Good evening to one and all.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD came down off that corrective wave (ii) high today,
So wave (iii) is now underway.
We need this decline to continue into a five wave structure in wave (iii).
So far we only have a three wave decline in place.
WAve (iii) should push into the 1.0780 level,
and if that happens it will add a whole lot of confidence to the bearish outlook.
Tomorrow;
Watch for wave (iii) of [i] to continue lower and break initial support at wave [b].
I would prefer if wave [i] continued all the way down to the support before wave [ii] begins.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable is still hovering at the highs in wave [iv] this evening.
The price just does not want to give up its rally!
The action over the last few days is developing into a triangle wave ‘iv’ which seems to be near completion.
This pattern should be followed by a small rally to break above the high of wave ‘iii’ at 1.2486,
that will finish off wave (c) and wave [iv].
And then wave [v] down can begin.
Tomorrow;
watch for wave ‘v’ of (c) to complete with a small break of 1.2486.
A spike lower off that wave ‘v’ high will signal wave (i) down has begun.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY dropped off the three wave recovery high of wave (a) today.
The price seems to be tracing out a three wave decline into a low in wave (b)now.
And if the overall pattern for wave [b] green is correct,
then we should see a rally in wave (c) of [b] tomorrow to complete the pattern.
Wave [b] is now viewed as a developing expanded flat correction.
In that case, wave (c) of [b] should break 108.74 when complete.
Tomorrow;
Watch for that corrective rally in wave [b] to complete with a new high above 108.74.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW is falling today in line with the flat correction I have been following.
Wave [a] traced out three waves down,
wave [b] rallied in three waves to a lower high at Tuesdays top.
And wave [c] is now falling again to a new low this evening.
Wave [c] does count as a five wave decline also,
so we are on track to complete the larger wave [c] and wave ‘B’ by tomorrow evening at the latest.
Once this correction in wave ‘B’ is done with,
then I can look higher again in wave ‘C’.
Tomorrow;
Watch for wave ‘B’ to find a low in the area between 20960 and 20640.
Which is the low of the previous wave [iv].
Wave ‘C’ should rally in five waves again next week to complete a huge bull trap at the wave (B) high!
That will be exciting indeed!
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold seems to spend an inordinate amount of its time these days in a correction of once form or another!
The current wave (iv) correction is quite deep for sure,
but it should be retraced completely in wave (v) over the next few sessions.
Wave (v) may even be underway already off the session low today.
So I will be looking for a follow through tomorrow to confirm wave (v).
I am also looking at a possible alternate count in the short term.
This involves a completed impulse structure in waves [i] and [ii].
If this count is correct,
we should see a rally begin in wave [iii] pretty soon anyway.
Tomorrow;
Watch for wave (iv) to hold at 1563.
Wave (v) of [i] should push higher over the coming days.
A break of 1622 again will be a very positive signal that wave (v) is underway.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
I have expanded on the larger wave [v] idea this evening.
The price is stalling above the 20.00 handle these days.
I reckon there is a real psychological resistance to going below the 20 handle.
It is a no go area for the long term bulls and the producing nations.
So much prestige and power is being trashed by the collapse in prices now.
It is like a break of 20 will break the spirit of the oil bull forever!
Of course that is when the price will rally again, ironically!
I am looking at a developing five wave pattern within wave (iii) this evening.
WAve ‘i’ and ‘ii’ may be done this evening.
That leaves us with wave ‘iii’ of (iii) to come.
And that should be the one to break into the teens.
The alternate allows for a larger wave (ii) to occur before a drop into wave (iii).
Tomorrow;
Watch for wave ‘ii’ to complete below 23.30.
And then wave ‘iii’ of (iii) should carry us lower again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P is falling today in wave [c] of ‘B’ today.
We have a five wave pattern developing in wave [c] also.
I don’t think this five wave decline is complete yet either.
One more push below 2460 is needed to finish that three wave correction in wave ‘B’ as shown.
The lower support level lies at the previous fourth wave at 2410.
If we hit that level and then push higher to break 2500 again.
That will be enough to signal wave ‘B’ is over and wave ‘C’ has begun.
Tomorrow;
Watch for wave [c] of ‘B’ to complete tomorrow,
the first move higher into wave ‘C’ may even occur by tomorrow evening.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
The silver market is absolutely devoid of any price action these days!
It is very hard to read anything into what has happened this week other than a correction in wave (iv).
This pattern needs one more push in wave (v) of [c] now,
to finish the larger correction in wave ‘4’ red.
So I will continue to look for that action to occur tomorrow.
Tomorrow;
Watch for price to hold above 13.03 on the low end in wave (iv).
Wave (v) should break 14.68 again before closing out the whole correction in wave ‘4’.