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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well we saw a five wave rally off this weeks lows at 1.1064 into todays high.
That is enough to convince me that wave (b) is now underway.
Wave ‘a’ of (b) is complete at the high.
And wave ‘b’ should correct lower in three waves as suggested for the next few sessions.

Tomorrow;
WAtch for wave ‘b’ to trace out three waves down to form a higher low above 1.1065.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Its been a wild week of swings around the 1.3250 anchor point really,
and now we are right back at the point we started.
I think we can confidently say we are in a corrective mode overall.

Wave ‘a’ of (b) is complete at todays high,
and even now the price has reversed off that high quite sharply to start wave ‘b’.
Wave ‘b’ should complete above the wave (a) low at 1.3138.
and wave ‘c’ will run higher from there.

Tomorrow;
Watch for wave (b) in blue to continue a three wave pattern lower as shown over the coming days.
I am looking for a low in wave (b) at about 1.3200 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I just can’t catch a break in USDJPY these days.
The price has dropped off the highs quite sharply today
and broken below the previous wave ‘i’ high at 145.90.

this move invalidates the count from last night.
And at the moment I am not entirely sure how this action will play out.

As it stands,
todays move has shifted the action back in favor of the corrective rally idea in wave (iv).
This is the pattern that I just abandoned a few days ago!
So you can see my frustration here!

Tomorrow;
I am going to give this pair another day to see if some clarity develops here.
If we see a push back above the upper trend channel line,
then we should be back on course for this bullish count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I have been sitting waiting for the market to do something today,
but alas,
no such luck!

At the moment the decline has traced out three waves down off the highs.
This action is corrective looking for now.
And with that wave (v) of [c] may make another attempt at a new lower high to complete wave ‘B’ before the end of this week.

If we see a challenge of that upper trend line again
that will take the wave (v) label again and from there I will look for wave (i) down to begin next week.

However,
a sudden sharp move lower could kick off wave (i),
and that is the idea I am running with here until proven wrong.

Tomorrow;
watch for wave (i) down to take hold of this action and drop back below 41000 again as shown.
If that happens,
then next week could get very interesting to the downside again as we begin wave ‘C’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has traced out five waves down now in wave (c) now.
That completes a three wave pattern in wave [a] green.
the price has almost reached the lower trend channel line as I write tonight.
The decline in wave (c) has reached equality with wave (a) also.
So there is a good chance that we are drawing to a close of that wave [a] pattern here.

Tomorrow;
There is no sign of a reversal yet to begin wave [b] in green,
we will see if a low forms in wave (c) of [a] tomorrow and if we see a break above 3200 again that may signal wave [b] is beginning.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is off that high again today without an impulsive thrust lower yet.
I am sticking with the wave [ii] idea for the moment,
and if we see a drop below 60.00 again that will signal wave (i) of [iii] is underway.
The current wave [ii] high lies at 63.50,
so if there is a break of that level again,
then we can trigger the alternate wave ‘4’ idea.

tomorrow;
Watch for wave (i) down to fall back below the 60.00 level in five waves to signal that the larger wave [iii] green is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A similar story here to be honest.
The action todays has not added much to the picture to be honest.
I am suggesting that wave [c] of ‘B’ is now complete.
But there is nothing to suggest wave (i) of [i] of ‘C’ has begun yet.

There are a few levels to watch here though.
Initial support lies at 5785 at the previous wave [b] high.
And the wave (iii) high at 5704.
With the wave (iv) level at 5577 being the main target for wave (i) down.
If all those levels are broken,
then er are on for a decline into wave [i] of ‘C’.
And this wave will carry on late into next week.

Tomorrow;
Watch for wave (v) to top out and reverse with a break below 5785 the initial target here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Another three wave decline in silver today but this one has potential I think.
The price is close to breaking below initial support at the wave ‘i’ low again.
If that can happen,
then the door will be open to a much larger fall into wave ‘iii’ over the coming week.
At the moment the price is trapped in a range without breaking out if it for over a month now.
And if that break happens on the downside,
then wave ‘iii’ will have a real chance to accelerate next week.

Tomorrow;
Watch for wave ‘ii’ to hold at this weeks high and wave ‘iii’ down to finally break out of the noose that the price action is stuck in.
A drop below 31.63 will signal wave ‘iii’ is in play.