Good evening folks and the Lord’s blessings to you. I am just giving a chart update tonight because I have a function to go to this evening and I wont be back until late tonight. If there is anything pressing to add, I can do that over the weekend. Hope you all have a nice weekend and if nothing changes, see you again on Monday night.

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The move lower into wave ‘iv’ seems to be underway now.
The price dropped into wave ‘a’ of ‘iv’ today and support is holding at the moment.
I am suggesting that wave ‘b’ is now trading sideways,
and wave ‘c’ is yet to come to complete the larger pattern.
Wave ‘iv’ should complete near 1.0750,
and the wave ‘i’ high must hold at 1.0531.

Tomorrow;
Watch for wave ‘b’ to hold below 1.0946.
And wave ‘c’ must drop again towards 1.0750 next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is moving pretty correctively today again but the price has not given up must of the advance in wave ‘v’ yet.
I am still waiting for confirmation of the wave (iv) correction,
and that will come with a break of the wave ‘4’ low at 1.2862 to confirm wave ‘a’ of (iv) is underway.

Tomorrow;
Watch for wave ‘a’ to be confirmed with a break of 1.2862 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The good work off the lows at wave [ii] is now under threat this evening.
the price dropped off Wednesdays highs again and if we go any further we could see a break of support at 146.54.
If that happens,
then wave [ii] will get even more complicated.

For the moment,
the price is building a higher low with a possible three wave decline into the current level.
This decline may prove corrective if that support holds.
and then wave (i) up will be confirmed with a break above 150.20 again.

Tomorrow;
Lets see if wave [ii] can hold overnight.
The price must turn higher again tomorrow to confirm this pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is now off the highs by about 10% after todays step lower.
I do think that is enough of an initial decline to cause at least a corrective bounce coming up relatively soon.
WE are not there yet it seems.
But I think we can reserve next week for a bounce into wave (ii) as shown.

I have labelled wave ‘v’ of (i) with an extending pattern,
and that will end with one more drop into wave ‘5’ of ‘v’.

Tomorrow;
We will see an end to wave ‘v’ of (i) tomorrow if this count is correct,
and then a bounce into wave (ii) can begin next week.

Unless something comes at us from outta left field as they say.
and that seems to be happening once a week lately!

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays rally has broken the previous wave [b] of ‘4’ count,
and now we are moving on to a more serious scenario overall.

Start on the daily chart.
The latest rally has pulled forward the wave ‘4’ low which is now set at last Novembers lows.
And from there we are running higher into wave ‘5’ of (5).
And that of course completes a much larger wave [3].
And that leads to a much larger correction in wave [4] which should fall back into the 2022 lows again at about 1600 over the longer run.

The 4hr chart shows a rally in wave [v] of ‘5’ underway here.
And todays push is in wave (iii) of [v].

The hoourly chart shows a breakdown of the wave [v] pattern with wave (iii) of [v] in play.

Tomorrow;
It seems like wave (iii) will be with us for another few days in this scenario.
and wave (iv) can begin next week.
This count will remain valid until we see a break of 2832 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has dropped today in line with the triangle correction idea again.
Wave ‘c’ topped out last night.
And wave ‘d’ has pulled price down towards 66.00 again.
There is one more bounce left in wave ‘e’ to complete wave (iv).
and then I will look for a drop into wave (v) beginning next week.

Tomorrow;
Watch for wave (iv) to close out a triangle as shown by tomorrow evening.
The price must hold below 67.70 at the wave ‘c’ top.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is now closing in on the next important support at 5380.
that level marks the previous wave (ii) lows formed last September.
So we have taken a very long road to nowhere over the last 6 months.

I am expecting a low to form in wave (iii) of [i] in the next few sessions.
The final drop in wave ‘v’ of (iii) is labelled,
and once we see a five wave pattern in place for wave ‘v’ that will lead to a turn higher into wave (iv).

Tomorrow;
Watch for wave ‘v’ of (iii) to close out between 5490 and 5380.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is still a chance that silver is operating in a corrective rally even with todays spike higher.
Wave [ii] of (C) must hold below 34.88.
and this rally must complete very soon as we are very close to that invalidation level even now.

The three wave pattern can be seen best on the 4hr chart.
the upper channel line is closing in and if we see a reversal below that level,
that will signal wave [ii] is topping out.

Tomorrow;
There is not much time left to close out wave [ii] and then turn into wave [iii].
I would prefer to see that happen tomorrow!