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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has risen in wave ‘4’ of ‘c’ today but the rally is larger than expected to be honest.
The action may be about to break out of the wave (a) decline,
and begin a correction to a lower high in wave (b) blue.
If the price continues higher to break 1.1200 tomorrow,
then I will consider wave ‘a’ of (b) to be underway.

Tomorrow;
Watch for a final drop into wave ‘5’ of ‘c’ to complete wave (a) and then wave (b) can begin a three wave rally higher as shown.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rally in cable is actually large enough to consider wave (b) already underway.
I am suggesting that the session high this evening is wave ‘a’ of (b).
Wave ‘b’ should turn lower in three waves beginning tomorrow with a drop back into the 1.3200 area again.
Wave ‘c’ will complete the larger wave (b) near 1.3400 again later in the week.

Tomorrow;
The corrective action should continue overall in wave (b) for the rest of the week.
Watch for three waves down into wave ‘b’ beginning soon.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY traced out a three wave drop into wave ‘4’ of ‘iii’ today.
The action is quite corrective looking so far,
and the pattern calls for a rise in wave ‘5’ of ‘iii’ to complete this rally phase tomorrow.

I suspect wave ‘iv’ will turn lower again later in the week,
And this will result in an overall corrective sideways move in the price action to complete the week at the wave ‘iv’ low.

Tomorrow;
watch for wave ‘iii’ to complete with a push back above 149.00.
And from there I will look lower into wave ‘iv’ again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is firmly in ‘sleep mode’ this week,
as all consequences, nightmares and realities have been replaced with a dream where everything goes back to normal.
With up and to the right forever the over-riding outcome for the future.

Not so fast though.
I know we are back in safe territory now after a powerful three wave rally in wave ‘B’.
And it is very tempting to switch our brains into ‘auto pilot’ now.
But I will suggest that this is the exact mentality that the rally in wave ‘B’ should produce.
Fear is now mostly dissipated.
the pattern is all but complete,
and if this wave count is correct here,
then wave ‘C’ should begin a powerful decline from around about here.

I am just going to wait and see if I am totally off base here,
or right on the money!

Tomorrow;
Lets see if the action starts to indicate a reversal is building into wave (i) down.
A break of 41400 again will be enough to signal the turn is in.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave (c) of [a] seems to be in play again tonight after a mostly corrective move higher today.
the price traced out three waves up at todays high.
I have labelled this move as wave ‘iv’ of (c).
Wave ‘v’ of (c) will drop back into the channel line near 3140 in this scenario.
And from there I will begin to look higher into wave [b] over the coming week.

Tomorrow;
Watch for a five wave pattern to complete in wave (c) of [a] with a break below 3193 where wave (a) and (c) reach equality.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I definitely thought that yesterdays move lower began wave (i) of [ii],
but I was wrong on that one.
the price rallied back above 63.00 today,
and that puts us back into the wave [ii] scenario again.
the price is still holding a lower high in wave [ii].
If we see a break of 64.80 again that will trigger the alternate count for wave ‘4’ blue as shown.

Tomorrow;
I want to see a drop into wave (i) of [iii] as shown.
A break below 60.00 again will favor the main count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

the march higher with blinkers on continues today in wave ‘c’ of (v).
the price has now reached up close to the upper trend line of the wedge again in wave [c].
And This rally should be the end of a three wave pattern higher in wave ‘B’ now.
All that remains to be done is for wave ‘B’ to finally top out.
I would like to see a turn lower to begin wave (i) of [i] of ‘C’ by the end of this week.
But I will just have to wait and see now.

Tomorrow;
Watch for wave (v) of [c] of ‘B’ to top out and then the market should drop into wave (i) of [i].

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is acting as a proxy for the larger risk asset markets.
If the mood is good,
silver gets bid,
if the mood is bad,
silver gets hit.

Right now the mood is in relief mode with all possible problems getting ironed out across the board.
And with that silver has rallied back towards the recent highs again.
The price is still holding a lower high overall.
And with that the main count holds.

I am waiting for a move to prove me wrong here.
So lets see how this weeks corrective sideways move resolves before making any predictions.

Tomorrow;
If the wave (ii) level holds at 33.25 then I will continue to look lower into wave ‘iii’.