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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is revealing itself tonight I think!

take a look at the daily chart first.
The rally in wave [i] has already retraced all of the decline in the previous wave [c].
And that was the target for wave [i] at the beginning.
So,
the pattern in wave [i] may be one step ahead of where I though it was last night.

todays action suggests that we are seeing the top of wave (v) of [i] coming into view now.
And once that final fifth wave tops out,
then we should see a reversal into wave [ii] coming next week.

Tomorrow;
watch for wave (v) to trace out five waves up near the upper trend channel line to complete the larger wave [i] pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rally into wave ‘c’ of (b) hit the target at the 50% retracement level today.
That completes three waves up to form a lower high in wave (b).
And now I am looking for wave (c) to begin a five wave decline from here.
Wave [ii] green should bottom out next week near 1.2600 again.
And that will set the stage for the next rally to begin.

Tomorrow;
Watch for wave (b) to top out and then reverse in wave ‘i’ of (c) as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY wiped out the reversal that came yesterday in full.
I am still looking at a low in wave [ii] here for the moment.
I don’t think there is a big need to change tack here yet.
Only if the price breaks below 139.55 will I then be forced to rethink the pattern in full.
And that is still not likely after a long oversold decline like we have seen in wave (c).

On the other side of that invalidation level,
I have marked the high at 151.25 as the confirmation level for the bullish count.
So we will see how it goes over the coming week.
We are sitting half way between those points at the moment.

Tomorrow;
Watch for a low to finally form in wave (c) of [ii] as shown.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The rally in the DOW reached back above 40000 again and that complicates matters slightly.
Wave [iv] has broken the previous wave [i] lows.
This is not ideal,
but it can happen in the case of a leading wedge pattern.
That is still an impulsive pattern to the downside.

The alternate count calling for a three wave decline into wave (A) is now a clean 50/50 probability.
And I may switch to that idea next week if the action continues to move in favor of that count.

The market came off yesterdays euphoria with sharp reversal.
I have labelled this wave (i) of [v].
and that count suggests a further decline below the wave [iii] at 36490 again to complete wave ‘1’ blue.
I am asking a lot from this pattern here,
so lets see how it goes.

Tomorrow;
Watch for wave (iii) of [v] to fall back into support near 36500 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold has completely retraced the previous decline after an extended rally today.
That invalidates the previous wave count for wave [i] down.
And I am back to searching for a top in wave (v) of [v] of ‘5’ again.

The rally has come up to meet the upper trend channel line again today on the 4hr chart.
I can only suggest that wave [v] green has extended its internal pattern.
and if this larger count is correct for wave [3] black,
then we will see that reversal off the top to begin wave [4] down quite soon.
A break of 2800 again will confirm that idea.
So I am back to wait and see mode here.

Tomorrow;
watch for a final top in wave [v] green to complete the larger pattern all the way up to wave [3] black.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The price came down in wave (a) blue today to begin the larger wave [b] of ‘4’.
I am looking for three waves down to a higher low over the next few sessions.
And that wave [b] low will likely break the 58.00 level again.
Wave [c] will turn higher again early next week.
and wave ‘4’ must hold below 65.00 when complete.

Tomorrow;
Watch for wave (b) to top out early and then a drop back below 58.40 again will signal wave (c) is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am sticking with the main count today in the S&P but I realize the same caveats exist here in this count as do in the DOW.
That alternate count is shown on the daily chart.

The market managed a three wave rally into yesterdays highs,
and now the market has retraced back deep into that previous rally.
Yesterdays top counts as wave (iv) at the moment.
And the decline is wave (v) now beginning.
Wave ‘i’ and ‘ii’ of (v) have created a lower high this evening.
And wave ‘iii’ of (v) must continue lower tomorrow.

Tomorrow;
Watch for that wave (iv) high to hold and wave ‘iii’ of (v) to continue back into support at 4800 again.
The minimum target for wave (v) lies at that 4800 level.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did not take part in the metals rally like gold did.
So the main count holds this evening.
Wave (ii) is close to complete now,
possibly even complete at todays highs if this count is correct.

A sharp drop below 30.00 again will signal wave ‘i’ of (iii) is underway.
And from there we should see a lower high build in wave ‘ii’ early next week.
Wave ‘iii’ of (iii) will drop back into the 25.00 area again later next week in this scenario.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall back into the wave ‘b’ lows near 29.30.