Good evening folks, the Blessings of the Messiah to you on this passion week.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays action is very much corrective within the larger down trend it seems.
I have labelled the sideways move as a possible wave ‘iv’ of (iii).
with one more decline into wave ‘v’ to come to complete wave (iii).
I want to see wave ‘v’ break the 1.1735 at the very minimum.
This is where wave (iii) equals wave (i) in terms of points travelled.

Tomorrow;
The price must hold below 1.1873 for this short term count to remain valid.
Ideally, wave ‘v’ should fall into the 1.1700 area before completing wave (iii).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable made an early attempt at the 50% retracement level of wave (i) early this morning again.
This rally was rejected,
and now we have a spike lower in place to begin a possible third wave down.

Tomorrow;
I want to see wave ‘i’ fall into initial support at 1.3670 to confirm wave (iii) has begun.
Wave (iii) must now fall towards the lower trend channel line again and break that minimum target at 1.35.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Three waves down in wave ‘iv’ was followed by a rally into wave ‘v’ today.
Wave ‘v’ of (iii) only needs to break 109.84 as a minimum target.
And then I will begin to look for wave (iv) to begin again.
this week should be enough time to complete five waves up in wave [v] up again.

Tomorrow;
watch for wave ‘v’ to complete above 109.84 and then turn lower again into wave (iv) blue as shown.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Disappointing is the theme for tonights stock market update!

It looks like wave [v] is now extending into a larger three wave structure.
And all that happened over the las week was a correction in wave [iv] green as shown.

The rally today brings us close to a new all time high in wave (a) of [v].
Wave (b) will fall later in the week to a further higher low.
I suspect the sideways corrective band in wave (b) of [iv] will provide the target for wave (b) of [v] also.
So we should see a drop below 32800 again in wave (b).
And then wave (c) will be left to run higher to that final high.

Overall the ending diagonal pattern in wave ‘5’ blue is still intact.
The wedge pattern is still on course as shown by the narrowing trend lines in the 4hr chart.
So I will just have to great my teeth over this coming week as wave [v] traces out three waves up to complete the ending diagonal pattern.

Tomorrow;
Lets see if wave (a) of [v] completes with a new all time high and then falls into wave (b) over the coming few sessions.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold broke below the wave (i) low at 1719 today to signal wave (iii) of [v] has now begun.
Todays sharp drop is viewed as wave ‘iii’ of (iii).
And I do not think this wave ‘iii’ is done just yet either.
We should see a solid break of that 1700 level again and then a correction below that level in wave ‘iv’ of (iii).
wave ‘v’ of (iii) is expected to push the price back towards 1985 again.
This level is where wave (iii) reaches 162% of wave (i).

Tomorrow;
Watch for wave ‘iii’ of (iii) to complete with a break of 1700 and then correct into wave ‘iv’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is stuck within the sideways range of wave [ii] again today.
The price is inching higher in wave (c) of [ii] over the last 2 sessions.
I can see the possibility of a wedge pattern forming in wave (c) also this evening.
This involves five waves up in an ending diagonal which should complete between 62 and 62.50 at the 50% retracement level.

Tomorrow;
I am looking for a third wave down to begin this week.
Wave [ii] is set to close out soon,
and then a drop below the 60 handle again should begin wave [iii] down.

Watch for wave (c) of [ii] to complete near 62.50 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The same count now stands for the S&P as does in the DOW.
The action last week failed to develop into an impulsive decline,
even though all the general requirements for a top are in place,
and the potential for a 2020 type collapse scenario is still very much on the table.

But today,
the recent decline was all but retraced.
And now I am looking at a larger three wave pattern developing in wave [v] of ‘5’.

This pattern in wave ‘5’ is well described by an ending diagonal.
And wave [v] of ‘5’ is tracing out three waves up within a narrowing wedge.
So this week I am reluctantly looking for a new high in wave (c) of [v] to finish the larger pattern.

Tomorrow;
Watch for wave (c) to continue towards 4120 where wave (c) reaches equality with wave (a).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Despite a fresh drop to a double bottom today,
silver seems to be tracing out a larger three wave correction in wave (ii) now.
Todays low is viewed as wave ‘b’ of (ii)
with wave ‘c’ of (ii) now heading higher again.
Wave ‘c’ should push up above 25.24 again to complete this pattern.
And then wave (iii) will be set to fall sharply to new lows later this week.

If we see a spike back below 24.39 tomorrow,
that will favor the idea that wave (iii) is already underway.

Tomorrow;
Watch for wave (ii) to complete above 25.24.