Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I have relabeled the recent action off the top today,
but the overall idea remains the same.
EURUSD dropped and rebounded today to complete wave ‘i’ and begin wave ‘ii’.
The orthodox top at 1.0980 marks the top of wave (b) now,
and the recent action should now be the beginning of wave (c) down.

Wave (c) will be confirmed with a break of the wave ‘b’ low at 1.0795,
we are not there yet,
but I expect that to happen in wave ‘iii’ of (c) as shown.

Tomorrow;
Watch for wave ‘ii’ to form a corrective lower high to signal that the market is ready to turn into wave (c) down.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am taking a similar approach tonight in cable.
The pattern into wave ‘2’ is not ideal,
but I can count a possible three waves up which completed at the recent high of 1.2893.
Wave [c] is nowhere near as long as wave [a] which is a little concerning,
but equality between waves in a correction is a guideline and not a rule when it comes to Elliott.
The current short term count suggests wave (i) is complete and wave (ii) is underway.
so we can expect a three wave correction higher into wave (ii) to complete a lower high this week.

Tomorrow;
Watch for wave ‘b’ and ‘c’ to correct higher and complete near 1.2800 over the coming few days.
A sharp decline back below 1.2600 again will signal wave (iii) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Well that escalated quickly!

It seems like wave (i) just of [iii] was not complete at Mondays top,
so we got a rapid move higher overnight,
and now today the rally off the wave [ii] low has actually retraced all of the recent decline.
the price has pipped above the wave [i] top today,
and now I think we can start to see the potential for wave [iii] up!

There is still a need to retrace the recent rally in wave (ii) and that should happen this week.
Three waves down in wave (ii) should break below the 149.00 handle again,
and after that we will be ready for a larger rally into wave (iii) of [iii].

Tomorrow;
Wave (i) should complete soon.
Watch for wave ‘a’ of (ii) to drop off that high and hit the 150.00 level again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The rally in wave [v] of the DOW now fits an expanding wedge rather than a contracting wedge as shown previously.
This does not change the nature of the overall pattern here,
we should see a final high in wave ‘c’ of (v) of [v] very soon.
In fact,
todays action is close to reaching that new high even now.
So the pattern is chugging along slow and steady here.
The market can easily close out this pattern tomorrow if all goes well.
We will see.

Tomorrow;
Watch for wave ‘c’ of (v) to reach to a new high and hit the upper channel line for wave (v) blue.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Ok,
I am going back to the triangle idea for wave ‘b’ tonight.
the price range is narrowing again today,
and this opens up a possible triangle count for wave ‘b’ again.
the price must hold below 2163.80 for this idea to remain valid.
And wave ‘c’ of (iv) will fall from here in five waves to complete the pattern later this week.

Tomorrow;
Watch for wave ‘b’ to hold.
wave ‘c’ down should begin with a drop out of the triangle pattern and then fall towards 2100 later this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

WAve ‘v’ pink now has a five wave pattern in place at todays high.
so the area for wave (v) to complete is coming into focus now.

Wave [c] already has enough waves in place to call an end to the pattern,
but the market has been inching higher in the final sub waves of the pattern.
The next Fib target for wave ‘2’ lies at 84.16 at the 62% retracement level.
Sp I will be watching for a reversal to develop in this area.

Tomorrow;
Lets see if wave (v) of [c] can make it to the 62% retracement level at 84.16 and from there I will look for a return lower into wave [i] of ‘3’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

the S&P is very close to a new high again tonight with wave ‘c’ of ‘v’ now underway.
The pattern in wave ‘v’ of (v) will complete a three wave rally with a break to a new high.
and from there I will look for a top out and drop back to begin wave (i) down again.
Its a slow process to close out this ending diagonal in wave (v).
But we are almost there now.

Tomorrow;
Watch for wave ‘c’ of ‘v’ to hit a new high and complete the larger pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have shown a possible three wave decline in wave ‘a’ of (ii) this evening.
The price has not moved lower fast enough to warrant a five wave decline in wave ‘a’.
This count also suggests wave (iv) will be a flat correction with a 3,3,5 internal pattern.

Tomorrow;
Watch for wave ‘b’ to top out below the wave (i) high.
Wave ‘c’ should then fall again towards 24.00 again later this week.