Good evening to you all,

the Lord’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

No change, is the overarching thrust of tonights update!
The wave [ii] higher low at 1.0898 is still holding this evening.
The action today is not jumping out as an impulsive buildup to a third wave rally,
but neither have we seen a break to the downside.
so we are stuck in limbo at the moment.

Tomorrow;
I am going to stick with the idea of a reversal building to the upside until proven otherwise by a break of 1.08.98.
If we a further higher low by tomorrow evening in wave ‘ii’ pink.
then I will be more confident of this main count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has given me absolutely nothing to work with this week!
I am leaning on the pattern of the previous decline really.
As wave (c) looks complete at 1.2998.
The problem is that the price action has not dev eloped impulsively off that low yet.

Tomorrow;
Watch for that low of wave [c] of ‘4’ to hold.
A spike rally to break 1.3200 again will signal that a possible rally into wave ‘5’ is beginning.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The rally into wave [i] is not done yet after todays action.
Wave (iv) did not trace out that larger expanded flat correction as I expected.
So now we have a relatively small wave (ii) and wave (iv) which is a little odd.
But the pattern marches on regardless.

I am looking at a possible five wave pattern developing in wave (v) of [i] now.
the sharp rise this afternoon is viewed as wave ‘iii’ of (v).
We should see another spike higher to complete this pattern by the end of the week.

Tomorrow;
Watch for wave ‘iv’ and ‘v’ to trace out over the next few sessions.
Wave ‘iv’ of (v) should hold above 114.50.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

There has been a kneejerk reaction to the Fed action today and the early rally has been sold this evening.
So we are actually ending the day pretty flat to be honest.

At this point I remain on the fence between both the wave counts on the hourly charts.
Both have an essentially bearish outlook,
so in the end we should see a larger decline take over into wave (iii).

There is still a possibility that wave ‘c’ of (ii) does make a break to a new high above 34180.
So that count remains in place.

As for the alternate wave ‘ii’ scenario.
The price has filled a trend channel to the upside this evening,
and the market has spiked lower off the high.
If the market does accelerate lower tomorrow again,
that will signal a shift towards the alternate count.

Tomorrow;
Watch for a possible new high in wave ‘c’ to complete tomorrow which should be followed by a sharp decline to begin wave (iii).

An early decline again tomorrow will favor the alternate count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is bouncing around the 1920 level for the last two days and with that I can see a possible expanded flat correction in wave ‘iv’ in play.
The price has rebounded this evening to complete that pattern,
so tomorrow should see a sharp decline to complete wave ‘v’ of (c) as shown.

Tomorrow;
If wave (c) completes tomorrow,
then we will see a sharp rally on Fridays to begin wave (i) of [iii].
Watch for an early decline in wave ‘v’ of (c) and a break of 1900 again to complete this short term pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oils is holding below the 100 level again this evening after a pretty corrective looking sideways pattern over the last few sessions.
This action is viewed as wave (iv) of [v] of ‘1’ right now.
So I am looking for another spike lower to complete wave (v) before the end of this week.
A break of the 90.00 level again will signal wave (v) is done.

Tomorrow;
As wave [v] of ‘1’ is close to completion this week.
I will be looking for a corrective rally to begin next week into wave ‘2’.
For the moment the short term pattern is still pointing lower to complete this pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is hard to know what to make of the action today,
the price is just whip-sawing around with very little to shown for it.
We still have a three wave corrective pattern in place for wave ‘ii’ pink as shown.
As long as the price holds below 4420 tomorrow,
then I will be looking for a third of a third decline into wave ‘iii’ of (iii) to begin.

Tomorrow;
Watch for wave ‘ii’ to hold below 4420.
A break of that level will trigger the larger wave (ii) alternate count.
A sharp decline early tomorrow will signal wave ‘iii’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at the possibility that wave [ii] green is already underway after todays action.
The price fell to a new low today,
but that decline is best counted as a three wave pattern.
This fits with the idea of a wave (b) low.
And wave (c) is now rallying back off the lows this evening.
the pattern in wave [ii] is viewed as an expanded flat correction.
And wave (c) of [ii] should find resistance at the 25.30 area to complete.

Tomorrow;
Watch for wave (c) of [ii] to find a high in the area of that resistance band.
This correction is taking form pretty quickly here,
so wave [ii] may be complete by tomorrow evening if all goes well.