Good evening to you all,

the Lord’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is struggling with the idea of a rally into a third wave again today.
The price is holding a very slight higher low above wave [ii] green right now.
But I cannot be too dogmatic on the next move here because this action is too close to call at the moment.

Tomorrow;
Watch for wave [ii] to hold at 1.0898.
Any decline below that level will suggest wave [ii] is tracing out a larger pattern.
The price must hold above 1.0806 at the very low end.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am going to let this pattern sit tonight as the price tries to create a higher low above 1.2998 again this evening.
There is very little to go on here in general.
We still have a five wave pattern in place for wave ‘v’ pink so the pattern in wave (c) is complete.
But until we get a five wave rally off that low at wave (c) of [c] of ‘4’,
There is nothing to work with to be honest.

Tomorrow;
Watch for wave (i) to push back above 1.32 in five waves this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The USD cross markets are really signaling a certain stress in the financial markets these days,
that much is evident.
The speculating world is dropping the more risky sort of assets like high yield debt and just buying the dollar until the landscape clears up a little more.
The question is this,
will this new wave of risk aversion be contained to the risky fringe,
or will it spread like a virus across the markets until we see a collapse scenario across the developed markets too.

Tomorrow;
USDJPY is enjoying the fruites of a third wave rally this week.
but todays small correction may be the initial step lower into wave (iv) as shown.
Watch for wave ‘c’ of (iv) to complete three waves down with a break of 117.50 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The corrective decline that formed yesterday has been retraced today
but we need this rally to continue over the next few sessions to complete wave ‘c’ of (ii) as shown.
So there is more work to be done here until we see any big decline develop into wave (iii) down.
We will have to wait for that until next week if this current wave (ii) pattern is correct.

Tomorrow;
Watch for wave ‘c’ to complete three waves up with a rally back into 34200 again.
A break of 33690 will signal wave ‘c’ is underway.

If the price breaks 32680 again at this weeks low,
that will favor the alternate count for wave (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has extended the losses today and with this in mind we seem to have a running flat correction in wave (b) now complete.
And wave (c) down is underway.
Wave (c) has reached the price territory of the previous fourth wave correction today.
And the internal pattern of wave (c) is close to a five wave pattern now also.
A break of 1900 again will signal wave (c) is done.
The 62% retracement of wave [i] lies at 1890 again,
so we are right in the territory of a second wave correction now.

Tomorrow;
Watch for wave ‘v’ of (c) to fall back below 1900 again.
Wave ‘i’ of (i) of [iii] should begin before the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A slightly different take on wave ‘1’ down this evening.
The price is very close to retracing all of the wave ‘5’ rally this evening.
And the pattern over the last few sessions does suggest an extension in a fifth wave now underway.
I have shown an almost complete wave pattern in wave [v] of ‘1’ now.
with possible one more drop tomorrow to complete that wave [v] pattern.
After that,
I will be looking for a three wave correction higher in wave ‘2’ to develop into next week.

Tomorrow;
Watch for wave (v) of [i] to complete with a drop into the 90.00 handle again.
A rally back above the 100 level towards the end of this week again will signal wave ‘2’ is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Ok,
I am taking a closer look at the bearish alternate count in the S&P tonight.
this count shows a developing wave ‘ii’ of (iii) scenario.
with todays spike rally now completing a three wave correction in wave ‘ii’ pink.
This correction in wave ‘ii’ should complete with a break above 4340 again.
and then the next step is to begin a large decline phase into wave ‘iii’ of (iii) of [iii].
the potential for a substantial acceleration lower is very real with this count.
A third of a third decline is usually pretty furious.

If the market breaks 4100 again with an impulsive looking pattern,
that will seal the deal for wave (iii) of [iii] I think.
So this pattern is at a very critical point now.

tomorrow;
watch for wave ‘ii’ to complete a three wave flat correction with a break of 4340.
The price must hold below 4420.
Then I will be looking for a reversal lower to begin wave ‘iii’ of (iii) of [iii].

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is on the verge of completing a five wave pattern off the high today also today.
The pattern in wave (iv) has been reviewed and now shows a completed triangle.
and todays sharp decline out of that triangle will complete wave (v) of [i] as shown.
If this pattern is correct here,
then we will see a corrective rally begin this week in wave [ii].
And that could easily take a week to play out.
The target area for wave [ii] lies back in the price range of the previous wave (iv) near 26.00 again.

Tomorrow;
Watch for wave [i] to complete this five wave decline very soon.
A break above 25.30 again will suggest wave [ii] is underway.