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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I think we have five waves up in place at todays high in EURUSD.
the pattern is not perfect,
but there is enough here to suggest that a second wave correction should start here.
Wave (ii) should fall back towards 1.1050 over the next few sessions.
And the key low lies at that wave [ii] level of 1.0945.

Tomorrow;
Watch for wave (ii) to trace out three waves down by Friday evening.
And wave (iii) up is set to begin next week.
1.0945 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am taking another stab at GBPUSD today,
and I have relabeled wave [c] green as a five wave decline rather than a three wave pattern as suggested before.
This is best viewed on the 4hr chart.

As for the hourly chart.
Wave (v) of [c] is now underway.
Wave ‘i’ dropped into 1.3050.
The rise into todays high has traced out a three wave pattern so far,
and now the price is dropping again to begin wave ‘iii’ of (v).

Tomorrow;
Watch for wave ‘iii’ to break to a new low below 1.2996.
That will confirm this new count.
Wave (v) has a few more days to complete a five wave structure lower,
with a possible target at the 1.2800 area again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action in USDJPY is pretty corrective sideways today,
and this is in line with a possible wave (iv) correction as shown.
Wave (v) of [c] to the downside is expected to fall below 121.30 again to complete wave ‘A’.
That will complete three waves down in wave ‘A’.
And then we should look for a corrective rally next week in wave ‘B’.

Tomorrow;
Watch for wave [c] of ‘A’ to complete this five wave pattern with a break of 121.30 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A flat days trade today with no indication that wave (ii) has topped or wave (iii) has begun.
So I am afraid that I am without much comment tonight,
until there is a reasonable pattern to indicate where we go next.
I know what I want to see here,
but the market is refusing to signal a reversal into a third wave decline yet.

On the 4hr chart I can see a perfect head and shoulders pattern in place.
A double peak to the left
then a final top,
now a double peak to the right to complete the mirror effect.
This may well be the biggest H/S in history in terms of the magnitude of the waves at least.
If I am correct,
then it will prove to be the only H/S pattern to matter for the next 50 yrs!
WE will see on that prediction in a few years.

Tomorrow;
The top of wave ‘a’ at 34100 is a key level in the overall structure here.
If the price drops below that level again,
that will rule out the recent rally as an impulsive structure off the low.
And I think it will increase the probability of a third wave decline underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at todays top as a possible wave ‘ii’ high now in place at 1938.
that level marks a 62% retracement of wave ‘i’,
so we are in a perfect zone for a reversal into wave ‘iii’ of (c) now.
If the price does reverse lower and break the 1890 low of wave ‘i’ again that will confirm this short term bearish count.
And then the lower low of 1842 becomes the target for wave (c) of [ii].

Tomorrow;
Watch for wave ‘ii’ to hold below 1966 at the very top end.
Wave ‘iii’ down is expected to begin tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have introduced a possible alternate count for crude tonight that is immediately bearish and suggests a third wave decline is immanent.
The recent top can be viewed as wave ‘2’ blue.
and then the decline off that top is viewed as waves [i] and [ii] of ‘3’.
If this alternate count is correct,
then we can expect a ‘third of a third’ decline next week.
A break of 98.48 again will favor this bearish count.

As for the main count.
Todays action is topping off wave (i) of [c].
A decline should begin in wave (ii) tomorrow.
That correction in wave (ii) must hold above 98.50.

Tomorrow;
Watch for wave (ii) to begin and fall in three waves to a higher low above 98.50.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A rolling sideways day in the S&P today and as with the dow,
I do not have a whole lot to go on here until we get an impulsive spike lower off this wave [ii] top.
The key low in the S&P lies at 4420 again.
A break of that level will signal wave ‘i’ of (i) of [iii] is underway.

Tomorrow;
Watch for wave ‘i’ down to begin before the end of this week.
There is a momentum signal in play here on the 4hr chart with a lower high already topping out here.
Wave [iii] down is calling.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have labelled todays top as wave (ii) of [iii] now in place.
There internal structure of wave (ii) is not very ‘kosher’ for sure,
but the price has spiked lower off todays high after a rebound into the 62% retracement level.
If the decline continues tomorrow to create a lower high below wave (ii),
that will favor the idea that wave (iii) of [iii] is beginning.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall in five waves towards 24.30 again.