Good evening folks, the Lords Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD touched the upper trend line early today and then turned off that line for the rest of this session.
The high of the session reached 1.2080 and that comes in just shy of the 62% retracement of wave ‘A’.
Wave ‘B’ now has a clear three wave pattern in place off the recent low.
And now we see a first step lower off the high.
We need a five wave decline now to signal wave [i] of ‘C’ is now underway.
But I suspect a break of the 1.1940 low at wave (iv) will be enough to confirm the turn.

Tomorrow;
Watch for wave (i) of [i] to fall in five waves and break 1.1940.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has traced out three waves up in wave [b] over the last few weeks and now that pattern seems to be coming to an end.
Wave (c) of [b] reached the previous wave (b) high today,
and that level is just slightly below the 62% retracement also.
Todays decline may well be the beginning of the reversal into wave [c] that I have been looking for,
but I will have to wait for a clear impulsive decline in five waves before calling it.

The only problem with the current count is the three wave rise in wave (c).
This pattern just adds a little doubt to the overall picture,
so I do want wave (i) to get going to the downside now to re inforce the picture.

Tomorrow;
Watch for wave (i) down to continue lower and below the 1.3800 level at least.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Waiting for wave (i) up to come our way but it seems like we are not there yet.
The spike lower today has not broken to a new low,
but I suspect it will do that overnight.

Wave (v) of [c] only needs to break 107.98 again to complete the patern.
After that I will look for a rally above 108.90 again to confirm the turn higher into wave [i] of ‘5’.

Tomorrow;
Watch for wave (v) of [c] to break the low at 107.98 again to form a final low.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It is good to see the market reverse back below the upper trend line today.
This action has not confirmed anything in the main count,
but it does add a little weight to the ending diagonal idea as.

The main point of interest in the pattern now is the wave (b) low at 32960.
If we break that level with a five wave decline,
then we will be moving towards a more significant bearish pattern.

Tomorrow;
Watch for wave (i) down to trace out five waves towards the wave (b) low at 32963.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It is possible that we have a wave ‘i’ ‘ii’ pattern in play now off the top of wave (c).
I do want to see a break of 1722 again to confirm that wave [v] is in play here,
So the small lower high this evening should be followed by an acceleration lower into wave ‘iii’ of (i) tomorrow.

Tomorrow;
Watch for wave [iv] to hold at 1789.
Wave (i) and (ii) should create a bearish lower high by the end of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude took a hit today with a sharp drop back below 62.00 again.
This decline comes after filling a trend channel,
in a correction in three waves at wave [ii] on Monday.

As it stands,
this action is a very strong hint that wave [iii] is not getting started.
Wave (i) and (ii) should now create a lower high and then wave (iii) of [iii] is set to take over by the end of the week.
This wave has potential to really push prices back below the 57 handle at a minimum.
So we are lining up for another wave of selling in oil now.

Tomorrow;
Watch for wave (i) to complete five waves down by tomorrow evening.
the recent high at 64.30 must hold.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

If nothing else,
at least todays action is in the right direction for a change!

If the short term pattern is to prove useful at all.
then we need to see a sizeable decline in five waves get going now.
I have suggested a decline in wave [i] at one higher degree than the previous rally.
The main reason being, the recent rally was so over stretched within its structure.
So much so that I ran out of labels!

Similar to the Dow,
we have a (b) wave low at 3852 as the main support here.
The price needs to decline through that level in wave [i] green.
If that happens,
then we can start to build a pattern to the downside.

Tomorrow;
Watch for the highs to hold and this new decline to work its way lower for the rest of the week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is very little room for maneuver between the main pattern and the alternate now.
I have fleshed out the alternate count a little more this evening to show how wave ‘B’ would play out.
If we break 26.29 again that will trigger the alternate count.
Even so,
I do not expect that wave ‘B’ would get any higher than $27 again before falling sharply into wave ‘C’ down.

Tomorrow;
If the price does not fall early tomorrow,
then the alternate count will take over.
Wave ‘iii’ of ‘iii’ must now decline back under the 24.66 support to favor the main count.