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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is pretty flat today after dropping off that wave (v) top.
While we are holding a lower high so far,
there is not enough proof yet to confirm wave (a) of [ii] is underway.

The target area for wave [ii] is down near the 1.0700 handle again,
and 1.0675 marks the 62% retracement level of wave [i].
So wave [ii] has a lot of work to do over the coming weeks.

Wave (a) of [ii] should fall in three waves back towards 1.1000 again.
that willbring the price down into the top of the previous shoulder of support.

Tomorrow;
Watch for that high at wave [i] to hold at 1.1472.
Wave ‘a’ of (a) should trace out three waves down into the 1.1200 handle again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action in cable is now well beyond extended in this wave (b) rally.
The high today almost broke to a new high above wave [i],
but so far that level is holding.
Wave (b) can still do that in the case of an expanded flat correction.
And from there wave (v) will drop sharply again below 1.2700 later this week.

The internal action if the rise in wave (b) is very suspect because of the amount of overlap within the waves.
So,
despite the double top now achieved here,
this wave is still corrective in nature and wave (c) will complete the larger pattern later in the week.

Tomorrow;
Watch for wave (c) t begin with a drop into 1.30 again in wave ‘i’ of (c).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am getting frustrated with the lack of reversal in USDJPY of that wave [ii] low.
I know that the pattern I am working with here has some doubt hanging over it
given that the idea of a rally in wave [iii] is at odds with the atlantic pairs.

So I am still keeping one eye on that invalidation line at 139.58.
but,
Until we see a break of that level this wave [iii] low remains valid.
And I can look for wave [iii] to begin.

Tomorrow;
Wave (i) of [iii] must start soon, preferably in the next few days.
And the first level to watch lies at 151.22.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding just below the wave [iv] high this evening so there is a danger that a break will happen here again.
If we see a break of 41000 again,
then I think I can switch to the larger alternate count for wave ‘A’ and ‘B’ as shown.
that wave count still calls for a major reversal this week into wave ‘C’ down.
With the minimum target back below 36490 at the wave ‘A’ low.
I do think wave ‘C will achieve more than the minimum.
But I will just have to wait and see.

Tomorrow;
Watch for a turn down in wave (iii) of [v], or wave [i] of ‘C’.
A break of 38400 will signal that wave (iii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is attempting a turn around today again after fully retracing the previous declines.
the price is about to break into the channel again as I write.
but I am now looking for a full retracement of last weeks rally to break 2956 again to confirm the larger turn down has begun.
This may seem like a tall order right now,
but that rally last week absolutely maxed out on upside momentum again.
And I do think we will see an equal and opposite reaction as wave [i] down begins.

Tomorrow;
Watch for wave (i) of [i] to fall back into the 3100 level in five waves over the coming few days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

crude oil has turned down into wave (c) of [b] today after completing a lower high in wave (b) this morning.
I am looking for wave (c) to trace out five waves down to hit 58.00 again this week.
And that will close out the larger three wave pattern in wave [b] as shown.
From there wave [b] will give way to a rally in wave [c] next week if this pattern remains valid.

Tomorrow;
Watch for wave (c) to continue to move lower in a five wave pattern as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A lower high is holding in the S&P as I write this evening so the ‘i’ ‘ii’ pattern is still valid at the moment.
If the high at wave (iv) breaks,
then I will switch to the alternate count on the 4hr chart.

This is a similar count to the alternate on the DOW,
so it is quite clear how that works out from here.
In that alternate scenario,
Wave ‘B’ will likely complete this week.
And we can look forward to a rapid acceleration lower into wave ‘C’ coming next week.

WE will see soon enough if that count will be triggered.

Tomorrow;
Watch for wave (iv) to hold tonight and wave (v) down to continue lower.
Wave ‘iii’ of (v) will fall back below 5000 in this scenario.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding the highs of wave (ii) again tonight but the this rally has all but run out of steam now.
wave ‘c’ of (ii) may make a small new high tomorrow,
but from there we should see a sharp drop into wave ‘i’ of (iii) before the end of the week.
once the top of wave (ii) is reached,
then the decline into wave (iii) will be pretty quick.

Tomorrow;
Watch for wave ‘i’ of (iii) to fall back into the 30.00 handle in five waves.