Good evening Kind people, I pray y’all had a good day.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD fell throughout the session today,
so far the price has traced out a three wave decline into the session lows.
I am counting this decline as wave (i) of [i],
but the action is a little suspect at the moment.
I do not like the lack of a acceleration lower as part of wave (i).
The price bars are stepping and overlapping.
So there is some doubt.
If the decline breaks 1.1095 in a clear five wave pattern over the coming days,
then all will be good.
tomorrow;
Watch for wave (i) to complete near 1.1200,
and then wave (ii) should correct higher in three waves to a lower high.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Well cable gave up the run for resistance at 1.3287 today with a break of that 1.3000 handle again.
The price is developing to the downside in a nice impulsive fashion.
I have moved the wave count up by one degree also today as a result of this new action.
So,
it looks like wave [ii] is now complete as a running flat correction.
This is where wave (c) does not reach above the high of wave (a).
The impulsive decline off that high suggests that wave [iii] green is now underway.
Tomorrow;
Watch for wave (i) of [iii] to continue lower over the coming days.
Wave (i) should break 1.2725 again.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY has rallied in five waves into this evenings highs at 105.60.
This action is labelled as wave [a] of ‘A’ for the moment.
The larger wave ‘A’ should trace out a three wave pattern at least,
as part of a flat correction in wave (D).
So that is what I am working with for wave (D).
Tomorrow;
watch for wave [b] of ‘A’ to correct lower tomorrow in three waves.
WAve [b] must hold above 101.20.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The pattern is developing rapidly these days,
and according to the short term pattern, we are entering a danger zone again.
We are approaching the possibility of a big move to the downside in wave [iii] of ‘3’ after todays action.
Wave (a) of [ii] came in hard early in the futures,
and then the pre-market sold off again in wave (b) to a higher low above wave [i].
And again this evening we have another rally in wave (c).
This completes a three wave pattern in wave [ii] and leads us to the question,
is wave [iii] about to begin?
Tomorrow;
If the early trade brings some some impulsive declines off the wave [ii] high,
then wave [iii] down is on.
Wave (i) of [iii] should fall back below 23486 at the wave [i] low.
A break of that level will signal wave (i) is in force.
I will watch for another corrective lower high in wave (ii) tomorrow,
before the market really slides into wave (iii) of [iii].
Watch for wave [ii] to complete below 27122 at the absolute maximum.
Wave [iii] should begin tomorrow.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold ruled out the triangle correction today as the price continued lower in a corrective fashion.
I am not sure if this ocrrective action is part of wave (iv) of [i],
or if this is wave [ii] already nearing completion.
The action out of the current lows will dicatate whcih count is more fitting.
For now,
we are still tracking a correction lower
and the price should resume its rally soon,
either in wave (v) of [i],
or wave [iii].
Tomorrow;
The decline has already reached the previous fourth wave ;ow this evening,
So,
Watch for wave (v) to turn higher and rally above 1700 again.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has risen in three waves off the wave (iii) lows created yesterday.
This action is viewed as wave (iv) now underway.
And the price has now reached up into the gap left within wave (iii).
I don’t believe wave (iv) is complete yet,
I might be wrong but,
it feels like there is a little more upside left in the tank to create a larger wave (iv).
Tomorrow;
watch for wave (iv) to complete below 40.00 again,
this level marks the upper limit of the gap created at yesterdays open.
Wave (v) should then return lower again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P has now created a three wave rally off the wave [i] lows this evening.
The rally in wave [ii] did not quite reach the 50% retracement of wave [i] yet.
That level lies at 2918,
and that is still a possibility for wave [ii].
Especially if wave (c) reaches equality with wave (a) as we would normally expect.
Tomorrow;
Watch for wave [ii] to complete at or near 2918.
If we see a sharp reversal lower off those levels,
that will suggest wave (i) of [iii] has begun.
Wave [iii] has the potential to carry the price back into the Dec 18 lows at 2300.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has risen in a very corrective looking manner off Mondays lows,
and the price is falling again this evening.
So it is possible that wave (v) of [c] is going to break below 16.36 soon.
This will complete the larger wave ‘2’ in red,
and it should set us up for a sustained rally in wave ‘3’ over the coming months.
Tomorrow;
Watch for wave (v) to complete with a break of support.
Any move back above 17.60 from this point on,
will signal that the final low is in and wave (i) up has begun.