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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We did break initial support today with a nice spike below 1.20 again.
But the size of the rally in EURUSD is in line with a higher degree count.
So I have labelled todays low as wave [i] down complete.
The price has retraced the full length of the previous wave [c],
so it is not a stretch to call wave [i] done now.

Tomorrow;
the rally today is wave (a) of [ii],
with wave (b) and (c) left to complete a three wave correction in wave [ii].
1.2116 marks the 50% retracement so that is the target for wave [ii] now.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has started a corrective retracement higher today also.
The price has risen in wave ‘a’ of (ii) and we should see a decline in wave ‘b’ to a higher low tomorrow.
Wave ‘c’ of (ii) may even be done by tomorrow evening.
And that will leave the price open to a larger decline later in the week in wave (iii) of [i].

Tomorrow;
Watch for wave (ii) to hold below the previous rising trend line.
A push up to that trend line will take us up to 1.4060.
Any weakness off that area will signal wave (iii) is beginning.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has eased off slightly today with a price just dropping off the upper trend line.
This is the first signal that wave [i] is now complete,
and wave [ii] is beginning.

Wave [ii] is expected to fall into the previous wave (iv) low at 105.84 in three waves.
If we see that before the end of the week,
that will suggest next week will be another big up week for the USD.
and maybe even a big down week for the stock market.

Tomorrow;
Watch for wave (a) of [ii] to fall back below 106.40 overnight.
We should see a lower high in wave (b) of [ii] by tomorrow evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow dropped back below Mondays highs today and with that action we seem to be only beginning a larger correction higher.
So I have moved up the wave count by one degree today,
with wave [i] green now marking the initial decline.
And wave [ii] green underway as a three wave correction higher.

Wave (a) marks Mondays high.
And wave (b) is falling this evening to a higher low.
Wave (c) should make another stab at the recent highs again.
The minimum target for wave (c) lies at 31666 at the wave (a) high.

Tomorrow;
Watch for wave (b) to form a higher low early tomorrow and then wave (c) should get underway.
A decline back below the wave [i] level again will signal wave [iii] has begun.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold dropped to a new low today while holding above that 1700 round number!
The market seems unwilling to break that level just yet,
but I suspect when it does do it,
the run down into 1600 will be a quick affair in wave [v] of ‘C’.

For now we will most likely see a ranging market over the coming days as we churn through a series of fourth waves at different degrees.
Wave (iii) of [iii] is complete at todays lows,
and wave (iv) has begun now.
Wave ‘a’ of (iv) is topping out as I write,
wave ‘b’ and ‘c’ will likely take another few sessions to complete.

Tomorrow;
Wave (iv) must hold below 1760 at the wave (i) low.
If wee see a break of 1700 tomorrow,
and especially if the price holds below that level.
That will signal wave (v) of [iii] has already begun.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is finally giving back some of the gains that it has made over the last month.
The price is on the verge of tracing out a five wave decline now.
And want to see wave (v) of [i] push deeper below the previous wave (iv) low at 58.60.
That would be a big help in terms of ruling out any further extensions of the wave ‘C’ top.

Tomorrow;
Watch for wave (v) of [i] to complete with a break below 58.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

While I can’t discount the alternate count for wave [v] shown as a larger three wave pattern above the current all time high.
I am encouraged by the fact that we did not manage to run above the previous wave (ii) high today.
The price is currently sitting at a lower high in a possible wave ‘ii’ of (iii).
and if we see a sharp decline begin tomorrow again,
that will signal wave ‘iii’ of (iii) is getting underway.
A solid break of 3800 again should be enough to confirm the top is in at the recent high.

Tomorrow;
Watch for the wave ‘ii’ lower high to hold and wave ‘iii’ down push back below 3800 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

We got a slight dip below the previous wave ‘1’ low today.
And that was followed by a pretty sharp rally off that low also.
So I am calling wave [i] of ‘3’ now complete at the session low,
and wave [ii] is underway.
Wave [ii] must hold below 28.30 at the very upper end,
but I would like to see wave (c) only push above the 27.00 again and then fall back to begin wave [iii] down.

Tomorrow;
watch for wave (b) and (c) to trace out over the next few days,
Wave [ii] should be down by the end of this week.