I pray God’s Blessings you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is slowly making its way higher today in wave ‘v’ of (c) of [ii].
The action is very tight right now in wave ‘v’ and a clear five wave pattern is hard to see.
I am holding to the idea that wave ‘v’ should pip above 1.2244 and then reverse this week.
With the main alternate idea on the hourly chart allowing for a triangle in wave ‘iv’,
and then a new high above wave ‘iii’ to complete the pattern.

Tomorrow;
watch for wave ‘v’ of (c) to complete below 1.2349 and then fall in an impulsive pattern to begin wave [c] down.
A continued tightening of the range will favor a triangle in wave ‘v’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is now creating a small head and shoulders pattern below 1.4239.
The price continues to hold below that level again today,
and if we see a drop back below 1.40 again this week,
that will secure the larger decline into wave [c] I think.

If wave ‘ii’ of (i) is completing thigh evening.
Then we should see a drop early tomorrow to begin wave ‘iii’ of (i).

Tomorrow;
Watch for 1.4239 to hold and wave (i) down to continue lower to break 1.40.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price has again held above the invalidation line at 108.57 today and so far the short term count is intact for a rise into wave (i) of [iii] this week.
I want to see a break above 109.33 pretty soon though to signal that wave ‘iii’ of (i) has started.
And only a break of 109.79 again will confirm that wave (i) is underway and then I can look higher more confidently into wave [iii] over the coming weeks.

Tomorrow;
Watch for wave (c) to hold at 108.57.
An break of 109.33 will signal wave ‘iii’ is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

At this point there is not a whole lot to add to the major pattern in play right now.
The market must either confirm this bearish downside impulse wave by accelerating lower into wave [iii] down this week,
or completely reject the premise,
and continue higher to a new all time high again this week.
But I think there must be a move to confirm or reject this pattern in the next few sessions.

The price has moved slightly higher today to match the previous wave (a) high this evening.
The pattern in wave (C) is now a clear five waves higher.
With wave ‘iv’ of (c) spiking sharply lower and rebounding today.
The trend channel around wave [ii] allows for more upside to fill the channel,
but I would much prefer a sharp decline before pushing into the 78.6 retracement level.

Tomorrow;
Watch for wave (c) to complete and for an initial reversal in five waves to begin wave (i) of [iii] down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is flirting with the 1889 high again this evening but the price has failed at that level over the last few sessions now.
A sharp fall from these current corrective looking highs will confirm that wave (i) of [c] has begun.
But I need that to happen soon if that 1889 high is to hold as the final top for wave [b].

The 78.6% retracement level is only just above the price now at 1898,
and there is a good chance that level is acting as a draw for prices before the decline into wave [c] begins.
We will see on that front.

Tomorrow;
I would like to see wave (i) begin tomorrow with a drop back into 1800 again.
A break of 1851 will be a good sign that wave (i) has begun.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays rally was quite a sharp and impulsive affair,
the (i) (ii) pattern I am now working with came very close to invalidation at the highs this evening.
At the moment the rally seems to have stalled with a break above the 78.6% retracement level.
The rally is enough to call wave (ii) down now,
so I want to see wave (iii) down begin tomorrow.
The wave (i) low lies at 61.50 and that requires quite a decline to just begin wave (iii).

Tomorrow;
watch for an immediate decline off these highs to begin wave (iii).
the high at 67.00 must hold.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Wave ‘c’ of (ii) is extending higher today with another five wave pattern now in place.
The price is close to filling the trend channel around wave (ii) this evening,
and we have just hit the 78.6% retracement of wave (i) down.
But we are also close to breaking out to a new high and invalidating the bearish pattern.
So tomorrows trade is crucial here.
Wave (iii) down must begin tomorrow for this pattern to hold.
The wave (i) low lies at 4034,
so wave ‘i’ of (iii) must turn lower towards that level tomorrow to begin this next leg down.

Tomorrow;
Watch for wave (ii) to hold below 4240,
wave ‘i’ of (iii) should fall in five waves into 4060 at least.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The pattern in silver is still caught between the wave ‘ii’ high and the alternate pattern for wave ‘ii’.
The key level here is 28.05 at Fridays high.
If the price holds below that level then the wave ‘ii’ high is intact,
and wave ‘iii’ down should get going soon.
If that level breaks,
then wave ‘ii’ must hold complete below 28.75 and turn lower again later in the week.

Tomorrow;
Watch for 28.05 to hold and wave ‘iii’ down to begin with a break of 27.34.