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

EURUSD

EURUSD 1hr.

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EURUSD daily.

It looks like wave (iv) is going to take a little longer after todays action.
I am looking at a larger wave (iv) correction in play now.
wave ‘b’ of (iv) is tracking sideways in three waves in a trend channel today as shown.
And wave ‘b’ of (iv) should top out with a tag of that channel at 1.1060.
From there wave ‘c’ should fall back below 1.0780.

Watch for wave ‘b’ to complete three waves up at the upper trend channel line at 1.1060.
and then wave ‘c’ should begin.

GBPUSD

GBPUSD 1hr.

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GBPUSD daily.

The action was pretty quiet overall and the price did not make much progress into wave (b).
Wave ‘a’ of (b) is expected to push towards 1.29 to complete.
And then the price should form a higher low in wave ‘b’.
The target for wave (b) remains at 1.2960 at the 50% retracement level.

Tomorrow;
Watch for wave ‘a’ of (b) to push up to the 1.2900 level to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action today is hard to pin down as an impulsive rally in wave ‘i’ pink.
so I am reverting back to the previous wave ‘v’ down to see if there is one more drop left to close out that pattern.

The rally into Mondays high completed a clear three waves up.
And that takes the wave ‘4’ label.
Wave ‘5’ is now expected to drop into 144.00 again to complete the larger wave ‘v’ of (c) of [ii]

Tomorrow;
Watch for one more break of that wave ‘3’ low at 144.50 to complete this pattern in wave (c) of [ii].

DOW JONES.

DOW 1hr.

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DOW daily.

Up and down and up and down again!

The market continued higher today to complete a larger three wave pattern in wave (iv) blue at the session highs.
And now the market has retraced sharply again to begin wave (v) of [iii].

I am looking for wave [iii] to complete near 35700 if the market sticks to the pattern.
And from there I will begin to looking higher in wave [iv] for the second half of this week.

Tomorrow;
Wave (v) of [iii] will fall into the 162% Fibonacci extension level at 35700 to complete.
the wave (iv) highs should hold at todays high from here on out.

GOLD

GOLD 1hr.

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GOLD daily.

I am looking at a sooner move into wave [ii] than previously expected.
The price has created a higher low today and this can be viewed as wave (b) of [ii].
Wave (c) of [ii] will rally again before the end of the week to hit the 50% retracement level at 3060 again in this scenario.

Tomorrow;
Watch for a three wave pattern to build in wave [ii] over the coming few days.
the price should hold above 2956 in wave (b) and then wave (c) will rally again towards 3060.

A break of 2956 again will signal wave [i] is still in play.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We are getting close to the minimum target for wave ‘3’ blue this evening.
That target lies at the 100% Fib extension of wave ‘1’ blue at 57.50.

If the current count is correct,
then todays decline is happening in wave [v] of ‘3’.

Wave [v] should trace out five waves down itself to hit a new low as shown.
And todays drop is happening in wave (iii) of [v] of ‘3’.

The lower target for wave ‘3’ blue lies at the 162% extension of wave ‘1’,
and that projects a low at 48.50 for wave ‘3’.
That low can only be reached if the price extends lower in wave [v] now.
and I just can’t be sure of that yet.

Tomorrow;
Watch for wave [v] of ‘3’ to trace out fiev waves down to break 57.50 at a minimum.
Right now it seems wave [v] will complete near 55.00.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Just like the DOW,
the S&P rallied hard this morning and then reversed all of that rally into this evening s close.
The actoi today still fits a possible wave (iv) correction higher.
and now a wave (v) decline is underway.

A break of 4800 again will be enough to complete wave (v) of [iii].
And from there I will look for another correction higher into wave [iv] green.

Wave [iv] will likely target the previous wave (iv) high at 5270.
and from there its back down hill again!

Tomorrow;
Lets see if the market will finish wave (v) of [iii] with a break of 4800 again.

SILVER.

SILVER 1hr

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SILVER daily.

Silver is still working on a higher low today in wave ‘b’ of (ii).
If this count is correct,
then wave ‘c’ will turn higher again to complete three waves up near 31.40 at the 50% retracement level.
After that,
the stage will be set for a reversal into wave (iii) down which can easily drop into the 25.00 area again.

tomorrow;
WAtch for wave (ii) to complete with a rally in wave ‘c’ towards 31.40 again.