Good evening to you all,

the Lord’s blessings to you all tonight.

Top Dollar For Top Dollar

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has not found a low for wave (v) of [v] yet.
However downside momentum is pretty dead at this point.
It seems the five wave pattern in wave [v] green is nearing a close.
And the standard Elliott channel is close to filled out at todays lows.

On the 4hr chart we have momentum turning up off a solid oversold period
which does again point to the end of this selloff.
All in all,
I do think this pair will rally soon into wave (E) of the long term triangle.
With the end target for that wave (E) in the area of 1.20 again.

Tomorrow;
Watch for a final low for this wave (v) of [v] count.
A spike rally back above 1.12 again will signal the turn has started.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I did not get the break of 1.3440 that I was looking for in wave ‘i’,
but we do have a possible ‘i’ ‘ii’ pattern in play here now.
The price must hold above 1.3271 in wave ‘ii’ pink,
and if we see a rally back above 1.3440 again that will signal wave ‘iii’ of (i) has begun.
WAve (i) is expected to rally into the 1.36 area to complete next week.

Tomorrow;
Watch for 1.3271 to hold ad wave ‘iii’ of (i) to push higher again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

After todays trade we are no closer to picking between both of the counts shown on the 1hr chart.
Both counts remain valid at this point,
but a break below 114.70 again at the wave [e] low will trigger the alternate count.

AS for the main count.
A possible (i) (ii) rally is now close to completing off the wave [e] low at 114.70.
A further rally into wave (iii) that breaks above 116.32 again will pretty much confirm wave ‘4’ is done and wave ‘5’ is underway.

Tomorrow;
Watch for wave (ii) to complete above 114.70.
Wave (iii) of [i] of ‘5’ will probably wait until next week to get underway properly.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We do have a very slight break of wave ‘a’ pink at todays highs.
This is the minimum target for wave ‘c’ to complete,
but I am not convinced of that fact yet either.
I suspect we will see a rally in wave ‘c’ into that 62% retracement level at 34470 again to complete wave (ii),
and after that I will begin to look lower again into wave (iii) of [iii].

Tomorrow;
Watch for wave ‘b’ to hold at 33110.
Wave ‘c’ should continue higher and complete five waves up by tomorrow evening.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

You can see that gold has really constricted its price action over the last week
and right now the trade looks strangled and almost out of oxygen!

I have shown this action as a triangle in wave (b) of [ii] this evening.
The suggestion is that the price will break out of this triangle to the downside beginning tomorrow.
and if we see a break of 1912 again that will signal wave (b) is complete and wave (c) is underway.
Wave (c) must fall below 1877 at a minimum to complete wave [ii].

Tomorrow;
Watch for wave (b) to complete below 1950 at the very upper end.
A break of that level will rule out the triangle idea.
WAve (c) should begin by tomorrow evening.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Some heat coming out of the crude price today after a wild week where price rallied over $25 in the space of 8 days.
I cant say that this rally has topped out yet because there is no confirming price action to that end,
but I can say it quite possible that the short term algorithmic momentum trade may now have ended with this selling.
We will see next week if the larger wave pattern has topped out with that turn also.
People have ‘consumed’ the news stories on war,
and now the interest will turn to the next big ‘story’ – the burgeoning recession in the west!

Tomorrow;
Watch for a five wave pattern to develop to the downside off the top of wave ‘5’ blue to signal a turn is in play again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

As with the Dow,
a small five wave pattern has developed in wave ‘c’ of (ii),
and we have a slight break of the wave ‘a’ high today.
The rally in wave (ii) has reached the 62% retracement level of wave (i) also.
I may be making a case for the top of wave (ii) now in terms of the technical features of the price action,
but I do not like the constrained size of wave ‘c’ in comparison to wave ‘a’,
and that is bothering me a little to be honest.

If this pattern does resolve tomorrow and we do see an impulsive decline appear.
Well that will favor the idea that wave (ii) is complete and wave (iii) is beginning.

Tomorrow;
Watch for wave ‘c’ to complete soon, possibly with one more spike to equalize the size of wave ‘a’ and ‘c’.
Wave (iii) down will begin with a break of 4200 again in wave ‘i’ of (iii).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver looks to be stalled in a correction in wave ‘iv’ tonight.
The triangle in wave (iv) is pretty solid.
And now we have a rally in wave (v) complete up to wave ‘iv’ of (v).
This pattern requires one more spike to the upside in wave ‘v’ of (v) to complete the larger pattern at five degrees of trend.
If wave ‘B’ tops out tomorrow,
then wave ‘C’ will begin next week,
and that will be a real shock to the system in this market.
Because the silver price should fall back into the 18.00 handle again to complete the correction in wave [2].

Tomorrow;
Watch for wave (v) of [c] to complete with wave ‘v’ pink breaking 25.60 one last time.