ‘i’,
and then we should see a higher low build off that low later this week.

Tomorrow;
Watch for wave ‘i’ to complete five waves up with a break of 1.0437.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am not quite sold on the idea that wave ‘2’ is complete in cable yet.
It is a possibility if we call wave ‘2’ a running flat.
so I will be looking at this idea this week to test it.

You can see on the daily chart that I was looking for a drop into 1.20 to complete the overall correction in wave ‘2’.
the 4hr chart shows a possible alternate idea for wave [c] of ‘2’ along with the main count.

The hourly chart;
I have marked the previous high as wave ‘iv’ of (v) at 1.2607.
If this level is broken to the upside,
then I will accept that wave (v) of [c] of ‘2’ is complete and I will concentrate on the upside overall.

Tomorrow;
Watch for a break above that initial resistance at 1.2607 to signal that a reversal into wave ‘3’ up is beginning.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is still holding positive for the USD today to be honest.
The pattern over the last few days is corrective and even after an early spike lower,
the price is holding a higher low at wave ‘ii’,
and now we are looking at a possible wave ‘iii’ of (iii) of [iii]. beginning this week.
If this pattern proves correct,
I suspect that the other pairs will begin to selloff again soon.
Just keep an eye out for that possibility.

Tomorrow;
Watch for wave (ii) to hold at 156.04.
Wave ‘iii’ of (iii) must continue higher as shown and break back above 160 pretty soon.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well it’s hard to know what to make of todays action.
The alternate count for wave (ii) has been triggered with todays rally.
but the price did not reach the target at the wave ‘a’ high either.
So we are stuck in limbo at the moment for this wave (i) count.
I can still look for a high in wave ‘c’ of (ii) above 43330.
and from there we should see a turn down into wave (iii) blue.

If the market continues lower to break wave (i) again at 42030 that will signal that wave (iii) is already underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is no confirmation of the alternate count here yet,
but I gotta admit that wave the idea of a three wave rise into wave ‘ii’ is looking favorable at the moment.
The price fell off that level at 2666 with a reasonable impulsive move today.
and if the price continues lower to break the wave ‘b’ low at 2583 again that will trigger the alternate count for wave (c) down.

Tomorrow;
A rally must occur from here to save the main count for wave ‘c’ of (b).
A break of 2666 will confirm that count.
While a break of 2583 will trigger the alternate count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action today is in line with the new wave count for wave ‘2’ again.
the price reached up to the upper trend line at 74.53,
and then the price turned sharply lower again which is a signal that wave ‘2’ may be topped out now.
I will need to see a follow through to the downside into wave [i] green this week,
in order to confirm this count.
I think that will require a drop back to the 70.00 handle again in five waves
so that is what I will be looking for this week.

Tomorrow;
Watch for waves (i) and (ii) to form a bearish lower high to begin the move into wave [i] green.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is not an ideal pattern for wave (ii) blue but it is possible for sure.
the rally finished this evening after tracing out five waves up in wave ‘c’ to a lower high.
that suggests a running flat correction in wave (ii) blue.
this pattern requires an immediate follow through to the downside again in wave (iii) blue.
if that does not happen early this week,
then I’m afraid its back to the drawing board again.

Tomorrow;
Watch for wave (ii) to hold that lower high and then fall back again into wave ‘i’ of (iii).
A break of the 5800 level again will signal wave ‘i’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The rally off the wave (i) low has completed three waves up so far.
And I am calling this wave (ii) now complete.
The price did not reach the 50% retracement level of wave (i),
but we did see a sharp spike lower today to suggest wave (ii) is done.

Wave (iii) down must now turn lower again this week in order to confirm the pattern.
A break of the wave (i) low at 28.74 again will confirm this pattern.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall back into support at 28.74 again as shown.