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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has dropped out of the triangle pattern for wave ‘b’ today,
but we still have a three wave pattern off the wave ‘a’ high into todays lows.
This action suggests wave ‘b’ of (a) is still in play as a n expanded flat correction.
And we will see a rally to complete wave ‘c’ of ‘b’ starting tomorrow.

Tomorrow;
Watch for wave ‘b’ pink to complete an expanded flat correction with a rally back towards 1.1440.
Wave ‘c’ will follow next week with a drop into the 1.1100 area to complete wave (a) down.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘a’ pink has dropped back below the previous wave ‘iv’ lows at 1.3280 today.
That action suggests a top is now in for wave [i] green.
And wave [ii] should continue lower from here.

Wave (a) blue will fall in three waves as shown.
And wave ‘a’ of (a) is close to complete even this evening by breaking that minimum target level.

Tomorrow;
Watch for wave ‘a’ to complete a five wave pattern off that wave [i] top pretty soon.
Wave ‘b’ should begin a correction to a lower high tomorrow.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY turned higher in a pretty impulsive manner today
and now the action is beginning to look favorable to a larger reversal into wave ‘3’ up.

I am not convinced on this bullish pattern yet,
but I do think it is worth following this pattern and expecting further rallies.
A five wave rally in wave (i) blue will push the price back above 148.00 at a minimum.
And if we achieve that much,
then we can look look towards the larger implications for this pattern.

At todays highs we have a three wave rally complete and I want to see more upside to build confidence.

Tomorrow;
Watch for wave ‘iii’ pink to push above that upper trend channel line and complete near 147.00.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action in the DOW today has completely ruled out the triangle idea for wave ‘B’ blue now.
I am looking at a similar pattern as the S&P now.
That is a three wave rally in wave ‘B’.
with wave [c] of ‘B’ now in play.

I am going to go out on a limb here to suggest that wave [c] of ‘B’ is all but done as an ending diagonal pattern.
The minimum target for wave [c] has been met with a break of the wave [a] high.
And if we see a turn lower to break that 40,000 level again soon,
that will be a strong signal that wave ‘B’ is complete and wave ‘c’ down is getting ready to bring this market lower again in a big way.

Tomorrow;
Watch for a sign that wave [c] is complete with a drop back below the lower trend channel line and a break of 40000 again.
The quicker that happens,
then better for this pattern it will be.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has dropped out of that wave ‘ii’ correction in a pretty impulsive fashion today.
That suggests wave ‘iii’ pink is well underway now.

WAve ‘iii’ down should extend the decline back towards 3150 ideally.
And if that happens I will be much happier with the larger idea.
WAve ‘iii’ requires another step lower at least to complete an internal five wave pattern.
and because of that,
I am a little hesitant to get excited yet about the larger pattern.
more confirmation is needed.

Tomorrow;
Watch for wave ‘iii’ of (iii) to continue lower towards 3150 again to complete five waves down internally.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude dropped into the low 56 handle today and that completes wave (iii) of [i] for sure.
The price rebounded sharply off that low.
I have labelled that move as wave (iv) of [i],
but I fully expect that wave (iv) will be a more complex pattern when complete.
Once wave (iv) completes,
then wave (v) must drop the price again back below 56.00 again.

The decline so far into wave [i] green is probably enough to call wave [i] complete,
but
i am not happy with the internal pattern in that case.
We will see how this correction higher develops and that will decide the matter for us.

Tomorrow;
Watch for wave (iv) to correct sideways and hold below the wave (i) low at 61.45.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A similar pattern in the S&P tonight with wave [c] of ‘B’ coming to a close now.
the market has reached the upper trend channel line of this wedge pattern this evening.
And if this pattern is correct,
then we will see a top form now in wave [c],
and wave [i] down will turn lower soon to begin wave [i] of ‘C’ in the coming days.

Tomorrow;
Watch for a sign to indicate that wave [c] of ‘B’ is in fact complete with an impulsive reversal off the top.
Wave [i] green will retrace all of the previous rally in wave [c].
So that gives us a target at the wave [b] low to aim for in wave [i] green.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has dropped again today but the overall pattern in wave ‘i’ down is still up in the air at the moment.
I can only see three waves down so far.
Wave ‘i’ should step lower once more to confirm a five wave decline in wave ‘i’ pink.
and I would like to see wave ‘i’ hit the 30.00 handle to complete.

Tomorrow;
Wave ‘4’ of ‘i’ must complete very soon and remain below the wave ‘1’ low.
Wave ‘i’ will hit the 30.00 area to complete,
and if that happens,
I think that will be enough to confirm that wave (iii) is underway.