God’s Blessings to you folks tonight.

I recorded a midweek review earlier today, here it is.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has dropped in three waves off the high at 1.2180 today.
This is not enough to signal that the turn into wave [b] is underway.
I want to see the price drop below the previous wave (iv) at 1.1985 in wave (a).
And if that happens,
then we are on for a larger three wave decline into the 1.1700 handle.

Tomorrow;
I am tracking a five wave decline now in wave (a).
So I want to see more downside tomorrow and the 1.2180 high to hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is still holding below the recent wave [b] high at 1.4167 which is favorable to the short term count at least.
The drop off that wave [b] high is in five waves also.
Another plus!
Now I want to see that lower high wave ‘ii’ complete and then a return lower into wave ‘iii’ by tomorrow evening.

Ideally wave (i) down will retrace into the wave (b) low at 1.3855.
If we are heading lower in an impulsive pattern,
then wave (i) should complete pretty soon.

Tomorrow;
Watch for wave (i) to continue lower as shown.
1.4167 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Todays action in USDJPY is still pretty corrective looking.
The price has barely retraced the advance in wave ‘iii’.
So I think the wave ‘iv’ label is correct here.
And in that case we should expect another pop to the upside in wave ‘v’ to complete wave (i) tomorrow.

The important next target is wave (ii) to hold the higher low above 108.32 early next week.
If that happens as I suspect,
then USDJPY is set to rally into wave (iii) of [v] next week.
I think we could see a rally into 1.1200 in wave (iii).
That will carry the prive above the highs of last march.

So much for the ‘USD is dead’ mantra!

Tomorrow;
Watch for wave ‘iv’ to complete above 108.90.
And wave ‘v’ to continue higher into the 109.90 area.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I view todays rally in the context of a correction higher in wave (ii).
So todays initial spike off the low is wave ‘a’ of (ii).
The price has corrected off the wave ‘a’ high into wave ‘b’ this afternoon.
It is not clear if wave ‘b’ is complete yet,
we will see in the early trade tomorrow if wave ‘b’ has more downside left in it.
And wave ‘c’ is left, to complete a three wave correction to a lower high in wave (ii).

Interesting enough is the fact that the rally today carried up towards the 50% retracement of the decline in wave (i).
This is certainly enough to comprise all of wave (ii).
So if wave (ii) is complete at todays highs,
then we will see a rapid decline again tomorrow into wave (iii).

Tomorrow;
Watch for wave ‘b’ to complete a correction and then wave ‘c’ should rally towards the 62% retracement level at 34390.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The decline in gold is a little disappointing so far.
While the pattern is beginning to look impulsive after a small retracement higher today.
Overall I did want to see a more rapid decline take place off the wave [b] high.

I am just going to have to wait on that I suspect.

I have labelled todays action as wave ‘ii’ of (i) of [c].
If that interpretation is correct,
then wave ‘iii’ of (i) should come in pretty soon.
possibly before the close tomorrow evening.

Tomorrow;
Watch for wave (i) to continue lower for the next few sessions.
Wave ‘iii’ down will be confirmed with a break of the 1800 handle again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The pattern off the top in wave [ii] is now looking promising after another decline again today.
The price broke the previous fourth wave at 63.72.
And that does suggest that wave ‘i’ is complete and wave ‘ii’ is now underway.

With the initial support broken at wave ‘iv’,
I now want to see wave (i) down continue into the next support at 60.60.
this is the level of the wave (b) correction within wave [ii].

Tomorrow;
Again, the high at 66.70 must hold at wave [ii].
WAve (i) down must continue lower in a five wave pattern.
wave ‘ii’ of (i) should complete by tomorrow evening.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P put in an impressive rally off the low today but this is expected I suppose given the intense speculative extreme we are in.
The rally counts as wave ‘a’ of (ii) so far,
we will see if tomorrow will bring a three wave correction higher in wave (ii) as shown.
the target range lies between 4140 and 4165 between the 50 and 62% retracements.
So there is room for more upside here,
but I do not want to see a break above the 62% retracement and then a hold above that level.
If that happens,
I will have to abandon this bearish count I think.

One step at a time though!

Tomorrow;
Watch for wave (i) to complete in the target area below 4165.
A sharp selloff after reaching that level will signal wave (iii) down is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

No confirmation of an impulsive decline in silver again today.
The price drifted lower again,
but we are still holding within the advancing trend channel of wave ‘B’.
I want to see the rice break to the downside out of this trend channel and more importantly,
I want to see a break of at least 26.15 to signal that the price has turned into wave ‘C’.
So there are a few hurdles to get over still before wave ‘C’ is confirmed.

Tomorrow;
Watch for wave (i) down to start breaking supports to build a case for a larger turn down.