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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

well,
todays action has really flipped the script on the short term count.
We have a solid acceleration higher now and this can be viewed as a third wave acceleration.

On the daily chart you can see the wave ‘2’ low is holding down at 1.0175.
And the action suggests wave [i] of ‘3’ is now in play.

The 4hr chart shows a breakdown of that wave [i] rally.
Todays action is viewed as wave ‘iii’ of (iii).

The hourly chart shows the breakdown of that wave ‘iii’ pink.
With a five wave internal pattern still underway.

Tomorrow;
Watch for wave ‘4’ and ‘5’ to complete the pattern in wave ‘iii’ by the end of this week.
The price must hold above 1.0531 at the wave (i) high.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is closing out wave (iii) up now as the price has completed a clear throw-over above the upper trend line.
The price should fall back into the channel again in wave ‘a’ of (iv) as shown.
And a break below 1.2800 again will signal wave ‘a’ is underway.

Tomorrow;
Watch for wave (iii) to top out near 1.2900.
This level marks the low of wave (i) within the previous decline.
And from there we will see a three wave correction form over the coming days.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY keeps hinting at an impulsive move higher over the past week,
but in general the price action is just moving sideways.
That impulsive wave higher has not taken over yet.
So,
I am looking at a triangle correction sideways as a possible alternate count for the pattern here.
that will allow for a continued sideways move to complete wave ‘iv’.
and then a decline into wave ‘v’ next week.

The main count is still focused on a turn higher into wave (i).
But that turn has not been confirmed yet.

Tomorrow;
If the price frails to break out above 151.00 by Friday,
that will trigger the alternate count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action is very erratic today and I think this fits with an upside correction at the moment.
But as we know,
Things change from minute to minute in the U.S these days.

The market has traced out three waves up into the highs this evening.
And this can be viewed as a fourth wave correction as shown.

If the market turns lower again by the end of this week,
that will signal wave ‘v’ is underway.

Tomorrow;
Wave ‘iv’ must hold below 43800.
Wave ‘v’ will be confirmed with a break of 42300.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding at a lower high today but I must admit,
the short term pattern is worrying me a little.
I can still suggest this is a second wave lower high for sure,
But wave ‘3’ needs to begin sooner rather than later to bring the action back in line again.

the 4hour chart shows the price bounced off the 200ma last Friday.
And the price has not looked back since.
If we don’t see a break of that level soon,
then I will have to look at an alternate count for this rally.

Tomorrow;
The test is in play for this pattern.
All I am looking for tomorrow is for the recent high to hold to give a chance for wave ‘3’ to begin.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude did follow through into wave ‘iii’ down today with a new low for the pattern.
the price is getting close reaching the equality level between wave [i] and wave [iii] now.
That level lies at 63.78.

Wave (iii) of [iii] has achieved most of that extension,
and this action fits well with the pattern.
As it stands,
wave (iii) has another step lower to complete in wave ‘iv’ and ‘v’.
And this should take the rest of the week to play out.

Tomorrow;
Watch for wave ‘iii’ to complete with a break of support at 74.80.
wave ‘iv’ will begin a corrective move higher from there.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has moved sideways in a corrective manner also today with a possible wave ‘2’ correction underway here.
The action should complete a lower high below the wave ‘ii’ low.
And then from there we should see a return lower into wave ‘3’ of ‘iii’.
A break of that wave ‘ii’ high will invalidate this pattern.

Tomorrow;
Watch for this wave ‘2’ correction to complete early tomorrow and then wave ‘3’ must take over again with a drop back below the 5700 level.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has gone far enough now in wave ‘ii’ pink.
this rally must stop here,
and the reversal into wave ‘iii’ must begin.
If wave ‘iii’ fails tomorrow,
that will throw doubt on this pattern in the short term.
And I will be forced to rethink the wave [iii] decline as shown on the 4hr chart.

Tomorrow;
Watch for wave ‘ii’ to top out and then wave ‘iii’ down to begin with a drop below 31.50 again.