Good evening folks.

And God’s Blessings every single one of you again tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD did spike lower today into a possible third wave down.
Wave ‘iii’ of (i) is not complete yet as the overlap of the wave ‘i’ low rules out wave ‘iv’ this evening.
So wave ‘iii’ must drop to a new low tomorrow and break 1.2054.

The alternate count is still valid at this point.
we have a three wave decline into todays low which can be counted as wave (b).
And wave (c) up will push towards 1.2200 in this scenario.

Tomorrow;
if the price holds above 1.2054 tomorrow that will favor the alternate count.
watch for wave ‘iii’ to complete a new low below 1.2054.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘v’ is on the way to a new high this evening,
after correcting and holding above the lower trend line today.

If we see a spike above the upper trend line of the wedge tomorrow,
that will be enough to complete the pattern and open up the chance of a decline to be gin into wave ‘D’.

Tomorrow;
Watch for wave ‘v’ to complete three waves up and top out the overall pattern in wave [v] of ‘C’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘iii’ up came in today with a nice thrust higher and briefly broke above the wave (b) high at 104.09.
Wave ‘iii’ is not complete juet yet I think.
We should see the price hold above that initial resistance at 104.09,
and then that level should act as support for wave ‘iv’ of (i).
This is the ideal scenario of course,
we will see what happens overnight.

Tomorrow;
Watch for wave ‘iii’ to push up to 104.40 at the next higher resistance before completing and correcting into wave ‘iv’ of (i).
The low at wave ‘ii’ of 103.55 must hold from here.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price fell more than expected today and broke out of last nights pattern into wave (v).
The main count shows a three wave correction into todays lows in wave (iv) again this evening though,
the pattern still counts as a 3,3,5 flat correction into todays lows.
So I am allowing for another wave up in wave (v) to develop over the next few days to complete the larger pattern.

In general todays action should be a little scary for any bulls here,
its not supposed to be happening!
The market is beginning to shown weakness all around.
We have sluggish gains, and rapid declines.
This is the stuff of momentum exhaustion!

Tomorrow;
Watch for wave (iv) to find a low and then rally again in three waves to that final high in wave (v) of [v].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Support at 1830 has held up today even though it was challenged earlier today.
The price has bounced off that level and this has invalidated last nights count.

The pattern that has developed off the wave [ii] high is just not impulsive enough yet to say wave (iii) is in force.
So I have reverted to a larger wave (ii) of [iii] as the main count this evening.
Ideally wave (ii) will complete as a running flat below 1867.
Then we should see wave (iii) down get underway off that high tomorrow.

The alternate idea for wave [ii] is still looming in the background and todays action fits with that idea also.
So it is even more important that 1867 hold tomorrow and for wave (iii) to begin.

Tomorrow;
Watch for wave ‘c’ of (ii) to top out below 1867 and then return lower into wave (iii) by tomorrow evening.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I gotta say,
it is particularly hard to pin down any definite pattern in the short term action this week.
The price is range bound,
but not in a triangle.

The price is creating a series of three wave moves both higher and lower,
so the only real viable pattern is an ending diagonal,
but even that is hard to discern right now.

I think I am going to have to wait for the action to reveal itself over the coming sessions.

Tomorrow;
If wave ‘iv’ holds at 51.40 then wave ‘v’ is still in play and we should see a move back to a new high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Another drop in the S&P today has forced the same change in pattern as the Dow.
The decline off the high is pretty impulsive looking today,
so it is likely a five wave pattern.
At the moment I am giving the larger patter the benefit of the doubt,
and I am labelling todays drop as an expanded flat wave ‘b’ of (v).
The low at wave (iv) must not break in order for this count to remain valid.

There is a chance that the new all time high this week is actually the top of the pattern in wave ‘c’ of (v).
I do not favor this,
but if we see another sharp decline over the next few days then that idea will become the main count.

Things are really getting interesting here for a reversal into a new larger decline phase.
Another break of support over the coming days will decide if the top is in here.

Tomorrow;
Watch for wave (iv) to hold and wave ‘a’ of (v) to rally back towards 3800 tomorrow to save the main wave count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The low of the session today completed a three wave decline,
and with that,
last nights wave count was ruled out.
The pattern I am showing this evening is a running flat wave (ii) now complete.
If this is correct,
then wave (iii) of [i] should head lower again tomorrow.
If we see a break of 24.68, that will signal wave (iii) is underway.

Tomorrow;
Watch for wave (ii) to hold at the 25.41.
Wave (iii) down should break 24.68 and then head into the next support at 23.02.