Good evening to one and all.
May you all be mightily Blessed by the one and only Messiah Yeshua tonight.
how about some extra charts eh!
Great time for a crash to begin!
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
Despite a dip below the wave [iii] low this afternoon I think the best interpretation of the action this week is a three wave decline in wave (b) of [iv].
Wave (c) of [iv] should come in tomorrow and punch above the wave (a) high at 1.1896 again.
We may even see a challenge of the next high at 1.1975 again to complete wave [iv] as this is the previous fourth wave at one lesser degree.
Tomorrow;
Watch for wave (c) to push above 1.1900 again to complete an expanded flat correction in wave [iv].
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
The price has held above the wave [i] low so far today even though we got another test of the low this afternoon again.
The pattern off wave (a) is still in three waves and holding a higher low,
so this action is still viewed through the prism of an upside correction in wave [ii].
And the spike higher this evening is viewed as wave (c) of [ii] now underway.
In terms of a target for wave [ii] to complete;
The 50% retracement level actually comes in within a few pips of the previous fourth wave high at 1.4000.
So that level looks likely to attract the price over the next few sessions.
Tomorrow;
Watch for wave (c) of [ii] to continue higher in five waves to with a minimum target at 1.3900.
USDJPY.
USDJPY 1hr.
USDJPY 4hr.
USDJPY daily.
USDJPY hit the wave 'iv' low overnight at 110.39,
and now we have a small bounce off that low today.
At this point there is enough of a decline in place to regard wave (iv) as complete,
we will just have to wait and see of wave (v) is now ready to rally again and take us back above the wave (iii) high again.
Tomorrow;
Watch for wave (iv) to hold at 110.39 and wave (v) up to push higher in five waves beginning tomorrow.
This pattern will be invalidated if the price falls below 109.78 again.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
There is not a whole lot to add here apart from that fact that the dow is holding below the highs here.
and a three wave correction in wave [ii] is still a very real possibility.
And so far this week we have a spike lower which can easily develop into a five wave decline by the end of this week.
If wave [iii] down is about to begin here,
then the backdrop of internal divergences and historic overvaluation and all out stupidity is right on the money here.
All I can say is, this fits very well indeed!
Tomorrow;
Lets see if the wave [ii] lower high can hold and if we can manage a five wave decline into wave 'i' down.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold is hanging on above 1800 this evening, and just below the previous high at wave [iv] at 1814.
I would prefer if wave [v] down just got on with proceedings right now,
but there is a real possibility that we see a larger fourth wave correction develop over the coming few days.
This might involve a ranging flat correction between the bounds of 1750 and 1815 as shown,
so I am going to allow for that possibility as an alternate count now.
Tomorrow;
Watch for wave [v] down to begin with an impulsive break of 1750 again.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Well crude took quite the beating this week and not before time either!
As far as the short term count is concerned,
it is still within the realms of possibility that this is a three wave decline in play here in wave '4'.
And wave '5' of (5) is yet to push back towards 77.00 over the next week.
Tomorrow;
I have labelled wave '4' down as a complete three wave correction at todays lows.
The price has bounced off the lows this evening.
So wave [v] up may well be underway now.
A break of the wave [b] high at 74.40 will confirm that wave '5' is underway.