God Bless you all tonight.

I am parked in a motorway service station this evening as I write this update!
The dog is curled up on the chair beside me and the rain is falling as usual.
Its a strange but peaceful setting to think!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is flat again this evening and so far this week we do not have an impulsive pattern off the high.
The price moved off Wednesdays lows today and at the moment it looks like the small decline yesterday is still only a correction within wave (c).
I have shown a possible five wave pattern in wave (c) which should complete with a break of 1.2243.
And that will complete a double zigzag wave ‘B’.

Tomorrow;
Watch for 1.2349 to hold,
and wave ‘v’ to complete before dropping into wave (i) down.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is sporting a slightly better impulsive pattern off the high.
If wave ‘i’ and ‘ii’ are complete off the highs,
then we should see a decline into wave ‘iii’ tomorrow to push below initial support at 1.4005.

Tomorrow;
Watch for wave (i) down to continue developing.
Wave ‘ii’ must hold below 1.4220.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY continues to create higher lows step by step in a frustrating manner this week.
This evening the price holds above 108.57 by a thread.
And we will see if the overnight session will hold that line and push into that illusive wave ‘iii’ of (i).
If we see the price rise above 109.33 again that will suggest wave ‘iii’ up is underway.

Tomorrow;
Watch for wave ‘ii’ to hold above support at 108.57.
If wave (i) is now in force,
then we should see another rally tomorrow to confirm.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am torn between the alternate count and the main wave count today.
The market rallied this morning off the overnight drop and so far we have a pretty clear three wave pattern in place.
This is easily a completed wave ‘ii’ as shown,
and that should lead to further selling tomorrow into wave ‘iii’ down.

If the market fails to drop impulsively tomorrow and we hold the current highs,
that action will suit the alternate wave [ii] correction
And this current rally will be part of wave (c) of [ii].

It is a real 50% 50% split now between both counts,
and the early morning trade tomorrow will decide the outcome.

Tomorrow;
Watch for wave ‘ii’ to hold at todays highs and wave ‘iii’ down to reverse and drop below 33280 to confirm wave (iii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We seem to have a very small corrective lower high off this weeks highs now in place.
I have labelled this evenings high as wave ‘2’ of ‘i’ of (i).
With the idea that wave ‘i’ is underway,
and that should lead to a sizeable move lower next week into wave (i) of [c].

This count depends on a drop beginning tomorrow and a break of the initial support at 1808.

Tomorrow;
Watch for wave ‘i’ to turn lower again and fall in five waves.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It looks like we have a five wave pattern lower now complete this evening.
Wave ‘v’ of (i) has just pipped below the wave ‘ii’ low created last night.
And if wave (i) is now done,
we should see wave (ii) begin tomorrow with a three wave rise back into the 64.00 handle likely to complete that correction.
The question is this,
is crude oil now leading the way again,
and will the stock market now follow suit?

It happened like this before, so I can’t help thinking that the same signal is occurring here again.
We will see soon enough.

Tomorrow;
Watch for wave (i) to complete and then begin a three wave correction higher in wave (ii) over the next few sessions.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Stepping lower off the all time high,
one step at a time,
that is the though in my mind this evening!

Wave ‘ii’ of (iii) has traced out a three weave rally to a lower high this evening.
This action is a textbook bearish impulse wave lower.
And I can only suggest that wave ‘iii’ of (iii) is now expected to come in and carry us substantially lower over the coming week.

The alternate count is very possible also,
but the same out come is expected also here.
A third wave down and a change of trend finally.

Tomorrow;
Watch for wave ‘ii’ to hold below 4183 and then turn lower immediately at the open.
A break of 4030 will confirm wave ‘iii’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has stepped lower also this evening,
and I am looking at this evenings highs as an initial 1,2 pattern to begin wave ‘iii’ down as shown.
This pattern should lead to selling again tomorrow and confirmation that we are turning a corner in silver too.

Tomorrow;
Watch for wave ‘iii’ of (i) to take over and drop into 26.70.