Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There is a pretty good five wave pattern in place into todays lows,
and that should be enough to call wave (i) complete.
The price is holding above the lower bound of the triangle in wave [b] at 1.0693.
It would be good to see a break of that level,
but I will just have to wait until wave (iii) down for that to happen now.

Tomorrow;
Watch for wave (ii) to begin a correction higher in three waves from here and that should reach the 1.0800 area when complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Five waves down have completed in wave (i) of [iii] in cable also today.
Wave (i) reached a low at 1.2510,
so the 1.2500 level is acting as support now.
You can see that level clearly on the 4hr chart as it is the low of wave (a) in the previous triangle.

If wave (i) is now done,
then wave (ii) of [iii] must begin from here and correct higher.
I am looking for a high in wave (ii) near the 1.2600 level.
and then next week should bring a sharp acceleration lower into wave (iii) of [iii].

Tomorrow;
Watch for wave (ii) to track higher in three waves over the coming days with an initial target area at 1.2600 at the 50% retracement level.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is creeping higher today after a small corrective sideways move in wave ‘4’.
Wave ‘5’ of ‘v’ of (i) will top out soon.
I don’t expect much more upside to complete this larger pattern.
So;
Wave (ii) will begin by next week at the latest,
and the initial decline in wave ‘a’ of (ii) should fall back towards the wave ‘iv’ lows at 150.80.

Tomorrow;
Watch for a top to form in wave ‘v’ of (i) and maybe even the initial drop into wave ‘a’ of (ii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has bounced far enough this evening to suggest that wave (v) of [i] is now done at the lows.
The low of wave [i] holds above the 38000 level so far,
and now this level becomes a more important level for the development of this pattern off the top.
For the moment I am going to switch focus to a correction higher in wave [ii].
And once that completes next week,
then I will look lower into wave [iii] down.
That wave will be confirmed with a break of the 38000 support.
And then we should see a solid acceleration lower into wave [iii] down.

Tomorrow;
Watch for wave (a) of [ii] to track higher towards the wave (iv) high at 39000.
the 50% retracement level of wave [i] lies at 39095.
So that is the initial target level for the correction.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The small decline in gold over the last few days only managed three waves down
and now we have another run higher to hit the highs again.
The price is holding near the upper trend channel line again,
so it looks like wave ‘v’ of (iii) is going to reach out above that channel to complete the pattern now.

I don’t expect much more gains in wave ‘5’ of ‘v’ to close out the larger wave (iii).
This wave ‘v’ pop may manage a throw over above the upper line to top out wave (iii).
but I do think next weeks trade will be dominated by a turn into wave (iv).

Tomorrow;
Watch for wave ‘v’ of (iii) to break above the upper channel line and complete the larger wave (iii) pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has essentially done nothing this week even with all the action.
The price action has the potential to turn lower into wave [i],
but that has not been confirmed yet anyway.

I am going with the idea that wave ‘ii’ pink completed a running flat correction at todays high,
and now wave ‘iii’ of (i) can turn lower from here.
A break below the 83.00 level again will confirm this pattern.
But I have to admit,
time is running out on this pattern here,
the market must move lower soon to confirm the impulsive nature of the recent decline.

Tomorrow;
Watch for wave ‘iii’ of (i) to drop below 83.00.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A sharp rally in the S&P today really does pour cold water on the potential for a top now.
I am going to allow the rally to invalidate the pattern before throwing in the towel,
but if nothing changes here,
then the recent decline will be confirmed as a correction.
And it will be back to the drawing board.

I will say this.
If the price continues to create lower highs as we ahve seen this week.
and the action turns lower into the trend channel again,
then we will be back on track again.

Tomorrow;
WAtch for wave ‘ii’ to hold at 5230.
Lets see if the price can turn back into wave ‘iii’ again tomorrow.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is reluctant to start the correction into wave [ii] again today.
The price action is less than inspiring to the upside,
but there is nothing to signal that wave (a) of [ii] is underway yet.
I am looking for a drop back into the trend channel near the 27.50 area to begin wave (a).
So the job is simple here.
Wave (v) will top out sooner rather than later.
Watch for a break back into the trend channel to begin wave (a) of [ii].