Good evening folks, And shalom to you all tonight.

Price Discovery………………………….Yaaaaaa, I don’t think so!

“Smooth functioning market when a brick and mortar with a dead business model is the largest company in the russell.”

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The three waves correction higher in EURUSD continues today,
with the price coming up to meet the narrow trend channel off the high.
I cant tell if wave (iv) is complete just yet,
but it seems wave ‘c’ of (iv) is definitely in force now.
We may well see a push up to that initial resistance at the 1.1950 area before turning lower again.

Tomorrow;
Watch for wave (iv) to complete by tomorrow evening at the latest.
An early decline back below 1.1868 will suggest wave (iv) is done and wave (v) has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The idea of a series of 1,2 waves to the downside is still on course today.
The price has backtracked higher today,
but the action is very undecided so far.
The price has peaked above the upper trend channel line also this evening,
and the wave ‘ii’ has hit the 62% retracement also,
so I think its time that this second wave correction ends and we see an acceleration lower again into wave ‘iii’ of (iii).

Tomorrow;
Watch for a drop back into the channel to begin wave ‘iii’.
Wave ‘iii’ will be confirmed with a break of 1.3778 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave [iv] is now pretty much confirmed as we have a three wave pattern in place off the high.
There is still no way of knowing what pattern this wave will eventually trace out.
but I would favor a trinagle now.
This would satisfy the guideline of alteration between wave [ii] and wave [iv].
I will just have to be patient on that front.

Tomorrow;
If this is a triangle underway for wave [iv],
then the low at 108.09 should hold, and 108.50 will become the oscillation level for this triangle.
Otherwise,
watch for wave (c) of [iv] to complete at the 108 handle early tomorrow.
And then we can look for wave [v] up to begin.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well wave ‘v’ is rocketing higher today!
And again the price approaches that upper trend line of the ending diagonal pattern.

Wave (c) of [v] is now approaching the 78.6% fib level this evening,
that level lies at 32420.
With a five wave pattern complete in wave (c) now.
All that is left to decide is the extent of the rally in wave ‘v’ of (c).

On the 4hr chart I have shown another possible alternate for this ending diagonal pattern in wave ‘5’.
This pattern shows a larger deceleration between the size of the waves.
But the size relationship between the major corrective waves is much more palatable I think.
And the upper trend line is again filled this evening in this pattern also.

Tomorrow;
Watch for an end to come in wave (c) this week.
This pattern again suggests a major decline to begin next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding up well today with the price hitting above 1720 this evening.
I am still looking for an overall three wave pattern higher in wave [iv],
But I suspect this pattern will take much of the next week to complete.

Todays high seems to be capping off wave (a),
and we have yet to see wave (b) begin off that high.
That should begin tomorrow and we should see a higher low develop before possibly by Fridays evening.

Tomorrow;
Lets get that (b) wave underway with a drop back below 1700 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays choppy trade is viewed as a zigzag correction higher in wave ‘ii’ of (iii).
I want to see wave ‘ii’ complete below 65.00 at the wave (ii) high.
And then wave ‘iii’ of (iii) will be set to decline back below the 63 handle again.

Tomorrow;
Watch for wave ‘ii’ to complete early tomorrow.
The larger wave (iii) will be confirmed with a break of 63.00 and that wave has the potential to carry back below 59.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Wave ‘v’ of (c) is tracing out an extension higher today.
In this case we will see wave ‘v’ complete a five wave pattern that equals the magnitude of the rally into the wave ‘iii’ high.
And that will put a target for wave ‘v’ at 3980 if we project off the low of wave ‘iv’ as shown.
This target pushes to a new all time high,
and also brings us to within 10 points of the overall Fib projection for wave ‘5’ blue at 3990.

Tomorrow;
Watch for wave ‘v’ to continue higher and break to a new all time high before the end of this weeks trade.
We should see a clear five wave pattern develop off the wave ‘iv’ low.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Wave [ii] has completed a three wave correction higher off the wave [i] low now.
and wave (c) of [ii] has traced out a five wave pattern into the high.
Wave [ii] has now hit the 38% retracement level at 26.16 today also.
So we are racking up all the right signals now to show a completed correction.

Wave (c) can go higher for sure,
The 50% retracement level lies at 26.57.
I would like to see this correction end in this price range though.

Tomorrow;
Watch for wave (c) of [ii] to close out and reverse back below 25.00 again to signal wave [iii] has begun.