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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A lurch higher today has extended the rally in wave ‘iii’ pink.
But I do expect that wave ‘iv’ will turn lower this week.
the price action has traced out a clear five wave internal pattern in wave ‘iii’.
And this evenings top offers another opportunity to turn lower into wave ‘iv’.

Tomorrow;
Watch for wave ‘a’ of ‘iv’ to fall back to 1.0800.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar trade in cable today also.
the price has broken above the previous high from Friday.
The previous sideways move is labelled wave ‘4’ of ‘v’.
And todays new high completes wave ‘5’ of ‘v’.
That should be enough to top out the larger wave (iii) blue.
And I am waiting for confirmation of that top with a drop in wave ‘a’ of (iv).

Tomorrow;
Watch for a drop below 1.2660 to confirm wave ‘a’ of (iv).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is making an attempt to turn higher off the recent lows again today.
the price action is beginning to complete a higher low this evening.
Wave ‘i’ higher should hit the 150.00 handle again after a five wave pattern.
So that is the main level of interest for this initial rally.

Tomorrow;
Watch for wave wave [ii] to hold at 146.54.
Wave ‘i’ of (i) must continue higher and hit 150.00 again to give a confidence boost to this wave count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is now trading solidly below that wave (iv) support at 41700 today.
There is enough done in this decline now to suggest that wave (i) blue is complete.
The minimum target is hit at wave (iv).
and we have a reasonable five wave internal pattern complete for wave (i).
the only question now is how far wave (i) will go before a relief rally comes.
I can’t be sure,
but I suspect wave (ii) will begin before the end of this week.
And wave (ii) will probably target the 43500 area in three waves.

Tomorrow;
Watch for wave (i) to find a low pretty soon.
A break above 42000 again will signal wave (ii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I gotta admit that the action is not going my way here in gold today.
There is still an opportunity for wave ‘iii’ to take over and carry the price lower again this week,
but we are too close to the invalidation highs to call this with certainty.
So I am going to wait on the market to make a choice.

Tomorrow;
A turn back below 2800 is what I want to see.
but lets see if that wave ‘ii’ high can hold at 2929.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am looking at another possible pattern for wave (iv) blue tonight.
This involves a contracting triangle pattern that must complete below 67.98.

The price action has completed wave ‘b’ of (iv) at the lows today,
And wave ‘c’ of (iv) should trace out three waves up as shown.
Waves ‘d’ and ‘e’ will take another few sessions to close out the correction.
And from there wave (v) can take over.

Tomorrow;
Watch for wave (iv) to continue as suggested and hold below 67.98.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action in the S&P is moving in line with the wave count at the moment.
But that can change in a moment these days.

The idea here is that wave (iii) blue s working its way lower in five waves.
And todays action is part of wave ‘iv’ of (iii).
This pattern suggests one more drop in wave ‘v’ of (iii) as shown.
And then wave ‘v’ of (iii) will complete below 5500.
From there the market can consolidate into wave (iv) blue.
But that will have to wait for a few more days.

Tomorrow;
Watch for wave ‘iv’ to drag sideways and complete below 5700.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is very close to breaking this pattern today after a step higher again.
The price is still holding a lower high below wave [ii].
So this wave count is not out of the running just yet.
I want to see wave ‘i’ of (iii) turn lower tomorrow to be honest.
That will quiet my nerves a little.
And if we see a break of 30.80 that will confirm this pattern.

Tomorrow;
Watch for wave (ii) to hold below the highs at wave [ii] to give wave (iii) another chance.