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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There is very little to report on EURUSD today as the price seems stuck in a sideways motion overall.
I am still looking for the end of a correction in wave ‘iv’ pink.
This pattern will be corrective,
but the action has not taken any particular form yet.

Wave ‘a’ of ‘iv’ lies at 1.0820,
so that is the minimum target for wave ‘c’ if this is a flat correction.
A triangle correction will drag on until the end of the week possibly.
So this count be a very quiet week in that scenario.

Tomorrow;
Lets see if wave ‘b’ can close out below 1.0946 and turn into wave ‘c’ of ‘iv’ again..

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has made a double top with last weeks highs today.
this action suggests wave (iii) is still in play here with a possible ‘4’ and ‘5’ top now underway.
Wave (iii) has done more than enough to call that wave complete,
so this week I am looking for a turn down into wave (iv) as shown.
The initial target for wave (iv) lies in the 1.2700 area.

Tomorrow;
Watch for a drop below 1.2900 to signal that wave ‘a’ of (iv) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has turned higher again today and the idea of a second wave low in place here is gaining credibility.
The first resistance to this rally lies at 150.20,
and if we can break that level with an impulsive pattern,
that will favor the wave ‘i’ of (i) count.

Tomorrow;
Lets see if the upside movement can continue with a break of 150.20 in wave ‘i’ pink.
Watch for 147.44 to hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has managed a five wave rally off last weeks lows now.
This action suggests wave (i) is complete at the 40650 level,
and wave (ii) should continue higher in three waves this week.

Todays rally is labelled wave ‘a’ of (ii) after a five wave pattern.
Wave ‘b’ should complete a higher low by midweek,
and then wave ‘a’ can run higher to close out the pattern by Friday.

Tomorrow;
Watch for a roll over into wave ‘b’ of (ii) as shown.
The low at wave (i) must hold as this correction plays out over the coming days.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We have an ongoing correction in wave ‘iv’ of (iii) today with a small lower high building this evening.
I have labelled this as wave ‘b’ of ‘iv’,
with wave ‘c’ of ‘iv’ left to complete the pattern tomorrow.
Wave ‘iv’ will complete near 2970 in this scenario.
and when that correction is done I can look for a turn higher into wave ‘v’ of (iii) later this week.

Tomorrow;
Watch for wave ‘iv’ to close out with a drop into 2970.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has broken out of the contracting triangle pattern today,
but I am still convinced that this is a corrective move higher in general.
Todays high is labelled wave ‘c’ of (iv).
and that will remain correct as long as the price holds below 68.29 at the wave (i) low.
A break of that level will rule out wave (iv) and I will have to move to a higher degree corrective pattern.

Tomorrow;
Watch for wave (i) to hold at 68.29.
wave (v) of of [iii] to turn lower again and hit the 63.00 handle to complete later this week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has bounced again today and the price is getting close to invalidation also.
The wave ‘i’ level lies at 5730,
and wave ‘iv’ must hold below that level.
If that level breaks,
then I will rethink the pattern off the top again.

At the moment there is an expanded flat correction in play for wave ‘iv’ pink.
and wave ‘v’ of (iii) must turn lower from here.

Tomorrow;
Watch for wave ‘iv’ of (iii) to close out below 5730 as suggested and then turn lower again into wave ‘v’.
Wave ‘v’ must break the recent lows at 5500.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is still a chance that silver is operating in a corrective rally even with todays spike higher.
Wave [ii] of (C) must hold below 34.88.
and this rally must complete very soon as we are very close to that invalidation level even now.

The three wave pattern can be seen best on the 4hr chart.
the upper channel line is closing in and if we see a reversal below that level,
that will signal wave [ii] is topping out.

Tomorrow;
There is not much time left to close out wave [ii] and then turn into wave [iii].
I would prefer to see that happen tomorrow!