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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Another extension higher today which stretches the points gained in wave (iii) for sure.
The pattern has not corrected enough yet to suggest wave (iv) is done yet,
so I am still waiting for that correction to take place.
Wave (iii) is reaching close to the 162% extension level of wave (i) now,
so I do think we will see a correction begin pretty soon.

Tomorrow;
Watch for wave (iii) to top out by the end of the session.
I suspect wave (iv) will fall into the 1.0650 area to complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has fallen by a large enough move today to suggest wave [a] is done.
I am now beginning to track that large wave [b] correction now.
And If I am correct here,
this wave [b] will be a complex affair that will take at least until the end of the week to complete.

Tomorrow;
Wave (a) of [b] is falling in three waves and will likely find a low near the previous fourth wave low at 1.2437.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Following weeks of a relentless rally in USDJPY,
now we have a decline that keeps dipping to new lows each day!
I suppose I can’t complain after looking for this decline phase to begin for long enough!

The triangle wave I mentioned last night turned out to be a complex flat instead.
The decline into todays lows may now have completed an extended wave ‘v’ of (i).
But the bounce off the low is not large enough to suggest wave (ii) is underway yet.

If we see a push higher that breaks into yesterdays corrective range around 127.80 again,
that will signal wave ‘a’ of (ii) is in play.

Tomorrow;
watch for wave ‘v’ of (i) to find a low and the wave ‘a’ of (ii) should spike higher to begin a three wave correction higher.

DOW JONES.

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DOW 4hr

DOW daily.

The market is rallying this evening after a choppy and corrective looking decline this morning.
This action is enough to suggest that wave ‘ii’ will trace out a larger three wave correction higher.
Wave ‘ii’ will target the 78.6% retracement level at 32300 in this scenario.
This larger wave ‘ii’ idea depends on the early trade tomorrow,
If the market gives up this rally and breaks todays lows around 31357,
that action will favor the idea that wave ‘iii’ is over and wave ‘iii’ has begun.
A break of the wave ‘i’ low at 30630 again will confirm wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘ii’ to complete this larger three wave correction below 32700.
Todays lows at 31357 is worth watching as an early signal level that wave ‘iii’ has begun.

GOLD

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GOLD daily.

Gold did make a very slight new high today but I am not convinced this is a top of wave (i) yet.
The action was quite tight off yesterdays decline,
so I prefer this new top as wave ‘iii’ of (i) now completing.
Wave ‘iv’ should create a larger consolidation above 1836 at the wave ‘i’ high,
this correction should begin tomorrow.
and then I will look for wave ‘v’ of (i) to close out by the end of this week.

Tomorrow;
Watch for wave ‘iv’ to begin a three wave decline to complete above 1836 over the next few days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is hanging in the balance today and the pattern just does not want to reveal itself yet!
Wave (ii) can still be viewed at Mondays highs,
and todays lower high can still develop into a larger decline to confirm the bearish wave count.
So I am allowing some more time for this idea to develop before re-working the whole count in wave ‘2’ again.

I am looking at one more possibility for wave [c] of ‘2’,
that involves an ending diagonal pattern which can break to a new high above 113.50 again before wave ‘3’ down can begin in earnest.

Tomorrow;
Watch for wave (iii) to push lower to break 103.00 again and confirm this bearish pattern.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I can’t come to a definitive conclusion on wave ‘ii’ here either tonight!

The decline today can be viewed both as the beginning for wave ‘iii’ down,
and as a correction within wave ‘ii’.
I am going to give the larger wave ‘ii’ the benefit of the doubt at least for tomorrow.
In this scenario,
wave ‘ii’ will track higher to the 78.6% retracement level of wave ‘i’ at 4035.
And then wave ‘iii’ down will begin.

However,
If the sharp decline resumes early tomorrow,
and we see a break of the wave ‘i’ low at 3807 again,
then wave ‘iii’ of (iii) is in play for sure.

Tomorrow;
Watch for todays interim low at 3875 to hold.
Wave ‘ii’ should complete three waves up with a break of 3987 at a minimum.

SILVER.

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SILVER 4hr.

SILVER daily.

I have a feeling that the alternate wave ‘4’ count is becoming a little more favorable with the recent choppy action.
There is a possibility that the rise off wave (iv) is tracing out an ending diagonal pattern.
And this can be viewed as wave [c] of ‘4’ in the alternate count.
I have now labelled this alternate count as complete at todays highs.
So if we see an impulsive decline from this high,
that will favor the alternate idea and wave ‘5’ will begin soon.

Back to the main count.
A decline is wave [b] is still expected to carry the price back into the 21.27 lows of wave (iv).
Watch for wave (a) of [b] to fall into 21.66 again.