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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Where is this darn top in the patter that I have been looking for?

EURUSD has extended again today with a break back above the last weeks highs.
and the action is pretty impulsive looking to be honest.
I am not about to abandon the overall thesis here that wave [i] green is at the end of its pattern.
In fact I suspect this is the final throws of wave ‘v’ of (v) of [i] again.
Every pattern reaches its end,
and the reversal catches everyone off guard.
And I think people are going to be surprised by the rush back into the USD in wave [ii] green.

Tomorrow;
I will look for a five wave pattern in wave ‘v’ pink to close out this week,
and then I will try again for a turn down into wave (a) of [ii] by the end of this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Similar pattern in cable tonight.
The rally into this high has now gone too far to be called wave (b) of [ii].
So I have fallen back to the previous wave (v) rally again.
There is a five wave pattern now visible in the recent rally off 1.2700.
This favors the wave (v) label now.
And the price is back above the upper trend channel line again today.
So it seems like wave (v) of [i] needs more time to close out.
I will leave it to later this week until I look for wave (a) down to begin again.

Tomorrow;
Watch for wave ‘v’ pink to complete an internal five wave pattern again to complete wave (v) blue.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action today has tipped me over the edge on the wave count now.
And I have switched to the alternate pattern for wave ‘2’ red this evening.
This is best viewed on the daily chart tonight.

Three waves down in wave ‘2’ red will drop into the lower trend line near 135.00 in this scenario.
The recent decline takes the wave [c] label.
And the price is close to breaking support at wave [a] at 139.55 even now.

the price will reach a new low for the correction in wave [c] of ‘2’ soon.
and wave (v) of [c] will make the rest of the distance down to the lower trend channel line later this week.

Tomorrow;
Watch for wave (v) blue to complete a five wave internal pattern over the next few days.
That should bring us below 139.55 at a minimum.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW stepped lower today in line with a third wave decline.
Wave (iii) of [v] should complete an internal five wave pattern as shown by midweek, maybe even sooner at this rate.
And if this pattern is correct,
the downside momentum should slow later in the week as wave (iii) closes out and wave (iv) begins to correct higher again.

The minimum target for this wave [v] decline lies at 36490.
And at that point we should be getting closed to an end in wave ‘1’ or ‘A’,
that will lead to a reversal into wave ‘2’ or ‘B’ in the coming weeks.
But lets just concentrate on finishing wave [v] down first.

Tomorrow;
Wave ‘iii’ pink is still in play here and should complete by tomorrow evening.
And the larger wave (iii) of [v] should complete five waves down with a break of 37000.

The price should hold below that lower trend channel line as wave (iii) closes out over the coming days.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Early and wrong are inter changable in wave counts.
I am early and wrong in calling a top for wave (5) of [3] over the last few weeks.
Obviously the hysteria is real for gold as wave ‘5’ of (5) continues.
And of course no one can see anything other than rally to the ‘moon’ now.

This is an old headline in the gold bug world,
going back to the last century at least!
But it is one that never seems to die.

The gold market is tiny in comparison to most everything else that is traded.
And this will be crushed when the flight to safety comes.
Liquid assets will benefit,
USD and T bills to start.
And gold will suffer a rush to the exit as wave [4] takes over.

In terns of the wave count,
its back to a hunt for the top of wave [v] of ‘5’ now.
The price has gone vertical over the last few weeks in wave [v] green.
and we are now well above the upper trend channel line on the three charts.
I cant call the top here as wave (v) of [v] develops,
but we are closer than most will admit for sure.

Tomorrow;
I am just holding back here until another topping pattern shows itself.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The price has turned off the top of wave (b) today with a nice sharp spike lower.
I am suggesting that wave (c) is now in play here.
Wave (c) will fall in five waves as shown.
And the target lies at 58.40 back at the wave (a) lows again.

Wave ‘ii’ of (c) is creating a lower high at the moment,
so we should see a drop into wave ‘iii’ by midweek.

Tomorrow;
Watch for wave (c) of [b] to continue lower in five waves as shown over the coming week.
Wave ‘iii’ of (c) should drop back below the 60.00 level again to confirm the pattern.
Watch for wave (b) to hold at the recent high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has turned lower also today and the market is now back below the wave (i) low as I write this evening.
I am suggesting that wave (iii) of [v] is underway here.
Wave (iii) should fall in a five wave pattern overall.
And wave ‘iii’ of (iii) is expected to break the the 5000 level again with ease.

The minimum target for wave [v] lies at 4800 at the previous wave [iii] low.
And at that point we will be getting close to a low for wave [v] of ‘1’ or ‘A’.
I would like to see drop into 4500 at the lower trend channel line to complete this wave,
but we will just see how it plays out.

Tomorrow;
Watch for wave (iii) of [v] to complete a five wave decline near support at 4800 to confirm the larger pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver does the opposite of gold today by barely budging the needle.
I am looking for a five wave drop into wave ‘i’ of (iii) this week.
that goes against the grain given the action in gold today,
but that idea needs confirmation now as the price is still too close to the wave (ii) high.
Wave ‘i’ of (iii) should fall into the wave ‘a’ high at 30.78 this week.
If that happens then I will be more confident with this overall count.

Tomorrow;
Watch for wave ‘i’ to turn lower again and trace out five waves down into support at the wave ‘a’ high.