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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

That wave ‘b’ sideways correction is morphing into a possible triangle tonight.
We have a continued narrowing of the trading range all day.
and now this triangle may be very close to completing with wave ‘d’ and ‘e’ left to close out the pattern.

This new pattern does not change the setup for wave (a) in blue.
Once this triangle is complete,
then wave ‘c’ must drop again to break 1.1200 by the end of this week.

Tomorrow;
Watch for wave ‘b’ to top out below 1.1420.
Wave ‘c’ must then fall in five waves towards 1.1200 as shown.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A new high for wave ‘v’ of (v) today and I can only suggest that the top of wave [i] must be very close at hand now.
The price is holding just above the upper trend channel line this evening.
And so far there is no evidence that wave (a) down is beginning.
that can change quickly,
and if we see a break of the wave ‘iv’ low at 1.1328 again that will signal wave (a) is in play.

Tomorrow;
Watch for a drop back off the highs to break the wave ‘iv’ low and signal wave [i] is complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘ii’ pink has completed a five wave decline now and the drop seems to have stalled out.
The 50% retracement of wave ‘i’ lies at 141.72,
and so far the price is holding above that level with a hint this evening at a turn around in play.

If wave ‘iii’ is about to begin here,
then we will see a solid rally for the rest of the week up towards the 148.00 area.

Tomorrow;
Watch for wave ‘ii’ to hold that higher low and wave ‘ii’ to begin with a break above 143.55.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The mystery of wave ‘B’ continues today with both wave counts still valid.
The triangle will be invalidated with a break above 40900 again.
At the moment I have labelled todays small rise as wave (c) of [c].
Wave [d] will return lower again tomorrow in this scenario.

The other count for wave ‘B’ suggests a rally back into the 42800 level to complete three waves up.
And that count will be triggered if we see a break above 40900.

Tomorrow;
Watch for wave [d] to turn lower to continue the correction in wave ‘B’ as a contracting triangle.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The setup remains for a drop into wave (iii) blue tonight.
The lower high in wave ‘ii’ is holding,
and there was a slight drop back into the range of wave ‘ii’ again.
I am looking for a decisive move into wave ‘iii’ tomorrow to confirm this pattern.
And wave (iii) should fall back into 3100 area again when complete.

Tomorrow;
Wave ‘ii’ must hold at 3350 and wave ‘iii’ of (iii) will be confirmed with a break below 3260 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action in gold is moving in a very unconventional way today.
The price is dropping overall which is in line with the wave (iii) count.
But I will freely admit that the action is not at all like the typical wave (iii) action you might expect.
I am going to stick with the wave count until proved incorrect.
And as long as the price is moving lower the wave (iii) of [i] count stands.

Tomorrow;
Watch for wave (iii) blue to complete a five wave decline and fill the channel down near 59.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am wondering if wave [c] of ‘B’ is developing in a wedge type pattern now.
If that is correct,
then we are much closer to the end of this rally than previously thought.

In this scenario,
wave (v) of [c] will hit the upper channel line at about 5630.
And from there the market will turn sharply lower into wave [i] of ‘C’.

It is too early to tell I’m afraid,
but the way this rally has progressed in wave [c], it definitely looks like a total loss of momentum now.
So we will see soon enough.

Tomorrow;
Watch for wave (v) of [c] to top out with a tag of the upper trend line near 56.20.
The reaction off that level will tell us a lot.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is again testing the boundaries of this wave count.
Wave (ii) is holding again tonight.
but wave ‘i’ of (iii) has not made any progress lower yet.
The market is stuck in a limbo at the moment.
and there is no definite decision on the next move.

I am looking for wave ‘i’ to fall into the 30.00 level by the end of this week,
and if that does not happen,
then I will be forced to rethink a few things.

Tomorrow;
Watch for wave (ii) to hold and wave ‘i’ pink to continue lower in a five wave pattern as shown.