Good evening to one and all.

The Lord’s Blessings to you all tonight.

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EURUSD.

EURUSD 1hr.

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EURUSD daily.

I have to completely rethink whats happening in EURUSD today after another extension to last weeks rally.
The price has almost completely retraced the recent decline now,
and the rally looks impulsive for sure.
I cant continue to call this action part of an ongoing correction now.
At this point it seems wave [i] green is still in control here.

The correction over the last few weeks is a three wave structure overall,
and so I can only suggest this is wave (iv) of [i].
And wave (v) of [i] is now underway.

A new high has been make above 1.0737 today.
so the minimum target for this possible wave (v) has already been met.

Wave (iii) of [i] has alreaady created an extended pattern.
So I do not expect wave (v) to extend higher in a similar fashion.

Tomorrow;
It is just a matter of waiting again to see of wave (v) can complete a five wave internal pattern,
and then reverse lower again by the end of this week to begin wave [ii] again.

GBPUSD

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GBPUSD daily.

The rally in cable is well off the highs made at wave ‘A’ even after another rally today.
So I am confident that the main count is still inforce,
and the high of wave [b] should be in place pretty soon.

Todays high today was close to reaching the previous wave ‘b level at 1.2242.
This level marks the high of the corrective action since mid December.
We have a three wave expanded flat correction complete today also.
And now we see weakness in the action so close to that level wave ‘b’ high.
A reversal pattern here will signal that wave [b] is in place and wave [c] is about to take the price much lower over the coming week.

Tomorrow;
Watch for wave (c) of [b] to top out and reverse back into the 1.20 area again to suggest wave (i) of [c] has begun.

USDJPY.

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USDJPY daily.

I am looking at a possible three wave correction higher in wave (b) of [ii] after todays sideways action.
It is possible that wave ‘a’ and ‘b’ of (b) are already complete.
Wave ‘c’ of (b) should push higher again to break above 132.67 again to complete three waves up.

Once wave (b) completes tomorrow I will be looking for wave (c) to turn lower again later this week.
And wave (c) of [ii] must compelte above the lows at wave (4) at 129.50.
A higher low created by wave [i] and [ii] should lead to a larger rally into wave [iii] over the coming weeks.

Tomorrow;
Watch for wave (b) of [ii] to complete with a break of 132.67 and then wave (c) should fall again.

DOW JONES.

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The high of the session today punched through the 50% retracement level of wave ‘i’,
but the top held below the 62% Fib level.
And then we saw a sharp reversal back off the high this evening.
This decline is a signal that wave ‘ii’ is complete now.
We have a solid internal corrective pattern in place for wave ‘ii’.
A typical retracement level was reached in wave ‘ii’ also,
so the dominoes are lining up well here for a larger reversal to take place into wave ‘iii’ of (i) over the coming weeks.

The decline this evening is beginning to look quite impulsive also,
It is not a confirmation pattern yet,
but we can add that to the mix of bearish signals.

Tomorrow’
A five wave decline into wave ‘1’ this week will be a clear sing that wave ‘iii’ of (i) is underway.
Lets see if the top at wave ‘ii’ holds.
Watch for wave ‘1’ to fall again into the area of the previous wave ‘b’ low at 32800.

GOLD

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GOLD daily.

The top today is quite corrective looking so it seems wave ‘v’ may well manage a new high this week to top off the ending diagonal pattern.
Wave ‘5’ of ‘v’ itself does not have a clear three wave form as you would expect for this pattern.
So I will allow for the possibility for that slow three wave grind to a new high to take place this week.

Tomorrow;
It is a patience game again this week.
This pattern will complete soon enough, and I suspect it will end with a bang.

Watch for wave ‘5’ to trace out three waves up as shown over the next few days before we see an initial decline into wave ‘a’ of (ii).

CRUDE OIL.

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Crude made a new high for the correction in wave (ii) today
and that correction has completed a more satisfying internal pattern now.
The high of the session came close to hitting the 50% retracement level just above 77.00.
And now this evening we have a reasonably sharp decline in place off the high to signal a possible reversal pattern building here.
If wave (ii) is complete at the high today,
then wave ‘i’ of (iii) should fall into the wave (i) low again at 72.60 again.
A break of that wave (i) low again will signal wave (iii) is underway.

Tomorrow;
Watch for wave (ii) to hold at 76.86.
A break above that level will suggest wave (ii) is still in play here.

Wave ‘i’ of (iii) must fall in five waves towards 72.60 again.

S&P 500.

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S&P 500 daily.

Todays rally broke out above the upper trend channel line formed around wave ‘ii’ again and reached the 50% retracement level at the high!
That rally was almost robotic in its precise nature,
the market hit that typical retracement level,
and then turned on a dime and is now falling impulsively again as we hit the close this evening.

While there is no guarantee this evenings decline has begun wave ‘iii’,
In fact we need to see much more downside to suggest that is the case.
But
I will say that this action is exactly the type I want to see to begin wave ‘iii’.
so this is a good start, but further evidence is required.

Just keep in mind that wave (iii) of [iii] should fall towards the 3100 area to complete a solid extended pattern.
In fact wave (iii) will reach 162% of wave (i) at 2800,
so the downside potential for this wave is large indeed.
It think it is worth watching this market very closely this week for a bearish signal to develop in wave ‘1’ and ‘2’ of ‘iii’.
If that happens as I am suggesting,
then we have a real crash scenario on our hands here.

I cannot be 100% sure of anything,
but I am saying that the evidence is stacking up in favor of the worst case scenario right now.

Tomorrow;
Watch for wave ‘1’ and ‘2’ of ‘iii’ to create that lower high pattern I have shown this week.
A break of 3760 again will be the strongest signal that wave ‘iii’ of (iii) is underway.

SILVER.

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SILVER daily.

The top of wave (ii) at 24.09 has held today and the price is falling again this evening.
The action off that wave (ii) high is not very impulsive yet,
so we need to see this selling continue for tomorrow at least in order to give this bearish pattern a boost.

I am looking for wave ‘i’ of (iii) to break the 23.00 level again as confirmation of this reversal pattern.
So there is work to be done this week.

It is interesting to see the price take a step lower today along with the stock market this evening.
I think we can expect a large decline in stocks to pull the silver market lower with it.
So the action early this week will be key to confirming the larger wave count here.
An extended decline is on the cards here too.

Tomorrow;
Watch for wave ‘i’ of (iii) to kick off tomorrow with a break of 23.00 again.