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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is stepping its way higher again today but without any serious net gain yet.
This action is a little bit disappointing in terms of a fifth wave rally to be honest,
but as long as the price continues to move in the right direction,
then I can stick with the wave ‘v’ count.

Tomorrow;
Watch for the low at wave ‘iv’ to hold at 1.0734.
Wave ‘3’ of ‘v’ should push above 1.0954 to confirm the pattern.
And then I will be looking for wave (iii) to top out by the end of the week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable dropped back off that wave ‘b’ high today and that brings the main count for wave (iv) back on track.
Wave ‘c’ (iv) is expected to break 1.2870 and hit the lower trend line again to complete the decline.
And from there I will begin to look higher again into wave (v) of [i] later this week.

Tomorrow;
The correction in wave (iv) should complete tomorrow and then wave ‘i’ of (v) will turn higher again.
A break of 1.2990 again will signal wave (v) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY hit a new low for wave ‘ii’ overnight at 148.70.
That low completed an expanded flat correction in wave ‘ii’ just below the 50% retracement level of wave ‘i’.
and then the price immediately spiked higher to begin wave ‘iii’.
Wave ‘1’ of ‘iii’ should top out near the wave ‘i’ high again at 150.93.
and I am looking for a higher low to form above wave ‘ii’ from there.

Tomorrow;
Watch for wave ‘iii’ to carry the price higher in general this week.
wave ‘1’ and ;2; must form a higher low above 149.70.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has traced out a five wave decline into the session lows this morning.
And now we have a pretty good bounce in play this evening.
I am suggesting that wave ‘i’ of (iii) completed at the morning lows.
and now wave ‘ii’ is underway.
The market is now sitting at the 50% retracement level of wave ‘i’ as I write.
And that is a large enough retracement to call wave ‘ii’ complete,
the internal pattern of this rally is hard to discern to be honest,
so I am holding this wave count lightly as they say.

Tomorrow;
Watch for wave ‘ii’ to complete below the wave (ii) highs – I would prefer to see a top for in wave ‘ii’ right now.
And then wave ‘iii’ down should turn lower from there.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold today is still quite corrective looking so there may be more upside tomorrow before wave (v) completes.
The rally in wave (v) has reached the equality level with wave (i) blue at 3113.
And I don’t think there is much more left in this rally to be honest.
If wave (v) extends to 162% of wave (i),
that gives a target at 3173.
So I am looking for a top to form in wave (v) of [v] in that range.

Tomorrow;
Wave (v) should top out this week,
and I am looking for a initial move into wave (i) down before the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has triggered the alternate count for wave ‘1’ and ‘2’ after that spike rally today.
Wave ‘2’ has traced out three waves up even now as I write.
The rally in wave ‘2’ is approaching the 50% retracement level of wave ‘1’ now.
That level lies at 72.31.
And that should be enough to top out this second wave by the end of this week.
From there I will be looking for a turn lower into wave [i] of ‘3’.

Tomorrow;
Watch for wave (v) of [c] of ‘2’ to top out over the coming days.
And then wave [i] of ‘3’ should begin with a drop back below 68.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There are two main ways of viewing todays action after the market broke to a new low this morning.

The main count suggests wave ‘i’ of (v) of [i] completed at the session lows
and in that scenario wave (v) should continue lower over the coming days to trace out a further five wave decline.

The alternate count says that wave (v) of of [i] completed at todays lows,
and in that scenario wave [ii] is now underway.
Wave [ii] has the potential to retrace back into the 5900 area in three waves over the coming week.

Both idea are valid.
The price action tomorrow will tell a lot about which version is true.

Tomorrow;
Watch for wave ‘ii’ of (v) to trace out three waves up as shown to complete near 5660.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has dropped in three wavs off the top of wave [ii] so far.
This is concerning me!
I want to see a solid decline this in wave (i) blue with a target near 31.00 again.
And if we see a break of 32.60 again that will favor the wave (i) idea.
But I will have to wait and see now.

Tomorrow;
Wave [ii] must hold.
watch for a break below the previous wave ‘iv’ low at 32.65 to save this pattern.