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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Its been a real false start to the action this week so far.
EURUSD is now on the verge of breaking the support at 1.0806 again today.
If that level breaks then its back to the drawing board for wave (D) and (E) of the triangle.
At this point I can only say that a break of 1.0806 will initially mean that wave (D) is still in force.
But the invalidation lind for wave (D) lies at 1.0637.
So the limits are very tight on this count now.

Tomorrow;
Watch for wave (D) to hold at 1.0806 and for a turn higher into wave ‘A’ of (E) to begin in earnest.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

It is hard to fathom the USD strength on display in the pairs that I follow.
When all we hear about is inflation all day long,
and we have precious metals pushing higher again on a longer term timeline.
Why a strengthening USD?
I will say patterns and cycles,
but we could also argue a deflation cycle getting going again.
that would have the same effect.

Tomorrow;
It seems wave (v) is close to completion now as cable is turning lower this evening again.
A break of 1.2981 again is the minimum target for wave ‘v’ of (v).
We will see if wave (i) turns higher again before the end of this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

In this pattern I have the problem of USD strength going against the expected outcome.
Wave (2) can now only fit an expanded flat correction with a top for wave ‘B’ now in place.
The minimum target for wave ‘C’ of (B) lies at 121.28.
So there is a long decline ahead if it ever gets started!

Todays trade is again another hint at a possible turn in play,
but we need to see more downside in order to make this a reality.

Tomorrow;
WAtch for wave [i] of ‘C’ to get underway with a clear five wave decline off the top.
until that happens,
I will be a little stuck with this pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

After todays action I am toying with the idea that we have a leading wedge in wave ‘i’,
and now followed by a correction higher i wave ‘ii’ today.
That wave ‘ii’ is still in play this evening.
We have the initial higher low now complete,
so there is a possibility that a three wave pattern higher will complete tomorrow at about 34740 again.
That level marks the 50% retracement of wave ‘i’ down.
If the decline continues tomorrow,
then I will have to revert back to a version of last nights count where wave ‘iii’ is already underway.

Tomorrow’
Watch for 34100 to hold at wave ‘i’.
WAve ‘ii’ must complete a three wave correction higher this week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Another pattern for wave (B) knocked out of the water today in gold.
But I am not concerned about the larger wave [ii] pattern just yet.
I have shown another interpretation for wave (a) and (b) tonight.
This involves a five wave decline in wave (a),
followed by a more traditional three wave correction higher in wave (b).
The session high today marked the 50% retracement level of wave (a).
And wave (c) is still expected to fall in five waves from here back towards 1850 again.

Tomorrow;
Watch for wave (c) to begin with a five wave decline in wave ‘i’ of (c).
Wave ‘i’ should break 1915 again.
And if that happens it will pretty much confirm the wave (c) outlook.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is about the only pattern that went my way today, but one day does not make a pattern!
Wave (i) of [c] is now underway with todays rally.
The price is expected to make a higher low above 93.00 in wave (ii) by the end of the week.
and then next week I will look for wave (iii) of [c] to take the price back above 110.00 again.
At the moment,
so far so good and wave [c] is underway until I am proved wrong on this one too!

Tomorrow;
Watch for wave (i) to complete five waves up.
Wave (ii) should fall back to the 95.00 area again to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P gave up most of the rally today in a pretty sharp fashion and the price is about to fall back to a new low for the week this evening.
So much for that ‘better than expected’ inflation number!

I am looking at a possible leading wedge off the top of wave [ii] here also tonight.
There is a reasonable possibility that wave ‘ii’ will rally again to complete three waves up as shown,
but I am not against the idea that wave ‘iii’ down is underway also.
That count will remain the alternate now unless we see a real acceleration lower over the coming few sessions.

If the market falls back below 4350 again and then holds below that level tomorrow,
then I will be willing to look at the alternate count more favorably.

Tomorrow;
Watch for wave ‘ii’ to complete a three wave correction as shown.
the previous wave ‘4’ lies at 4525,
so that will offer an initial target for wave ‘ii’ to complete.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has surprised me the most over the last few sessions.
The rally in wave ‘c’ has pushed higher than I would like to be honest,
but the structure of the pattern off the wave (i) low still fits a three wave pattern best.
I will just have to wait and see if this three wave pattern higher results in a decline in wave ‘i’ as I expect.
If the price breaks the wave ‘a’ high at 25.00 again,
that will be a signal that wave (ii) is completed.

Tomorrow;
Watch for wave ‘i’ of (iii) down to break 25.00 at a minimum.
that will help build a case for a larger decline to come in wave ‘iii’ of (iii).