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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There was no net progress today in wave ‘i’ up.
I am suggesting that this is actually a correction in wave ‘4’ of ‘i’.
Another pop higher tomorrow in wave ‘5’ will confirm this idea.
And then I will look for a correction lower into wave ‘ii’ later this week as shown.

The low at wave ‘2’ must now hold for good if this count is correct.
Wave ‘3’ up is now taking over,
and now we should see a bullish higher low build over 1.0223.

Tomorrow;
Watch for wave ‘5’ of ‘i’ to complete the pattern with a break of 1.0440.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is building a higher low in wave ‘ii’ now after completing wave ‘i’ up earlier today.
The price broke above the previous wave ‘iv’ high at 1.2570.
and then a sharp drop off began wave ‘ii’.
We should see a corrective higher low complete pretty soon,
even by tomorrow evening if all goes well.
and then I will look for wave ‘iii’ up to begin from there.

Tomorrow;
watch for wave ‘ii’ to form a higher low above 1.2352 at the wave ‘2’ low.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is again stepping higher little by little,
which is still in line with the main wave count here in wave ‘iii’ of (iii).

I have labelled todays moves as wave ‘1’ and ‘2’ to begin wave ‘iii’ pink.
Once wave ‘2’ completes,
you can see the count now calls for a rally into wave ‘3’ of ‘iii’ to begin.

That rally should bring the market back to the 160.00 area again.
so we will soon see if this count is correct or not.

I must admit that if this rally does occur,
that will most likely rule out the counts of the other two USD pairs.

Tomorrow;
Watch for wave (ii) to hold at 156.04.
Wave ‘iii’ must continue higher in five waves for the rest of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am suggesting that the market is still moving within a second wave correction here.
And this count will allow for a rise into 43330 again as wave ‘c’ of (ii) completes.

The internal pattern of wave ‘c’ is up for debate however.
I see the possibility of a three wave pattern higher to meet that target level as the best fit here.
If that pattern plays out in wave ‘c’,
that will classify wave (ii) as a complex flat,
and from there I want wave (iii) down to accelerate lower.

A turn lower into wave (iii) will have to wait for another few days I suspect.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete three waves up at 43330.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold managed a double top with the previous high today which leaves the main count in play again.
Wave ‘c’ of (b) has not been confirmed yet though.
The price must push above 2725 again to confirm this pattern and bring wave (b) to a close.
So far the price has failed to do that.
so I am stuck between both counts here until we get a decisive move in either direction.

Tomorrow;
Watch for wave ‘c’ to continue higher and break above 2666 to rule out that alternate count.
Then I can concentrate on the main count and the rally in wave ‘c’ of (b).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is still hanging on near the highs at 74.50 tonight after a sharp rally off the overnight lows.
This action opens up another way of viewing the pattern at the top of wave [c].

I have now shown a possible running flat in the position of wave (iv).
this pattern allows for wave ‘c’ to close above the wave ‘a’ low.
and todays rally is now viewed as wave (v) underway.
the price will break above the recent highs again in this scenario to complete wave (v) of [c].

I have not ruled out last nights wave count totally either.
If the price falls sharply tomorrow that will favor the idea of a top in place at 74.50.
So we will see soon how this goes.

Tomorrow;
watch for wave (v) of [c] to push to a new high at the upper trend channel line and from there I will look for wave ‘2’ to opt out.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P turned lower today off a possible wave (ii) high formed on Monday.
the market has only traced out three waves down so far.
so there is a chance that this move is corrective in nature.
I have not changed the wave count to reflect this fact.
But there is still plenty of time for todays drop to develop further and complete five waves down in wave ‘i’ of (iii).

A break of the wave (i) lows at 5797 again will confirm this count.

Tomorrow;
Watch for wave (ii) to hold and wave ‘i’ of (iii) to trace out five waves down towards 5800.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

the action in silver is still stuck in that second wave correction today.
the price made a very slight new high and then reversed lower again this evening.
there si not enough to confirm wave (ii) is done yet though.
I want to see a drop back below 28.75 again to get wave (iii) underway.
Ideally,
wave ‘i’ of (iii) will break that low before the end of this week.

Tomorrow;
Watch for the high of the session to hold at 30.39.
wave ‘i’ of (iii) must turn lower and test the wave (i) low at 28.75.