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Good evening folks, I hope you are all doing well.

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EURUSD.

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EURUSD 1hr.

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EURUSD rallied in wave ‘c’ of (iv) today,
and reached right back into the area of the previous wave (i) low at 1.0926.
The price reached a high in wave (iv) at 1.0925.
So the action came within one pip of triggering the alternate count today.
For the moment the main count stands.

But this is too close for comfort to ignore the possibility of that alternate wave [c] of ‘2’.

The alternate count calls for a five wave rally in wave [c] up to the 1.1200 handle again.

Tomorrow;
The key to the main wave count is the low at 1.0768.
If that level breaks,
that will confirm wave [i].
And we can be reasonably sure that the larger trend has turned down.
We should be able to confirm one of these counts by tomorrow evening.

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GBPUSD

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GBPUSD 1hr.

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Wave ‘iv’ pink finally completed in the overnight session.
And off the low,
the price has risen again in wave ‘v’ pink.
Wave ‘v’ should continue higher tomorrow to break 1.2486.
And that will complete the larger wave (c) and wave [iv].
So I am looking for a return lower to begin soon in wave [v].

Tomorrow;
Watch for wave ‘v’ to complete with a short break of 1.2486.
A drop back below 1.2164 again will signal wave [v] has begun.

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USDJPY.

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USDJPY 1hr.

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USDJPY is drifting lower again off that recent 109.37 high.
The action has not developed impulsively yet,
so I will have to wait for tomorrow trade to see if wave [c] has started.

The wave count calls for a return to the downside again in wave [c] of ‘A’ over the coming days.
And ideally the structure of wave [c] will be in five waves.

Tomorrow;
Watch for 109.37 to hold and for wave (i) of [c] to begin.

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DOW JONES.

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DOW 1hr.

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The DOW reached a high today at 23617.
This level is a mere 210 points off the target for wave (B) at the 50% retracement level at 23827.
And that is close enough for me to consider the top for wave (B) is in.

Now add to that mix,
the fact that the price has dropped off the session high in a very impulsive looking manner this evening.
That gives us a picture of a market peak in place for wave (B).

So,
If wave (B) is now complete,
then we should see a continuation lower tomorrow in wave [i] of ‘1’ of (C) as shown.
The market should then go on to create a bearish lower high in wave [ii],
possibly by the end of this week.

The action described above,
will be a very strong signal that the selloff is about to accelerate again to the downside in a very big way!

Tomorrow;
I have moved last nights count to the alternate position now.

Watch for price to hold below 23617 for the rest of the week as we build a bearish signal in waves [i] and [ii].

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GOLD

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GOLD 1hr.

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GOLD has continued its sideways corrective drift today.
This action is well described as a fourth wave correction now.
So I expect this correction in wave ‘iv’ to end soon,
and a rally to form in wave ‘v’ of (v) of [i].
If we hit the previous highs at 1700 again by the end of the week,
that should be enough to complete wave [i] of ‘5’.
And then we can look for a correction in wave [ii] of ‘5’ beginning next week.

Tomorrow;
Watch for wave ‘iv’ to complete around this initial support level at 1640.
Wave ‘v’ will be confirmed with a break of 1671 again.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude is moving lower again also today.
This evenings spike lower should begin wave (iii) of [v].
And wave (iii) is expected to fall back below 24.86 at a minimum.
This is the level of the previous fourth wave.

The pattern from here is set to trace out a five wave structure lower.
And wave [v] should break below 20.50 at the wave [iii] low.

Tomorrow;
watch for wave (iii) to continue towards 24.86.
The recent high at wave [iv] must hold from here on out as wave [v] completes.

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S&P 500.

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S&P 500 1hr

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The same bearish reversal pattern is in play for the S&P also tonight.
The price action is telling its own story this evening.
So I have switched focus to the downside and relegated last nights count to the alternate scenario now.

Todays high reached 2753 and change,
after a 300 point rally into that high off the wave ‘B’ low.
We now have a three wave correction in place off the recent lows in wave (A).

This high is just 35 points off that 50% retracement level also,
so I think it is prudent to consider that wave ‘C’ of (B) is now complete.
And if this is true,
then the next move lower will most definitely be described as a crash in wave (C).
Then it will be an easy hop skip and jump into the developing economic depression.

Tomorrow;
The sharp drop off the session high is developing in an impulsive fashion so far.
Watch fro this decline to trace out a five wave structure lower in wave [i].
Wave [ii] should complete a bearish signal by the end of the week.

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SILVER.

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SILVER 1hr

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Silver reached a high at 15.51 today.
This action should be enough to complete the correction higher in wave ‘4’ red.
And now I am looking lower again in wave ‘5’ of (5) to complete the bear market in silver.

Wave [i] of ‘5’ should now fall back below the previous wave (iv) low at 13.77.
A break of that level should confirm that the market has turned down into wave ‘5’.

Tomorrow;
I am still watching that wave ‘1’ low at 16.38.
If that level breaks then the bullish count will take over.

Watch for wave [i] of ‘5’ to break 13.77 this week.

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