Good evening folks, may the Lord of Hosts Bless you tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am not totally convinced that todays top is the final top for wave [c] of ‘2’.
Wave [c] has completed a running flat correction so far.
And the rise into the high is a little too choppy for my liking!

But I am willing to work with this high and see where it leads us!

The drop off the high was certainly impulsive looking today.
And if wee a break of the previous wave (iv) low again,
that will favor the idea that we have a top in place here.

Tomorrow;
Watch for wave (i) to break 1.2080 again and then correct to a lower high below 1.2169.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The decline today in cable is far less impulsive than that in cable.
This suggests wave ‘c’ is still in force for the moment.
If that is the case,
we should see another top above 1.3950 to complete wave ‘c’
and then we should see a more significant decline into wave (i) by the end of this week.

Tomorrow;
watch for wave ‘b’ to hold at 1.3775,
a break of that level will favor a top in place now.
Wave ‘c’ is expected to break 1.3950 once more before turning down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY corrected overnight and dropped in three waves into 105.17.
This correction was then completely retraced today and we now have a break of 105.76 at the wave (i) high.

This action very much favors the idea that wave (iii) of [iii] is now underway.
The only question I have this evening is this,
is todays top wave ‘i’ or,
is wave ‘iii’ of (iii) of [iii] now underway?

If the price holds above 105.17 overnight that will signal that wave ‘iii’ is underway.

Tomorrow;
Wave ‘iii’ of (iii) of [iii] has the potential to rally hard and we could easily see a break of 107.00 in this wave alone.
Watch for wave ‘ii’ to hold early tomorrow and then we should see a push above the trend channel into 106.82.
106.82 is where wave (i) and (iii) reach equality.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We have weakness showing up today off that target area that we hit in the futures yesterday.
This decline is nothing to write home about yet,
although I remember a time when 300 points actually meant something!
not anymore.

The first level of minor support lies at the previous wave ‘iv’ pink.
The low of that triangle lies at 31280.
A break of that level will suggest at least a correction back below 30500 is expected.

If we see a break of 30500 at the previous wave (b) after an impulsive decline,
then things will really get interesting again for a potential wave [i] down.

Tomorrow;
Watch for a break of the triangle at 31280 and lets see if the decline can develop into a five wave pattern.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold breaks 1800 again!
and now we have a five wave decline in place at todays lows.
The price spiked higher off the lows of the session and this is quite likely the beginning of wave (ii) as shown.

The price did not break the previous lows at 1784 yet,
so I can’t confirm that wave [iii] down is underway yet.
But todays action allows us to get serious about the downside potential in wave (iii) of [iii] now.

Wave [iii] green will reach equality with wave [i] green at 1699,
and if we get to that level,
we can see how a low at 1600 may well be the most likely outcome for the larger wave ‘C’ of (4)
Especially if we see an extension lower into wave [iii].

Tomorrow;
Watch for wave (ii) to correct higher in three waves to about 1825.
Wave (iii) of [iii] down will then accelerate lower over the few sessions.

1854 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After a correction lower off the recent high today,
we are looking at a possible extension higher in wave (v) grey also.
I have labelled the ongoing five wave pattern in wave (v)
and todays lows take the wave ‘iv’ label.
This suggest we will see another rally tomorrow in wave ‘v’ of (v).

The price has recovered some of the decline this evening,
and is now holding above 60.00,
so wave ‘v’ is likely now underway.

Tomorrow;
Watch for price to hold above 58.78 at the wave ‘i’ high.
A break of 57.18 will signal the top is in.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The price has decline off the all time high this evening after an early pop in the futures that gave way for the rest of the day.
There is no labelling off the high on the short term chart yet,
as we simply do not have enough to work with.
If we do see a drop below the triangle low at 3894 with a clearly impulsive look to the decline,
that will give us something to chew on for sure.

For now it is simply enough to know that the underlying technical and market internals
all point to a severe risk building now a trap door type moment may come out of the blue.
The larger patterns suggest the top is in,
momentum surely points that way too.
The market is poised much like the way it was last February.
And we know the outcome that time!

Tomorrow;
Watch that triangle low at 3894.
A break of that level will create the opportunity to build an impulsive move off the high.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did break to a new high above 27.79 at wave [a] overnight.
While this is enough to signal that wave [c] is complete,
the sharp move higher off the session low seems to favor the alternate count now.

In this case,
wave (c) of [b] completed at todays lows,
and then wave [c] of ‘2’ began today with that spike rally off the session low.

We can expect wave [c] to push up into the upper trend line above 28.00 over the coming week.
And then we will be set for a decline into wave ‘3’ to begin.