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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I think we have a correction complete in wave ‘iv’ today, finally!
The rally out of the overnight lows is small but impulsive looking so far.
I am looing for wave ‘1’ of ‘v’ to push above 1.0850 to confirm the move into wave ‘v’.
We are not there yet,
but todays rally is enough at least start looking for this move higher.

Tomorrow;
Watch for wave ‘1’ and ‘2’ to create a higher low over the next few sessions.
The minimum target for wave ‘v’ lies at 1.0954,
but we could easily go as high as 1.1200 at the upper end of the range.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am showing another version of this wave (iv) correction again tonight because of that spike higher in todays session.
The idea here is that wave (iv) is still underway,
however we are looking at an expanded flat correction in wave ‘b’ pink complete at todays top,
And now a drop back into wave ‘c’ should occur over the coming days.
Wave ‘c’ should break below 1.2886 at a minimum,
but the price will hit the lower channel again at 1.2840.
And from there I will look higher into wave (v) again.

Tomorrow;
watch for wave ‘c’ of (iv) to complete with a break below 1.2880.
Wave (v) of [i] should then turn higher again early next week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has pipped to a new high above wave ‘i’ tonight but I am going to stick with the main pattern for the moment at least.
It loos like a three wave rise in wave ‘b’ of ‘ii’ at the current high,
and that should lead to a drop into wave ‘c’ again starting tomorrow.
Wave ‘ii’ is tracing out an expanded flat correction at the moment.
And wave ‘c’ has a minimum target at 149.55 to complete.

Tomorrow;
watch for wave ‘b’ to top and then reverse overnight into wave ‘c’.
the decline in wave ‘c’ will hit 149.55 at a minimum

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is creating a small lower high below the wave (ii) high tas I write this evening.
I am suggesting this move is part of wave ‘i’ down,
possibly the initial ‘1’ ‘2’ move to begin wave ‘i’ pink.
I have marked the wave ‘b’ low at 41420 as the initial signal level.
So this market must turn lower in a more substantial way to confirm the pattern.
So far so good this week.
A three wave pattern looks complete in wave (ii) blue,
the next step is wave ‘iii’ down.

Tomorrow;
WAtch for wave ‘i’ to continue lower to hit that target level at 41420.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

An annoying spike higher today has thrown out the pattern I was working with in wave (iv) blue.
The rally into todays high is a knee jerk rally,
And I am suggesting this is a rally in wave ‘c’ of ‘b’ of (iv).
With wave ‘c’ of (iv) left to turn lower again maybe tomorrow.
Wave ‘c’ must hit the wave ‘a’ low at 2999 at a minimum.

Tomorrow;
watch for wave ‘c’ of (iv) to turn lower to complete this correction over the next few sessions.
The later next week we can look again for a rally in wave (v).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is still holding on at the highs of wave [iv] today,
the invalidation line for this count lies at 70.46,
and that really does put pressure on this count for sure.

I have shown the alternate count on the 4hr chart,
so even if we do see a break of the invalidation line that does not change the follow on outcome here for crude oil prices.
The market will still fall in wave ‘3’ of (5) in that scenario in the longer term.
So,
A choice must be made soon by this market.
A turn lower from here will be viewed as wave [v] of ‘1’ and we will work from there.

Tomorrow;
Watch for 70.46 to hold and wave (i) of [v] to turn lower again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is a possible five wave pattern in place off the wave (iv) top now.
This drop off has only retraced about half of the previous wave ‘c’ rally.
This is too small to suggest wave ‘i’ of (v) is complete,
I am looking for a more substantial drop to confirm wave ‘i’ pink.
A break of the wave ‘b’ low at 5600 is the idea target for wave ‘i’ of (v).
So I will give the market a few more days to see if we can achieve that target before calling wave ‘i’.

Tomorrow;
Watch for wave ‘i’ of (v) to fall into 5600 to signal that wave (v) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver continues to call my bluff today.
The with a break above the previous high at 34.21 to invalidate the pattern.
I am now forced to rethink this pattern overall for wave [ii].
And I am not sure at all about this idea either.
There is an overlap between wave ‘i’ and ‘iv’ in this scenario.
And that is less than ideal.
If we do see an impulsive decline from here then I can rest easy that wave [ii] is complete,
but we will see how it goes.

Tomorrow;
The invalidation high at 34.85 must hold.
Wave (i) of [iii] must begin.