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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I will admit,
the pattern off the lows in EURUSD is not ideal.
We have a small overlap in waves ‘i’ and ‘iv’.
Wave ‘ii’ is a rough running flat correction.

But,
the price has turned higher again today into a fifth wave up.
So the balance of probabilities favors the wave (i) up idea.
I will be much happier about this pattern if we see a push up above 1.05 to complete wave (i).
So this is an important week for this reversal pattern.

Tomorrow;
Watch for wave ‘v’ of (i) to continue higher to hit 1.05 at a minimum.
A break below 1.03 again will rule out this bullish idea for the moment.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action in cable continues to be corrective in nature even with the spike higher this afternoon.
I am allowing for this wave ‘4’ correction to hit 1.2350 to complete,
and then wave ‘5’ should turn lower again as shown.

I know the price is very close to ruling out the clean five wave pattern in wave ‘iii’.
But there is still a very real option of an ending diagonal in the larger wave (v) pattern.
So a small overlap will not be the end of this wave count.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to turn lower once more to break below 1.2100 again.
If the price does continue higher,
then I will consider the ending diagonal pattern for wave (v) blue.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has not turned higher into wave ‘i’ of (iii) yet.
The final low of wave ‘c’ was pushed lower again this morning,
But the price is attempting a reversal into wave ‘i’ as I write.

so,
We have a possible low in place for wave (ii) blue.
And wave (iii) higher is the next step.
I am raising the target for that wave ‘i’ rally in order to confirm the pattern.
A break above the previous high at 158.90 is now the target this week.

tomorrow;
Watch for the price to hold above the wave (ii) low at 154.78.
Wave ‘i’ of (iii) must continue higher in five waves towards the target.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We have another spike higher today in wave ‘c’ which stretches the pattern into the 62% Fibonacci retracement level of wave (i).
This is the area where I begin to worry about a pattern.
If we continue to climb from here that will just create a self fulfilling prophecy,
where the market looks towards making a new high again just because it can.
So I want to see a top form in wave (ii) very soon.
With wave ‘i’ of (iii) to fall back below 43000 again with ease.

Tomorrow;
watch for wave ‘c’ to opt and then a spike lower to begin wave ‘i’ of (iii) as shown.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold made a new high today in wave ‘v’ of (c) of [b].
I have labelled the rally in wave ‘v’ with a clear three wave internal pattern.
Wave ‘c’ of ‘v’ took the price to a new high today and the price hit the upper trend line again.
the internal pattern of wave ‘c’ is in five waves.
So this action suggests wave ‘c’ is now done,
and we can expect a turn lower again to begin wave (i) even tomorrow.

Tomorrow;
Watch for wave (c) to finally top out to complete wave [b].
A turn lower into wave ‘i’ of (i) should begin this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is moving lower again today and it seems that now we have the makings of a five wave pattern lower into wave [i] green.
I would like to see a break of the wave [iv] low at 72.50 to confirm wave [i],
but this is not critical.
A clean five wave decline is more important to setup for a larger drop into wave ‘1’ of (3) over the coming weeks.

Tomorrow;
Watch for wave (iv) to complete a corrective move sideways as shown,
and (v) can then create one more step lower to break 74.55 at the previous wave [iii] top.
wave [i] should be done by the end of this week if all goes well.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The wave ‘a’ high has been breached this evening to complete an expanded flat wave (ii) blue.
The pattern in wave (ii) is perfect.
But that does not mean it is correct!

Now we are in danger territory again as that all time high is looming just above the current highs.
It may prove too tempting to resist here.
So I want an immediate turn off the wave (ii) high to begin wave (iii) down now.

I know this looks like a tall order here.
wave ‘i’ of (iii) should retrace most of the previous rally in wave ‘c’ of (ii) if this count is correct.

Tomorrow;
Watch for wave (ii) to hold below the all time highs and for wave ‘i’ of (iii) to turn lower before the end of this week.
I am feeling the pressure here now,
so the sooner this turns the better.
We will soon see.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is still holding below the wave (ii) high registered last Thursday.
I have labelled the action off that high as the beginning of wave ‘i’ down.
Wave ‘2’ of ‘i’ must hold below 30.96 at the wave (ii) high.
And the pattern suggests a five wave decline from here into wave ‘i’ down is next.
Just like the stock market,
we have a good setup here for a reversal,
but that does not prove anything.
The sooner we get a sharp move lower into wave ‘i’ down the better.

Tomorrow;
watch for wave ‘i’ down to continue lower and trace out five waves down this week towards the 29.00 handle again.