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Good evening all.

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EURUSD.

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EURUSD 1hr.

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EURUSD fell today in line with a possible wave [iv] correcetion.
The previosu corresponding wave [ii] correction at the same degree,
was not big at all!
So I am not expecting wave [iv] to last that long either.

There is a chance that wave [iv] is complete at todays lows,
but I am allowing for a larger correction just incase.
Wave [iv] could also develop into a triangle,
so I will just have to wait and see.

Tomorrow;
Watch for wave (b) and (c) of [iv] to continue sideways for another day.
I would like to see wave [iv] complete above 1.1050,
before turning higher into wave [v].

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GBPUSD

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GBPUSD 1hr.

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Ok,
cable is rising this evening for the first time this week.
The action off the wave ‘b’ low is not ideal at all,
but I am still looking for that wave ‘c’ rally to complete the larger pattern,
so all action will be considered at the moment!

Tomorrow;
The outlook has not changed.
As long as the price can hold above 1.2725 and make some impulsive progress,
then wave ‘c’ is in play.
The target remains at 1.3287.
Watch for a break of 1.3020 to confirm wave ‘c’.

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USDJPY.

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USDJPY 1hr.

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USDJPY is rising also this evening.
But I am not entirely sure if wave [v] of ‘C’ is yet complete.
The decline into last nights lows does not look like a five wave structure.
So I am allowing for another drop into support at 106.45 before turning my attention higher again.

Tomorrow;
Watch for wave [v] of ‘C’ to drop into support once more.
We should coplete wave ‘C’ by the end of this week if all goes well.

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DOW JONES.

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DOW 1hr.

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Todays rally has retraced to a lower high below the previous wave [a] high at 27542 today.
This rally is viewed as wave (b) of [b] now complete.
If this is correct,
then the price should return lower again tomorrow in wave (c) of [b].
This action will complete a clear three wave pattern off the high in wave [b].
Wave [b] should find a low at about 25500,
and then I will begin to look higher again into wave [c] of ‘2’.

So for the moment, we are still mid correction within wave ‘2’.
And wave ‘2’ will likely continue for the next few days at least.

The more bearish alternate count is still viable at the moment.
And if we see a five wave pattern develop from here
which breaks the wave ‘1’ low at 24681,
then I will switch to that wave count.

Tomorrow;
Watch for wave (c) of [b] to drop again back below 25700 at a minimum.

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GOLD

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GOLD 1hr.

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Gold is pretty flat today after a sharp rally yesterday.
The action seems to be creating a triangle correction right now.
With a contraction in range all day,
and a nice internal five waves now complete this evening.

A triangle suggests that wave (c) is not yet complete.
Wave ‘iv’ of (c) should not give way to a rally in wave ‘v’ of (c).
And wave ‘v’ could hit 1660 again before wave (c) and wave [b] top out.

The alternate count is also equally viable given todays action.
But I can only consider this count as a more likely if we see a break above 1690 again.

Tomorrow;
Watch for wave ‘v’ of (c) of [b] to complete with a break of 1660.
Wave [c] should turn lower again back into support.

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CRUDE OIL.

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CRUDE OIL 1hr.

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The action in crude today has not given us much to go on really.
The price is holding below the recent high at wave ‘iv’ pink for the moment.
And it is possible that wave ‘v’ is underway,
but I will have to see a further decline tomorrow
back below 45.00 again to be more confident of the short term count.

The key level in the longer term count lies at 42.39,
this level marks the low of the larger wave (1) green on the daily chart.
For the moment this level is acting as long term support to the market.
If we can break that low,
then I can confirm wave (3) is underway.
And then the way is open for an even further low to complete wave (3).

Tomorrow;
Back to the short term.
Wave ‘v’ of (iii) needs to continue lower for another few sessions.
The minimum target lies at 43.56.
A break of 49.40 will weaken the bearish short term count.

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S&P 500.

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S&P 500 1hr

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So far the high of wave [a] at 3138 is holding this evening.
This lower high is viewed as wave (b) of [b].
Wave [b] needs another drop back to 2950 to complete a three wave pattern
And once that completes,
then I will begin to look higher again in wave [c] of ‘2’.

As with the DOW,
the alternate count will remain until we see a break of the wave [a] high.
If the market tanks from now on, and breaks below 2853 again.
That action will trigger that alternate count.

Tomorrow;
watch for wave (b) to top out soon and then return lower into wave (c) of [b] tomorrow.

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SILVER.

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SILVER 1hr

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Silver is showing the same triangle pattern as we can see in the gold charts this evening.
This is likely a small triangle correction within wave ‘c’ of (iv).
And this action suggests that wave ‘c’ si still underway,
with one more break of resistance at 17.45 left to complete wave ‘c’ and wave (iv).

Wave (iv) should not rally above 17.84 at the wave (i) high,
that action will signal that wave [i] is already underway.
If the price breaks 18.20,
then I think we can switch to the more bullish outlook.

Tomorrow;
For the moment I will concentrate on wave (iv) completing
and then one more drop into wave (v) of [c].

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