Good evening to one and all.

The Lord’s Blessing’s to you all again tonight.

EURUSD.

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EURUSD daily.

A very small recovery today seems to support the idea that wave ‘i’ of (c) is underway.
The price broke the wave (a) low overnight,
The corrective action off the session low is in line with a small correction within wave ‘i’ pink.
So I am looking for one more drop into the 1.05 level to compelte wave ‘i’ of (c).
And once that happens,
I will look for wave ‘ii’ to form a lowe high.

Tomorrow;
watch for wave ‘i’ to complete near 1.05.
Wave ‘ii’ should correct higher over the following few days.
Next week should bring another sharp decline towards the wave (c) target at 1.0200.

GBPUSD

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The action in cable today is also very corrective and the price is holding near the lows again this evening.
I am suggesting that wave ‘3’ of ‘iii’ has another drop left to complete five internal waves down as shown.
And then wave ‘iii’ pink has another step lower to complete five waves down itself.
The pattern is pointing to another few sessions of declines towards the 1.1600 area to compelte wave ‘iii’ of (iii).
And then a consolidation should occur in wave ‘iv’ pink.

Tomorrow;
watch for wave ‘iii’ pink to continue lower and complete five waves down near 1.1600 again.

USDJPY.

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Todays top came in at 137.90 and then dropped sharply off that high again.
I am not convinced that wave ‘v’ of (iii) is complete just yet,
but I am noting the possibility that wave (iii) is complete because a five wave pattern is complete at todays high.

The ideal level for wave ‘v’ of (iii) to top out at is 140.34.
That is where wave ‘v’ and ‘i’ reach equality.
That target remains valid if the wave ‘iv’ low holds.

A break of wave ‘iv’ again will signal wave (iii) blue is complete at 137.89.
And then we can concentrate on wave (iv) blue.

Tomorrow;
Watch for wave ‘v’ of (iii) to continue up towards the target level at 140.34.

DOW JONES.

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Well the Dow has traced out five waves down off that wave ‘ii’ high now.
Even though I would prefer to see a break of the wave ‘i’ low to complete wave ‘1’ black,
and maybe we can still get there,
but I am happy enough to call wave ‘1’ done now.
So we should expect a bounce in wave ‘2’ of ‘iii’ by the end of this week as shown.

We will have to wait and see how far wave ‘2’ of ‘iii’ retraces to in order to project how far wave ‘3’ of ‘iii’ will go in the next decline.
But that previous wave ‘4’ high at 33190 is a reasonable target area I suspect.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to track higher in a corrective three wave pattern.
The next time the market breaks 32500 again at wave ‘i’,
that will confirm wave ‘3’ of ‘iii’ is underway.

GOLD

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Gold traced out a small correction higher in three waves today which topped out at 1824.
the price dropped back off that session high again,
and now it seems wave ‘i’ is about to complete a five wave decline soon
One more low to break 1804 will complete wave ‘5’ of ‘i’ of (c).
And once a low is formed in wave ‘i I will look higher again into wave ‘ii’.

Tomorrow;
It seems wave ‘ii’ will begin before the end of this week,
so,
watch for wave ‘5’ of ‘i’ to bottom out near 1800 again and then wave ‘ii’ should bounce off the low and trace out three waves up again.

CRUDE OIL.

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Crude oil has basically gone nowhere since the beginning of December last year.
And that is the main problem in navigating the patterns and fixing on a forecast!
The action is so very corrective in general,
that once you decide on a main pattern,
then – bang,
that pattern is invalidated and its back to the drawing board!

For the moment,
this new pattern in wave [ii] and [iii] is still in play,
And the decline this week can be viewed as wave (i) of [iii] now underway.

Wave (i) blue should retrace more of the previous rally in wave (c),
so I am looking for another drop back into the 74.00 handle again to achieve that goal
And after that we can look for a consolidation in wave (ii) as shown.

Tomorrow;
Watch for wave (i) down to continue lower towards that wave (b) low at 73.85.
I am not looking for a break of that low yet,
but I think wave (i) should achieve a little more to the downside before calling it complete.

S&P 500.

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S&P 500 daily.

I am still looking for another step lower to compelte wave ‘1’ of ‘iii’.
It is not an absolute make or break requirement,
but I think a retracement of the wave ‘c’ rally would really give a boost to the bearish count here.

If wave ‘1’ and ‘2’ complete at a higher level that expected,
then I will be looking for an even larger extended decline into wave ‘3’ of ‘iii’ over the coming week.
I will just have to wait and see how the next lower high in wave ‘2’ plays out in order to make some projections on where wave ‘iii’ is going.

Its a case of 1 step at a time here as we move towards that major acceleration lower into wave ‘iii’ of (iii).
Tomorrow;
In an ideal pattern, wave ‘1’ black will turn lower and complete near the wave ‘b’ low at 3920.
Wave ‘ii’ must hold again at 4078 as wave ‘1’ and ‘2’ completes over the next few sessions.

SILVER.

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SILVER daily.

Silver is close to completing wave (c) of [iii] after todays action.
We have a small recovery today off the lows of wave ‘iii’ pink into wave ‘iv’.
And now the price has dropped again off that wave ‘iv’ high to begin wave ‘v’ of (iii).
If wave ‘iv’ is complete at todays highs,
then we should see a further decline into the 19.70 area in wave ‘v’ of (c) tomorrow.
Once wave [iii] does complete,
then wave [iv] should retrace higher in three waves towards the 20.40 area again.

Tomorrow;
Watch for wave (c) to complete five waves down as shown near 19.70 again.