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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is following the path of the larger wave [ii] scenario today.
the price has created a higher low with todays decline.
It is hard to pick out a three wave decline in wave (b) today,
so I am not sure if wave (b) is done yet.
Even so,
we should see a rally in wave (c) to complete wave [i] above 1.2116 at the 50% retracement level.

Tomorrow;
Watch for wave ‘c’ of [ii] to top out above the 50% retracement level at 1.2116 tomorrow evening.

This pattern is lining up for a sharp move lower in wave [iii] next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

We have a three wave pattern unfolding in cable also this week.
The price dropped in wave ‘b’ of (ii) today,
and wave ‘b’ has the form of an expanded flat correction.
Wave ‘c’ has moved higher this evening and I am expecting wave ‘c’ to push into the 1.4050 area to complete three waves up.

Tomorrow;
Watch for wave ‘c’ to continue higher again tomorrow and hit that 1.4050 area at the 50% retracement level.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY does not want to stop this weeks rally at all!
I did think yesterdays decline was the beginning of a second wave retracement,
but the price has stuck to that upper channel line all day today.
The price has even broken out to a new 8 month high with a break above last August’s high at 107.05.

I know the correction will come,
and given the recent choppy price action in wave (v),
that decline is due very soon.

Tomorrow;
Watch for wave [ii] to begin by the end of tomorrows session.
A drop below 106.40 at the wave (iii) high will signal wave (a) has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another sideways day today and it looks like wave (b) has found a low this evening as a running flat correction,
or an ongoing triangle correction.
Wave (c) should come in tomorrow and break back above the 31666 level at the wave (a) high.
That will complete three waves up in wave [ii],
and we can prepare then for another larger decline into wave [iii] next week.

Tomorrow;
wave (c) should not take long to complete and it should be done by tomorrow evening.
A drop below the wave (b) shelf at 31300 again will signal that the market is turning again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold did actually break that 1700 level today, for a brief moment only though!
I suspect this low is wave ‘b’ of (iv).
Where wave (iv) will form a running flat or an expanded flat correction.
We will soon see where the chips will fall on that one.

There is a small chance that Tuesdays high was wave (iv) in full,
and if we continue to push lower tomorrow,
then I will have to consider that wave (v) is already underway.

Tomorrow;
watch for wave ‘c’ to hold above 1700 and then continue higher to break 1741 at a minimum.
Then I will look for a reversal into wave (v) to begin.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

There is a clear five wave decline in place in crude oil in wave [i].
While wave (v) did not break 58.50 as I wanted it to do,
I am not discarding the bearish setup here just yet.

The rally today is either the full wave [ii] complete at the high,
or we will see a three wave flat correction in wave [ii] develop over the coming days.

The rally today is certainly big enough to call a second wave complete as the price almost hit the 62% retracement level at the high.

Tomorrow;
Watch for wave [iii] down to begin with a drop below 59.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is dropping off the wave ‘ii’ high again today with the potential for a third wave acceleration now gaining steam.
We need to see a clear break of 3800 again to boost the bearish potential here.
But I am willing to give the pattern a chance tomorrow to get this going.

Wave ‘iii’ of (iii) will need to fall into the next support level at 3666 pretty soon
in order to really push this pattern along now.

Tomorrow;
This evenings declines must continue from the open tomorrow.
I am watching for a break of 3800 initially,
and then for the price to hold below that level for the rest of the week as wave ‘iii’ develops.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

wave (b) of [ii] broke to a slight new low today also.
I am viewing this as part of an expanded flat correction pattern.
Wave (c) of [ii] is expected to break above the wave (a) high at 26.91 before the end of this week.
And then we are setup for a larger decline into wave [iii] for next week.

Tomorrow;
Watch for wave (c) of [ii] to hold above 26.00 and push towards that 26.91 high over the next 2 sessions.

A further decline below 25.80 again will signal wave [iii] has begun.