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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am starting to feel like an absolute idiot in my search for a turn higher in EURUSD.
The pair has started to halt the decline at least.
But here we are again back closing in on parity again,
and with all the USD is dead talk from last year,
I suspect this is the last place the market would have guessed to be in May 2022.

I do think the price has gone too far too fast over the last week,
so there will be a reaction higher to this selloff coming our way.

The main wave count calls for a very large rally in wave (C) red.
But we will have to wait and see if that call is correct.

Tomorrow;
Watch for a sign of a turn higher off wave (v) of [v] of ‘C’.
I am looking for a sharp spike higher in the region of about 200 pips to signal a turn.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has failed to hold 1.25 today.
this move is less impulsive than the previous internal waves of wave (v).
So there is still a good chance that we are probing for a final low in wave (v) of [iii] here.
At the very least,
this weeks action is supportive of the idea of a wave [iii] of ‘3’ decline.
And I do think wave [iv] is coming our way sooner rather than later.
So patience is required again here.

Tomorrow;
Watch for another sign of a reversal higher into wave (a) of [iv].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Well,
the USD rally just wont stop this week!
I am forced to rethink the rally in wave [v] of ‘5’ today and that rally is shown on the hourly chart.

You can wee that the pattern is filling a trend channel off the wave [iv] lows now.
And wave (v) of [v] is nearing a five wave pattern higher also.
This version of the pattern in wave [v] is coming to a close now also.
But I will just have to wait again for a signal off the eventual top.

Tomorrow;
That signal will have to wait until next week now.
If the price hits the upper channel line and then drops impulsively again,
that will be a good start along the road to a reversal into wave (2).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The rally today in the dow favors the main count idea for wave ‘ii’,
The pattern off wave ‘i’ is in three waves into this evenings highs,
and the market is approaching the previous fourth wave high at 34120 again.
The 50% retracement of wave ‘i’ level lies at 34290.
So we are in that general area where wave ‘ii’ might top out again.

Tomorrow;
If this rally fails into the weekend after a three wave retracement,
then we are setup for a third wave decline next week.

Watch for wave ‘ii’ pink to complete three waves up between 34120 and 34290.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave ‘iv’ seems to be reversing higher this evening off yesterdays wave ‘iii’ low.
The price is holding this evening near the previous wave (a) low of 1890.
I do expect a little more upside before wave ‘iv’ is done.
And the previous wave ‘4’ high lies at 1907,
so a break above that level would be satisfactory at this point.
Then we can expect wave ‘v’ of (c) to begin early next week.
If wave (c) reaches equality with wave (a),
that gives us a target at 1818 for wave [ii] to complete.

Tomorrow;
Watch for wave ‘iv’ to complete at least a three wave correction higher into the 1910 area.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is moving higher again in wave ‘iii’ of (iii) of [c] of ‘2’.
While this rally should prove corrective in the longer run as either wave [c] of ‘2’.
or wave (c) of [ii] in the alternate count,
I do think there is more upside left in this move either way.
With the minimum target in the area of 110 with the alternate count.

Tomorrow;
Watch for wave (iii) to continue higher for the next few sessions and complete a five wave pattern into the 110 handle.
Wave (iii) will take at least two more sessions to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The 1,2 waves scenario continues overall in the stock market
as we continue to build lower highs that should lead to complete capitulation in a third of a third scenario.

The alternate count fits here for wave ‘ii’ also.
And the move higher into this evenings high is reasonably corrective so far.
The market has reached this weeks interim high within wave ‘i’ today.
The 50% retracement is only 20 points higher at 4326,
this level offers a good target area for a second wave retracement to complete.

Tomorrow;
watch for wave ‘ii’ of (iii) to top out tomorrow with a break into that 50% retracement level.
A sharp reversal off that level will signal wave ‘ii’ is complete.
While a break of 4140 again will signal wave ‘iii’ of (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is building a base here as wave (iii) is complete at the lows of todays session.
22.89 marks the low of wave (iii) now.
and I am looking for a correction higher into wave (iv) to begin now.
Wave (iv) should hold below the previous wave ‘1’ low at 23.95 after a three wave rally.

Tomorrow;
Watch for wave ‘a’ of (iv) to push back into the 23.50 area.