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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD continues its path lower today and that seems to favor the idea that wave (iii) is complete at last weeks highs.
In that case wave (iv) is now underway.
and I am suggesting that we have a possible ‘a’ ‘b’ pattern in place to begin wave (iv).
Wave ‘c’ down should push back below 1.0780 at the previous wave ‘iv’ lows.
this is the initial target for wave (iv).

If wave (iv) turns out to be a triangle correction,
then we will see a some more back and forth around the current level to complete at about 1.0950.

Tomorrow;
WAtch for wave ‘c’ of (iv) to fall in five waves to hit 1.0781 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I think we have five waves down complete in wave (a) of [ii] today.
Wave (a) almost hit the 50% retracement level of wave [i] at the session lows.
Which confirms the idea that a top is in for wave [i] and wave [ii] is underway.

I am suggesting that wave (b) will bounce over the coming few sessions to create a lower high.
And I am looking at the 50% Fib level at 1.2960 as a reasonable target level.

Tomorrow;
Watch for wave (a) to hold at 1.2710.
wave (b) should turn higher in three waves to top out near 1.2960.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has pushed higher again today and the price is close to breaking 148.00 again as I write.
The price has created a three wave rally off the lows at 144.52.
And I am looking for a five wave rally in wave ‘i’ as shown.
So there is more work to do to confirm this pattern,
but the price is off to a good start.

Tomorrow;
Watch for wave ‘i’ to continue higher in five waves as shown.
Wave ‘3’ of ‘i’ should push up towards 149.00 to complete.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW managed a solid bounce this morning out of a gap lower in the futures.
And now the market is closing pretty much flat after that whipsaw session.

I am suggesting that the wild range in todays session is part of a fourth wave correction.
Wave (iv) of [iii] is set at the session highs,
and wave (v) of [iii] is beginning off that high.

Wave (v) of [iii] should fall into the 162% Fibonacci extension near 35700.
If that happens,
that will complete wave [iii],
Then I will look for wave [iv] green to turn higher again later this week as shown.

Tomorrow;
Obviously I can’t tell how this week is going to go in reality,
but the pattern suggests a very choppy but mostly sideways trade as we complete wave [iii] and then correct into wave [iv].

If we see a further acceleration lower tomorrow beyond 35000,
that will signal that wave [iii] has further to go before wave [iv] happens.

For the moment,
Watch for a low to form in wave (v) of [iii] near 35700.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is close to completing five waves down in wave [i] green after a sharp drop today.
the internal pattern of wave (v) may have one more step lower to go before we see a final low in wave [i].
But I do think that the middle of the week will be dominated by a rebound into wave [ii].
Wave [ii] should hit rally back in three waves towards 3050 again.
And then wave [iii] down will be set to begin by the end of this week.

I was looking for wave [i] to drop into the previous wave [iv] lows at 2830 to complete.
But I don’t think the action supports that big of a decline in wave [i] now.
A break of that support will happen in wave [iii].

Tomorrow;
Watch for wave [ii] to bounce from a nearby low to target the 3050 level again in the next few sessions.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am tracking a five wave pattern lower in wave ‘3’ blue this week.
And so far I think we may have completed wave [iii] of ‘3’ at the session lows this morning.

If this count is correct,
then wave [iv] is either complete at the session high,
or,
there is a more complex correction developing now.
and in the case of a triangle,
this wave [iv] correction could take a few more days to close out.

Tomorrow;
Watch for wave [iv] to hold at todays highs,
wave [v] down should trace out five waves down from todays highs as shown.

The initial target for wave ‘3’ lies at 57.80.
But ideally wave [v] of ‘3’ will break below that level.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is also ending the day flat after a wild whipsaw from the futures this morning to the session highs.
I am suggesting that wave (iii) and (iv) of [iii] are now complete.
Wave (v) of should fall again tomorrow to hit a new low for this decline,
and complete wave [iii] green.
From there I will for a correction higher into wave [iv] later this week.

Tomorrow;
Watch for wave (v) of [iii] to drop into the 162% extension of wave [i] at 4540.
Wave [iv] should begin off that low,
and that correction should trace out three waves up towards 5200 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Wave (i) has completed five waves down today at the lows.
the futures created a gap lower this morning,
and my chart shows 28.30 as the low.
The cash low came in at 28.50.

The price rebounded into wave ‘a’ of (ii) at 30.80,
and a three wave decline in wave ‘b’ took over the rest of the session.
Wave ‘c’ will complete three waves up in wave (ii) near 31.45 at the 50% retracement level.

If all that works out,
then I will look lower for the rest of the week in wave (iii) down.

Tomorrow;
Watch for wave (ii) to complete near the 50% retracement level at 31.45.