Good evening folks and the Lord’s blessings to you.

Free cash flow not looking so good these days!

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has triggered the alternate count today with a spike above the previous highs.
The price action is still best viewed as a three wave rally in wave (iv) overall.
And at this point the price has filled the trend channel at todays highs.
The pattern now calls for wave (iv) to end,
and wave (v) to turn lower by the end of this week.

Tomorrow;
Watch for wave ‘5’ of ‘c’ to complete this correction and then turn lower again into wave ‘i’ of (v) soon.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rally today has now closed out a possible top in wave ‘v’ of (iii).
the price has reached the upper channel line again.
And that closes out at least a three wave rally.

If the larger pattern is an impulsive rally in wave [i] of ‘3’ as this count suggests,
then cable will continue higher over the coming week after a small correction in wave (iv) blue.

However,
if the alternate count shown on the 4hr chart is correct,
then we are near a major top in cable at wave [ii].
and wave [iii] down is going to drag this pair down for the long haul.

this is the cross roads that I mentioned in the video last week.
It is time for the market to choose where the larger pattern is headed.
And we should know that soon enough.

tomorrow;
For the moment I will stick with the bullish pattern.
Wave (iii) is now complete,
and wave (iv) will correct sideways for the rest of this week.

Watch for wave ‘a’ of (iv) to turn lower again off this current high.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has invalidated last nights count today by breaking the previous lows.
And just as soon as that happened,
the price has now rallied out of the lows again this evening.

The decline in wave [ii] remains the main count.
But the internal pattern of wave [ii] is slightly different.

Tomorrow;
I am looking for a reversal pattern again into wave (i) up.
Wave ‘i’ of (i) should complete with a push up to that 151.30 pivot and then a higher low should build in wave ‘ii’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has stepped lower again today to complete a possible wave ‘iii’ of (i).
The pattern is now calling for a correction higher into wave ‘iv’ as shown.
And from there wave ‘v’ down will complete the larger wave (i).
the target for that wave (i) low lies at the previous wave (iv) low at 41700.
so there is still work to do here in this scenario.

Tomorrow;
Watch for wave (iv) to begin a correction sideways in three waves over the coming days.
The market should hold below the wave (i) low at 43800.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am searching for a fitting wave count now after another spike higher today.
the rally this week has retraced 78.6% of the decline in wave ‘1’ now.
The price must now turn lower again into a third wave for this pattern to hold.
So I am going to see what happens tomorrow in this market before getting too worked up!

Tomorrow;
Watch for wave ‘3’ down to fall back below 2800 again to signal wave ‘i’ is still on track.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Take a look at the 4hr chart first tonight.
The decline off the wave (2) high has now retraced all of the previous wave ‘C’ rally.
I must admit that this simple fact suggests wave ‘1’ down is now done.
And I probably should not expect much more downside in wave ‘1’.
We can call this the alternate count for now.
But if we see a rally back above 70.40 again that will trigger this count,
and I will follow wave ‘2’ higher from there.

The main count has been reworked also tonight,
but I am still following wave (iii) of [iii] of ‘1’ lower in this scenario.
Wave (iii) down must continue to hold as this count develops.

Tomorrow;
Watch for wave ‘ii’ to hold a lower high below 70.40.
The price must hold below 70.40 in this scenario.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am looking at a variation on the theme tonight for wave ‘iii’ down.
The price has dropped impulsively into the session lows.
And this is labelled as wave ‘1’ of ‘iii’.
Wave ‘2’ is rebounding now,
with wave ‘3’ down expected to turn lower before the end of the week.

Tomorrow;
WAtch for wave ‘ii’ to hold at 5980.
Wave ‘iii’ down must trace out a full five wave pattern lower over the coming days.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A rebound today in silver is giving me a headache to be honest.
the action does not fit well into a straight forward wave ‘i’ ‘ii’ count as shown.
I hope the pattern will clear up tomorrow,
it is possible that wave ‘ii’ will trace out a larger three wave pattern by the end of this week which will add some clarity.
And from there I can chart a turn back into wave ‘iii’ down.
I am going to wait and see how this plays out before jumping onto that third wave down.

Tomorrow;
Watch for wave ‘ii’ to complete a corrective lower high as shown.