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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The alternate count for EURUSD is triggered today with the rally off the low.
The price has broken above the wave [a] high,
in this case wave [c] has already reached the minimum target to complete.

We have a five wave pattern almost complete this evening in wave [c].
And the price has broken above the 50% retracement level.
The rally can surely reach as far as that upper trend line again,
but it is worth keeping an eye on the early action tomorrow for signs of a reversal.

Tomorrow;
Wave ‘2’ should not take much longer to complete,
1.2197 marks the 62% retracement level of wave ‘1’,
so lets see if that level can halt the rally.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The short term pattern in cable has broken out of the expanding wedge wave ‘c’ today.
Wave ‘c’ now has a five wave internal structure,
with today high now pushing out above the short term trend line.
There is nothing left in this rally according to the short term pattern.
and I think we will see a sharp move lower this week to drop back off the top of wave [v].

Tomorrow;
Watch for a drop below 1.3950 to first signal a turn into wave [i] down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is now dropping into a larger three wave pattern today,
and with this move the alternate count is now triggered.
Wave ‘2’ blue is now in force,
with wave [a] and [b] of ‘2’ complete,
and wave [c] well underway this evening.

The initial support for wave ‘2’ lies at the previous fourth wave at 104.40.
That level also marks the 50% retracement level of the rally in wave ‘1’.

Take note;
If this pattern is correct,
Wave ‘3’ will begin by the end of this week.
then we are on the verge of a major trend change in the USD.
And the Atlantic pairs should be on notice for a rapid decline to begin.

Tomorrow;
Watch for wave [c] of ‘2’ to find a low in the region of that 50% retracement level.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The main short term pattern is still in force today with wave ‘iv’ of (c) now complete at the lows.
The pattern rallied out of the low and is pushing to a new all time high this evening.
This patter will be complete with a break to a new high,
and this week is full of potential to reverse course and bring in a trend change.
An impulsive move below 30500 is what I am looking for,
to create that initial signal of a turn into wave [i].

Tomorrow;
Watch for wave ‘v’ of (c) to complete at a new all time high.
Short term support lies at 31250 at the wave ‘iv’ low.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold moved higher today in and has traced out the larger wave (ii) pattern.
The price has hit the upper trend line joining the previous highs.
and so far this has put a stop to the rally.
The action today can still be viewed as a three wave rally in a flat correction to a lower high wave (ii).
Todays rally also hit the 50% retracement level at the highs.
If we see a sharp move lower tomorrow,
that will signal wave ‘i’ of (iii) of [iii] has begun.

Tomorrow;
Watch for wave (ii) to hold at todays highs,
and wave ‘i’ down to reverse off the high again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The turn in crude oil is as illusive as ever today
as last weeks sharp move lower was retraced substantially this afternoon.
The price has not made a new high yet though,
and the pattern into the recent high counts best as a completed move.
I will just have to wait and see how the trade plays out tomorrow.
just as in so many markets these days,
the appetite for higher prices has overshadowed the obvious overbought technical so far,
but when it does turn,
it will be sight to behold for sure.

Tomorrow;
If the price remains below the highs,
then we have the potential for an impulsive decline on our hands.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is ending the session with a decline off the intraday highs.
This action fits with the idea that we have an ongoing impulsive decline off the top.
So far we have wave ‘i’ and ‘ii’ complete,
with wave ‘iii’ underway today.
In this case the price must continue lower in wave ‘iii’ tomorrow.
A break of the wave ‘b’ triangle low at 3830 will be a nice hint in favor off this developing bearish pattern.

Tomorrow;
watch for wave (i) down to continue for the rest of the week.
initial support at 3830 will be the first test of this pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver moved into the alternate pattern also today.
The price has traced out a three wave correction higher into todays high in wave ‘2’.
Wave ‘2’ has reached the 62% retracement level and filled the trend channel also this evening also.
This corrective pattern is about done now,
so its time to look for a drop off this level into to begin wave ‘3’ down this week.

Tomorrow;
Watch for wave [c] to close out and if we see a drop below 27.00 again will signal wave [i] down is in force,