Good evening folks, And the Lord’s Shalom to you all tonight.

A look at consensus views this evening from the B of A fund manager survey.

https://pbs.twimg.com/media/Ewm6DFNWgAohZVw?format=jpg&name=small

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I don’t think we are there yet with wave ‘ii’ pink.
The trade this week is lower in general,
but the price has only traced out a three wave decline into todays lows.
If the price accelerates lower again tomorrow,
that will favor the idea that wave ‘iii’ of (iii) is underway,
but for now,
I am in favor of wave ‘ii’ completing an expanded flat correction at 1.1966.

Tomorrow;
watch for wave ‘ii’ to complete with a run back into 1.1966.
Then wave ‘iii’ down should take over.

Wave (iii) will be confirmed with a break of 1.1835.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is still moving sideways in a corrective manner in wave ‘ii’ also.
This pattern looks closer to a running flat correction now.
This suggests wave ‘ii’ will complete below 1.3949.
And then wave ‘iii’ of (iii) will take us lower again at the end of the week.

Tomorrow;
Watch for wave ‘ii’ to complete at or below 1.3949 and then reverse lower into wave ‘iii’ of (iii).
WAve (iii) will be confirmed with a break of 1.3776.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave (c) is moving lower today off the wave (b) high.
The price is set to decline into the previous wave (a) low at 108.30 to complete an expanded flat correction in wave [iv].
And when wave [iv] is done,
then it will be time to look higher again into wave [v].

The alternate count suggests wave [v] is already underway.
If we break above 109.36 again that will confirm wave [v].

Tomorrow;
Watch for wave (c) to hit the low at 108.33 again to complete wave [iv].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price has dropped off the all time high this evening and seems to be consolidating for the moment.
I can read nothing further than last night at this point.
The ending diagonal pattern has fulfilled all the basic tenets for wave ‘5’ blue.
Wave [v] of ‘5’ has a clear three wave pattern in place,
wave (c) and (a) of [v] have reached equality.

And if we look at the larger count in blue,
wave ‘5’ will reach 162% of wave ‘1’ blue at 33290.
That marks another significant milestone in the pattern.
So we have a real potential topping zone in the making here.

The next leg awaits us.

Tomorrow;
I am looking for a significant drop to begin this week to give us an opportunity to build a top.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It is interesting that the gold price ran up against a barrier at 1740.50 today,
that level seems to have halted the advance,
for now at least.

If we consider wave (b) as an expanded flat,
then wave (c) has already done enough to call the larger pattern complete in wave [iv] green.
We have reached up into the area of that downwards sloping trend line again,
this line has been trustworthy enough over the last month,
so it may well put the brakes on this rally too.

Tomorrow;
watch for wave [iv] to complete very soon.
A break of 1699 again will signal wave (i) of [v] has begun.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has traced out a small five wave pattern into todays lows.
That should conclude wave ‘i’ down,
and wave ‘ii’ pink is now underway off todays low.

Wave ‘ii’ should complete below 66.43.
And wave ‘iii’ down will be confirmed with a break of 63.10 again.

Tomorrow;
Price must hold below 66.43 from now on.
Wave (iii) down needs to get going before the end of the week.
If we don’t see a significant decline before the end of this week,
then I will have to go back to the drawing board again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays high hit 3980 which is close enough to that target fib level at 3982 to call it a hit!
3990 marks the next higher fib target where wave ‘5’ hits 162% of wave ‘1’.

4021 is now the upper end of the target band for wave [v] of ‘5’ to top out.
That level marks where wave (a) and (c) of [v] reach equality.
And that will top out this ending diagonal pattern for wave ‘5’ blue.

On the 4hr chart you can see that momentum has been dropping to lower peaks since last November.
The current peak has plateaued already and looks set to turn lower again.

All in all we are looking more like a top every day now.

Tomorrow;
There is nothing to watch for other than a reversal of this latest rally.
Five waves down is what I am looking for.
Lets see if it will arrive this week.