Good evening to you all, and may the Lord bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I view this rally today as a possible wave (iv) of [v].
With another drop yet to come in wave (v) of [v] this week,
and that last step lower should complete the larger pattern in wave ‘C’.

The decline in wave [v] has broken below the wave [iii] low at 1.1186,
and this is the minimum target for wave [v].
This is worth keeping in mind as this correction higher develops.
As a break of the wave (i) low at 1.1300 again will suggest wave [v] is now complete.

Tomorrow;
Watch for wave (iv) to complete below 1.13 and then reverse lower to begin wave (v) of [v] again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The move higher off wave (i) is pretty messy and hard to nail down to be honest.
I think it is still worth while allowing for this wave (ii) correction
to push higher to break 1.3530 again at the wave ‘iv’ high.
It seems that wave (ii) needs to create a reasonable retracement higher to remain a valid count.

If that happens,
and we get a three wave rally above 1.3530,
then I will begin to look lower again into wave (iii) again at the end of the week.

Tomorrow;
Watch for wave ‘c’ of (ii) to push higher and trace out a three wave correction.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

This turn lower off the top of wave [b] is not large enough yet to consider wave [c] underway.
I do favor the idea that wave [b] has topped out now.
but I am still looking for a five wave decline to complete in wave (i) of [c] to confirm that count.

Tomorrow;
Watch for wave [b] to hold at 115.68.
Wave (i) down should fall into 114.50 again to complete.
A bearish lower high in wave (ii) this week will signal wave [c] is underway.
And the minimum target for wave [c] lies at 113.47.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

This possible second wave has morphed pattern again today as corrections are want to do!
At this point the pattern in wave [ii] is still an overall three wave rally.
the internal wave (b) now counts better as a contracting triangle.
And this rally in wave (c) is has traced out five waves up into the session high.
The price has not yet hit the 50% retracement level in wave [ii] yet,
but it is close enough to call a success!

So,
we have now come to the end of this expected three wave correction higher in wave [ii].
And with that it will be soon time to look for a reversal pattern to build to signal wave [iii] down is on its way.
I will be looking for wave [ii] to show signs of stopping soon.

Tomorrow;
Watch for wave (c) to hit that 50% retracement level and break 35000.
If we see weakness after hitting that target area later this week,
that will favor the overall bearish count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is tracking higher in a three wave form so far today.
It is too early to tell if this is all of wave (a) in blue,
or a lower degree wave ‘a’ of (a).
So at this point I am just going to wait and see how this initial move higher plays out to make a firm decision on that.
It may well be the case that wave [b] in green will be a much smaller retracement than I initially expected.
We will see soon enough.

Tomorrow;
Watch for wave (a) to complete a three wave pattern back above 1800 again before correcting lower in wave (b) again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The pattern off the high is taking the form of an (a) (b) decline now,
with the expectation that wave (c) will fall again starting tomorrow back below th 85 handle again.
Wave (b) has traced out a running flat at a lower high today.
If this count is correct then the wave ‘3’ high will hold this week and wave (c) will begin early tomorrow.

Tomorrow;
watch for wave (c) of [a] to break 85.70 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has broken out of the triangle pattern today with that spike rally out of the open.
The preferred pattern now is a flat correction wave (iv) as shown.
Wave ‘c’ of (iv) has broken above the wave ‘a’ high.
and it has traced out a five wave pattern into todays high also.
This pattern is an almost perfect picture of a 3,3,5 flat correction now.
If this pattern holds,
then I expect wave (v) to begin tomorrow and a sharp decline back below 4220 to complete five waves down.

The alternate count here is similar to the DOW showing a [i] [ii] bearish impulse wave.
This pattern will tolerate a higher retracement in wave [ii] this week,
but eventually this must give way to an extended decline into wave [iii].

Tomorrow;
Watch for wave (iv) to hold below 4580 at the wave (i) low.
Wave (v) should turn lower again by tomorrow evening.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has traced out three waves up at todays high and now the price has even give up some of that corrective gain.
This action is pretty weak in terms of a wave [ii] correction.
So there is still the possibility that this small correction is part of wave [i] down.
In that case we will see further declines to in wave [i] before any bounce into wave [ii] occurs.

Tomorrow;
If the price holds above the low at 22.13 again,
then I will be more confident that wave [ii] is in play here.

Wave [ii] has an initial target at the 50% retracement level at 23.40.