Good evening folks and the Lord’s blessings to you.

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

This wave ‘c’ drop keeps churning lower day by day now,
but even with this decline I don’t see any change to the overall pattern.
The action still fits an expanded flat correction in wave ‘iv’.
Wave ‘c’ has now reached the 162% extension of wave ‘a’.
And I do think the next step here is a rally in wave ‘v’ to finish the larger wave (iii).

Tomorrow;
Watch for this wave ‘iv’ to complete and turn higher into wave ‘v’ with a break above 1.0850 as the initial signal.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has turned lower again today which suggests wave ‘c’ of ‘a’ is now underway.
The price has hit the minimum target for wave ‘c’ by breaking the wave ‘a’ low at 1.2886.
But I am looking for a further drop towards 1.2850 to complete wave ‘a’ pink.
When that happens,
then I will look for a turn higher into wave ‘b’ again.

Tomorrow;
Watch for wave ‘c’ of ‘a’ to complete with a drop into 1.2850.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The pattern in USDJPY remains shrouded in mystery tonight,
I am not convinced by this pattern in wave ‘i’ and ‘ii’,
but the price action continues along the path suggested for wave ‘ii’.
So I am willing to give this idea some time to see if it proves itself.

Tomorrow;
If this pattern is correct,
Wave ‘b’ will top out soon,
and then the price can fall back into wave ‘c’ of ‘ii’ as shown.
The ideal target for wave ‘ii’ lies at the 62% retracement level at 148.20.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW came close to hitting that 50% retracement level at 42850 today.
The price has traced out a clear three wave rally in wave (ii).
and now we see a pretty good rejection of that 50% fib as I write.
So at the very least I can say that the action is fitting the pattern each and every step of the way now.
If the pattern is correct,
and wave (ii) is now done here,
then wave ‘i’ of (iii) should take the market lower again tomorrow.
And I am looking for a break of 41420 at the wave ‘b’ low to confirm wave ‘i’ of (iii).

tomorrow;
Watch for a five wave decline to break 41420 in wave ‘i’ of (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at another possibility for wave ‘b’ of (iv) now after a pretty corrective looking trade today.
this involves a triangle correction in wave ‘b’ of (iv).
and once this triangle completes.
wave ‘c’ will turn lower again towards the target level at 2970.

Tomorrow;
It looks like the triangle has dropped in wave ‘b’ today,
wave ‘c’ ‘d’ and ‘e’ are left to close out this pattern tomorrow at above 3020.

A break of 3036 will invalidate the triangle pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The price is getting a bit too close for comfort to the invalidation level at wave [i] now.
so I am presenting the alternate count again tonight on the 4hr chart.
This correction higher can also be viewed as wave ‘2’ blue,
with wave ‘1’ blue complete at the previous lows earlier this month.

A break above 70.46 again will trigger this count.
But even if that happens,
I will be expecting a return lower again into wave ‘3’ down before too long.
So lets see how this pattern continues this week.

Tomorrow;
Wave (c) of [iv] must hold below 70.46 and return lower again into wave (i) down as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has turned lower today in line with the pattern.
While the action today is following the script,
There is no confirmation of wave (v) down yet.

Ideally,
wave ‘i’ of (v) will break 5600 again at the wave ‘b’ low.
and then a wave ‘ii’ lower high will form below wave (iv).

The minimum target for wave (v) blue lies at 5500 at the wave (iii) low.
And I would like to see an even bigger decline to complete wave (v) to be honest.
So todays action is good,
but not enough yet.

Tomorrow;
watch for wave ‘i’ of (v) to break the wave ‘b’ lows at 5600.
Wave (iv) must hold from here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is a reversal building off a possible wave ‘ii’ top today.
The decline is still too small to confirm anything,
But at least we now have a lower high in place.

Todays top hit the 78.6% Fib retracement level of wave ‘i’,
and then reversed off that level again.
I am looking for a quick retracement of the wave ‘ii’ rally again before the end of this week to confirm wave ‘iii’ has begun,
That may be a tall order,
but that is required to bring this market back in line with the larger wave count again.
Wave [iii] down needs to start now,
and wave (i) of [iii] has a target near 30.00.
Like I said,
a tall order!

Tomorrow;
Watch for wave ‘1’ of ‘iii’ to drop below 33.00 again to give this pattern a fighting chance!