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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well,
EURUSD took a hit today but the price continues to hold above the wave ‘2’ low at 1.0123.
This count will remain valid until that level breaks.

I am showing a possible ‘flat’ correction in wave ‘ii’ pink today.
The decline in wave ‘c’ of ‘ii’ is extended in nature.
but that still fits the internal 3,3,5 structure of the flat correction pattern.

The action today now heaps the pressure on the wave count,
and a rally into wave ‘iii’ of (i) is well overdue here.

Tomorrow;
Watch for wave ‘ii’ to hold a higher low above 1.0223.
Wave ‘iii’ up must now break above the wave ‘i’ high at 1.0437 over the coming few days.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable took a real kick in the teeth today with a complete retracement of this weeks rally.
I can return to the previous idea for wave [c] of ‘2’ tonight as the main count.

The decline into wave (v) of [c] can be viewed as an ending diagonal here.
That will allow for a three wave move into a new low in wave ‘v’ of (v) as shown.
that may even bring the price down to the preferred target for wave [c] at 1.20.
WE will see how it goes.

Tomorrow;
Watch for wave ‘v’ down to complete as suggested with a drop below 1.2200 in three waves.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is stuck in a very corrective pattern today.
the price did rise above the wave ‘1’ highs again,
but the progress was unimpressive as a possible third wave.
I am suggesting todays move is part of wave ‘2’ of ‘iii’.

Wave ‘2’ will drop back again tomorrow to complete three waves to for a higher low in this scenario.

If this pattern is correct,
then we should see a sharp move higher into wave ‘3’ of ‘iii’ over the coming days to confirm the pattern.

Tomorrow;
WAtch for wave ‘2’ to complete above 156.23 and then rally from there towards 160.00.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action today remains corrective looking today to be honest.
the market is holding above the wave ‘b’ lows.
And wave ‘c’ should continue higher to hit the upper trend channel line again to complete wave (ii).

If the price drops sharply from here to break below the wave (i) lows again,
then I will consider wave (iii) in play.
But so far,
the main count is a better fit for the action.

Tomorrow;
Watch for wave ‘c’ to complete three waves up and hit the upper trend channel line near 43350.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold also has a corrective look to it again.
And I am stuck between a rock and a hard place here.
I can’t rule out the rally into wave ‘c’ of (b) as per the main count.
but,
I cant confirm the alternate count either.
Although I am leaning that way heavily!

The price remains stuck in a narrow channel moving to the upside again,
and we did make a very slight new high near 2670.
but the main count will remain until we see a sharp move lower to begin a third wave down.

Tomorrow;
Lets see which way this breaks!
The main count stands for wave (b),
but I am 50/50 on this one.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude hit the upper trend line of the channel creating a new high for wave [c] of ‘2’ today.
But the price immediately turned off the upper channel line and dropped sharply back to signal wave ‘2’ is finally complete here.

I am suggesting that todays drop is wave (i) of [i] of ‘3’.
And if this is correct,
we will see a corrective lower high in wave (ii) before the end of this week.

tomorrow;
Wave (i) has almost broken below the previous wave (iv) low,
A break of 72.70 will be enough to confirm this idea for wave (i).

Watch for wave (ii) to correct sideways and hold below the wave ‘2’ high as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market is beginning to look shaky overall,
but the actual price has not collapsed in any meaningful way…..yet!

I am tracking a possible wave ‘i’ of (iii) pattern this week which suggests a possible turn into a third wave down is underway.
I would like to see another small drop into wave ‘5’ of ‘i’ tomorrow,
and then a correction on Friday in wave ‘ii’ that can lead to the next leg down in wave ‘iii’ next week.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to create that lower high as shown.
and then next week could bring the turn into a third wave acceleration lower that I am looking for.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

the silver market seems to have gone to sleep over the last few days.
the price action is going nowhere fast.

There is a hint in the action that a correction is still underway here.
and if that is the case,
then wave (ii) will continue sideways over the coming days to complete a larger pattern next week.
If we see a sharp turn lower to break 28.75 again that will signal wave (iii) down is underway.

Tomorrow;
WAtch for wave ‘i’ of (iii) to turn lower and break the wave (i) lows at 28.75.