Good evening folks, and may the Lords Blessings be with you today.

Not there yet in GOLD.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

If we count wave (a) down as a five wave structure into the lows of the session,
then it is possible that wave (a) is now complete at todays lows.
The three wave pattern lower that I showed last night will allow for another drop into 1.1900 to finish wave (a).

Right now I think it is worth looking towards a corrective three wave rise in wave (b) to begin tomorrow.
The price has hit the previous fourth wave low at 1.1990,
and that is a reasonable target for wave (a) in this pattern.

Tomorrow;
Watch for wave (b) to turn higher in three waves and form a lower high below 1.2148.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable failed to rise above Mondays high today,
and now the price is sitting below 1.3930 with the possibility that we have a correction in wave ‘ii’ now complete.
If this is correct,
then wave ‘iii’ down will fall back below 1.3797 tomorrow and confirm wave (c) down has begun.

If the price range continues to contract tomorrow,
then the alternate triangle for wave [b] will be the favored count.

Tomorrow;
Watch for wave (b) to hold at 1.3930.
wave ‘iii’ of (c) should hit 1.3797 to confirm the turn into wave (c) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am looking at a possible triangle in wave (b) this evening rather than the simple three wave correction from last night.
The price has fallen today but in a very corrective looking fashion.
and this action suites the type of range contraction that a contracting triangle gives.
This triangle must hold below 109.47 in order to stay valid.
And in that case,
tomorrow should bring a drop into wave (c) as shown.
The minimum target for wave (c) lies at 108.89.
And then we should see a low in wave [ii] at 108.43.

Tomorrow;
Watch for wave (b) to complete as a triangle below 109.47.
Wave (c) down will then turn lower again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well that decline was snuffed out quickly!
The market hit a new all timer again today.

I have viewed this whole rally in wave ‘5’ blue as an ending diagonal for a while now.
This involves a series of three wave patterns in an ever contracting wedge higher.
if this rally does not end this week,
then I will switch to another wedge interpretation for the wave ‘5’ rally.
This involves a series of five wave patterns as per a normal impulse pattern,
but the contracting nature will remain the same,
and the upper limits of the pattern do not change much either.
It is a house keeping issue really!

The Dow is heading towards the upper contracting trend line again today with this renewed rally.
I will continue to view this rally within the confines of wave (c) of [v].
And I am aware that the relative size difference between wave ‘ii’ and ‘iv’ is large now,.
That is one reason I am looking at the alternate wedge idea now.

Tomorrow;
Watch for wave ‘v’ of (c) to touch and decline from the upper trend line again to finish wave (c).
I will review this pattern on Friday to decide between the wedge alternates.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has now formed a lower high this evening after Tuesdays spike lower off the wave [iv] high.
I have labelled this as wave ‘i’ and ‘ii’ of (i).
Wave (i) should continue lower in five waves as shown and break 1722 ideally.

I am looking into an alternate in gold also today.
this involves a triple combination correction off the all time high last year in wave (4).
The only difference is wave ‘C’ of (4) will trace out a three wave decline into the final low,
rather than a five wave decline as I have shown.
I have updated the 4hr chart to include this alternate.

Tomorrow;
Watch for wave ‘ii’ to complete now and wave ‘iii’ down to begin with a break of 1755.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil popped above the rising trend line again today and then rushed lower off that top.
the price hit the previous wave (ii) high of wave [i].
This is another hint at the possibility of a top here also.

The diagonal pattern in wave (c) is the working thesis at the moment,
but only a five wave pattern lower will prove this point.
Wave (i) down should break 60.60 at least give that this is the wave ‘ii’ low,
that will rule out a larger five wave rally in the previous structure.

So this is the pattern I am looking for from here.

Tomorrow;
Watch for a bearish lower high to trace out in wave ‘i’ and ‘ii’ below todays high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

No new high in the larger average today, so we have a non confirmation again in the main markets.
The price did retrace enough of the previous decline to cause me to be very skeptical that we have a top in place.
But for the moment,
the rally has failed,
and we have a possible head and shoulders pattern forming here.

Tomorrow;
The importance of the low at 4120 is rising now in terms of the possibility for a top to form here.
A break of that previous fourth wave will open up the possibilities for a decline into 3900 at the lower support.
watch for the price to fall through the 4120 level to increase the chances for a top here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver seems to be forming a bearish lower high here also.
Wave ‘ii’ is either complete at Tuesdays high,
or we will see that wave ‘ii’ complete tomorrow with a pop above 26.60 and then a drop into wave ‘iii’ of (i).
The initial target for wave (i) down lies at 25.68 at the previous fourth wave low.
I think a break of this level will lead to a correction in wave (ii).
and once we break 24.66 at the wave [b] low,
then we are on for the larger decline scenario.

Tomorrow;
Watch for the high to hold at 27.10.
Wave ‘iii’ down may well begin tomorrow with a drop below 26.00 again.