Good evening folks.

God Bless you all, and welcome to a new week.

To all my Friends in Taiwan, I pray that you will be spared from any invasion attempt from china, but the news just keeps getting worse these days.

https://www.zerohedge.com/geopolitical/taiwan-records-largest-ever-incursion-chinese-air-force-25-planes-monday

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have a three wave rise into todays high now in place.
This is a corrective high and the action is best described as wave (b) of [b].
I am waiting for wave (c) to begin a fall back towards 1.1800.
1.1816 marks the 50% retracement of wave [a],
so that gives us a reasonable target for wave (c) to hit.
Once wave [b] completes,
wave [c] should then carry higher towards the end of this week and complete wave ‘B’
in the are of 1.2000 again.

Tomorrow;
Watch for wave (c) to begin and drop below the wave (a) low at 1.1866 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price has now corrected in three waves into todays high also.
This action completes a correction in wave ‘ii’ of (iii).
And should be followed by a decline back below 1.3500 at a minimum in wave (iii).

The alternate count calls for a decline into wave [c] of a triangle wave ‘D’.
You can view this count best on the daily chart.
This alternate count calls for a five wave decline also,
and at least a drop into 1.3350 where wave [c] reaches 100% of wave [a].

Tomorrow;
Watch for wave ‘iii’ to begin with a break of 1.3670 at the wave ‘i’ low.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has now put in a higher low in wave (b) of [b], above the wave [a] low at 109.00.
Wave [b] should continue higher for another day or so to complete three waves up.
and I am looking for wave [b] to top out at about 110.50.

There is a small chance that wave [b] has already topped out at 109.96.
A break of 109.00 again will favor the idea that wave [c] is already underway.

Tomorrow;
Watch for wave (c) to [b] to rise in five waves and hit the 110.50 area before turning down into wave [c] again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays action is counted as a short term correction to the downside.
This correction seems to be within wave ‘v’ of (c).
And I have shown wave ‘v’ developing as a five wave pattern also.
If this count is correct,
then todays correction is wave ‘4’ of ‘v’,
and wave ‘5’ of ‘v’ will complete the larger pattern in wave (c).

Tomorrow;
Watch for wave ‘5’ of ‘v’ to reach up to the trend line again to finish.
If we see a sharp rejection off that trend line and a decline back below 33000 this week,
that will be a good signal that the larger pattern is closing out.

We do need a significant impulsive decline off the current highs to signal wave ‘5’ blue has topped out.
We will see what happens from here.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has moved off the wave [iv] high at 1758 today and I think the action is still tracing out a (i) (ii) decline as shown.
Wave ‘b’ of (ii) made a new low below 1730,
and now wave ‘c’ should complete a three wave lower high in wave (ii) tomorrow.
Once that completes,
wave (iii) of [v] is expected to fall sharply back below 1676.

Each new day brings us closer to that final low to complete wave (4).
We may even achieve that new low this week.

Tomorrow;
Once watch for 1758 to hold,
and wave (ii) to complete below that level.

An acceleration lower from here will signal wave (iii) is already underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The pattern that has developed over the last week in crude is explained equally well by two counts.
The main count views todays high as wave (ii) of [iii] to the downside.
Wave (iii) of [iii] should decline sharply again this week and fall into the 53.00 area.

The alternate count is circled in red,
this shows a triangle in wave (iv) complete at Todays high.
In this case we should see a decline from this high back below the 56.00 level again.
this will complete five waves down in wave [i] green.

Tomorrow;
Watch for todays high at wave (ii) to hold.
A decline back below 57.66 at wave (i) will signal wave (iii) is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am watching a five wave pattern in wave ‘v’ of (c) in the S&P also today.
The pattern in wave ‘v’ suggests we will se another day of sideways action at the highs to complete a small fourth wave,
and this should be followed by another run higher in wave ‘5’ of ‘v’.
The price is now just tucked underneath that upper trend line of the long standing ending diagonal pattern.
The price has also met the (a) = (c) target at 4120.
The sheer excessive optimism in the market is exactly what we should expect at a top.
and the underlying weakness in the market is also suggestive of a top.
All we need is the top!

Tomorrow;
WAve ‘4’ of ‘v’ should hold above 4100 at the wave ‘1’ high.
Watch for wave ‘5’ of ‘v’ of (c) to top out by Wednesday evening.

I think we can look for a reversal pattern to begin this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver fell in three waves so far off this recent high at wave (ii).
This action leaves open the possibility that the decline is corrective in nature,
but as long as 25.60 holds at the wave (ii) high,
then the probability lies in favor of a sharp decline into wave (iii).

The main pattern now calls for an acceleration lower to begin this week in wave (iii) of [iii].
And I suspect that a break of 24.00 again will be enough to confirm that wave (iii) has begun.

Tomorrow;
Watch for wave (ii) to hold ant 25.60.
If we see another step lower into the 24.00 handle tomorrow,
that will signal wave ‘iii’ of (iii) has begun.