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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD failed right at the post last night and we never managed a new high in wave ‘c’ ov (ii).
This is now counted as a failed wave ‘c’ and wave (ii) is considered complete.
The wave ‘b’ low lies at 1.1881,
wave ‘i’ of (iii) should break that level to signal wave (iii) is underway.
And when the price falls below 1.1835,
that will confirm that the turn is in place into wave (iii) of [iii].
That should lead to a larger decline and acceleration lower over he coming week.

Tomorrow;
Watch for wave ‘i’ of (iii) to complete five waves down and break 1.1881 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays decline can be viewed as the beginnings of wave ‘iii’ of (iii) down.
This count cant be confirmed until we get a break of 1.3809 at the wave ‘i’ low,
but we should see that by tomorrows close.
A break of 1.3850 will be a strong indicator that wave ‘iii’ is underway.

Tomorrow;
If wave ‘iii’ of (iii) is now in force,
then next week should bring a sustained decline and we could easily see a decline into the 1.30 handle again as wave [i] completes.

I want to see wave (ii) continue to hold and wave (iii) to gain control from now on.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am looking at a possible triangle develop in wave [iv] after todays trade.
the price range continue to contract in this consolidation.
And right now we have a candidate for wave (e) to complete the triangle in play tonight.
Wave (i) of [v] will be confirmed with a push above 109.35 again.
the main target for wave [v] lies at the 110.85.
This is where wave ‘3’ will reach 162% of wave ‘1’.
there is a more interesting spike high at 111.69 which was created last June.
It would be great to take out that high before wave ‘3’ completes,
as that would reinforce the bullish potential over the coming months.

Tomorrow;
Watch for wave (e) of [iv] to complete a triangle above 106.63.
Wave (i) of [v] should then push above 109.35.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We are looking at a slight decline this evening off a new all time high today.
This is nothing to write home about yet,
but there is potential on the downside for sure.

The market will have to fall impulsively from this point on,
and I am looking for a break of the previous fourth wave at 31740 at least before getting excited here!
It would be good to see a bearish lower high develop in wave (ii) at the 32000 level.
that would create a nice head and shoulders around the top along with the wave (a) high from last month.

Tomorrow;
Watch for a continued decline in five waves in wave ‘i’ of (i).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays decline has a reasonable five wave form to it so far.
I am counting this as wave ‘i’ of (i) of [v].
This decline should begin the final descent to complete wave ‘C’ and wave (4).
Once this is done,
I think we will be in a strong position to look higher again to begin another major leg up in gold.

Tomorrow;
A break of the previous wave (b) at 1699 again will be a strong signal that wave [v] down has begun.

Watch for wave ‘ii’ of (i) to complete below todays highs.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We did not get a test of the 65.40 high again today,
but we did get an acceleration lower into wave (iii),
that wave is pretty much confirmed I think!

The size of todays move may well warrant a move upwards of the wave count degree,
but that will not change the dynamic here at all.
We have now topped at a large degree.
And the potential downside from here is also significant.

The price has broken the previous fourth wave low and the 59.00 handle this evening.
It looks like todays decline is in wave ‘iii’ of (iii).
and if that is the case,
then we should see a corrective rally in wave ‘iv’ tomorrow,
followed by further declines next week as wave [i] completes as shown.

Tomorrow;
Watch for wave ‘iv’ to complete below the trend channel off the high.
That suggests a top for wave ‘iv’ near to 60.50.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is a chance that the S&P is now falling into a third wave down off the high.
If that is the case,
then wave (i) should continue into the previous fourth wave low at 3835.
A break of that low after a five wave decline will be a big vote in favor of the larger bearish count.
But obviously the major level of interest lies at wave (b) or [iv] low of 3722.
So until we start picking off previous swing lows,
the bearish count is just a possibility and not a probability!
The environment is right for a turn to occur for sure,
I have been painting that picture for a while now.
So now we need a real impulsive move lower to work with.

Tomorrow;
Watch for wave (i) down to continue lower into 3835.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Despite the unorthodox pattern in wave [ii] green,
the correction hit the 50% retracement level and dropped off that level today.

The price has fallen today with a possible five wave decline in place.
The declining trend channel line has held any correction so far,
and we are likely to see this line hold again as wave [iii] takes over.

Tomorrow;
I would like to see wave (i) fall below 25.36,
and this action would signal that wave [iii] has begun.
Wave (iii) of [iii] should accelerate lower next week and carry the price back into the 23.00 area before completing.