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

Gold Futures are at screaming extremes right now and the divergence between Swap dealers and money managers is now at an extreme rarely seen.

I know nobody wants to let go of the idea that gold is the all present everything hedge, but the sentiment displayed here is breathtaking and it points to an inevitable outcome over the coming year.

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The action in EURUSD is really teasing me at the moment.
The price is moving higher as per wave ‘3’ of ‘iii’ of (iii).
But the rally has hit a brick wall at the wave ‘i’ high today it seems.

This wave count is poised for a sharp rally in wave ‘iii’ of (iii).
And that needs to happen pretty soon in order to stick with the wave count.
the longer we go without a third of a third rally,
the more likely that alternate count will be for wave ‘ii’.

Tomorrow;
Watch for wave ‘ii’ to hold at 1.0279.
Wave ‘iii’ up must break above 1.0533 to confirm.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have a similar comment on cable tonight.
A choppy days trade today has caused some confusion on the count here.
Wave ‘3’ of ‘iii’ should be tracing out a clean five wave pattern higher with a target in the area of 1.2700 again.
But today we have hit resistance at the wave ‘i’ high.
Wave ‘3’ of ‘iii’ should continue higher tomorrow in this scenario.
so I am looking for confirmation of this pattern with a clear developing five wave internal structure.

Tomorrow;
Watch for wave ‘ii’ to continue to hold at 1.2333.
Wave ‘iii’ must trace out five waves up over the coming days.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am giving USDJPY the benefit of the doubt tonight with a possible (i) (ii) pattern in play here.
The price came off the high to retrace much of Wednesdays rally,
and I am suggesting wave (ii) is now underway.
Wave (ii) should complete a corrective higher low over the next few days.
And Next week will bring a rally in wave (iii) in this scenario.

Tomorrow;
Watch for wave (ii) to hold above 150.93 in a three wave correction.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW continues in limbo today with a three wave rise to a lower high again.
The pattern remains in wave (ii) blue even if it is a tight margin.
And as long as the price holds below that wave (ii) high,
then we have a potential reversal pattern building.
If we see another rejection below the high forming tomorrow and a drop back below 43800 the action will begin to favor wave ‘i’ down then.

Tomorrow;
Watch for wave (ii) to hold and a small lower high to hold today.
A turn lower to break the support is suggested as the next move.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The gold price is holding at a lower high today also.
With a possible wave ‘2’ of ‘i’ wave count in play here.
There is still no sign of that move into wave ‘3’ of ‘i’ yet,
so there is still a chance that the previous rally in wave (c) of [b] will register one more high as part of its extended rally.
I still don’t think this changes anything.
Wave [b] is the most likely outcome here,
and wave [c] down will be brutal when it does start.

Tomorrow;
Watch for wave ‘i’ to continue lower as shown.
Wave ‘3’ of ‘i’ will break down into the lower trend channel to confirm the pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has broken to a new low below the wave [i] low today.
that completed wave ‘i’ of (iii).
And now I am looking for wave ‘ii’ to return higher in three waves as shown over the next few days.
Wave ‘ii’ should top out in the 72.00 area again,
and then next week will bring wave ‘iii’ of (iii) of [iii] if this count is correct.

Tomorrow;
watch for wave ‘ii’ pink to correct higher in three waves to form a lower high below 73.40.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am concentrating on the 4hr chart tonight,
as the action today suggests we have a larger wave (v) blue on our hands here.

this rules out the recent count for wave (v) of [v].
And now I am looking higher into wave (v) of [v] of ‘C’ as shown.

The larger channel suggests wave (v) blue will top out with a run into that upper channel line near 6400.
And if this count proves correct,
then we will finish the week with a break out to a new high tomorrow.

Tomorrow;
this count suggests that the risk appetite has more room to run before completing the larger wave ‘C’ pattern.
Watch for wave ‘iii’ of (v) to push out to a new high over the coming days.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

the action in silver has postponed the top for wave [ii] until next week now.
The rally today is very close to tracing out a five wave pattern higher.
And we are perilously close to breaking the recent high again.
this will happen in wave ‘v’ of (c) as shown in the next few sessions.
And that will bring us into next week to chart a turn lower into wave [iii] again.

Tomorrow;
watch for wave ‘v’ of (c) to complete a five wave pattern as shown with a break above 32.64.