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

It’s that time of year again.
The kids are off school for the summer,
and we are going to head off on a holiday adventure next week.
And I will be traveling around and camping in different places over the next two weeks.
the internet access will not be fantastic, I know that for sure.

But,
I will be updating as often as I can.
but just not every night!
And,
If there is a serious move in the markets I will for sure get on and put my thoughts on paper as they say.

I just wanted you to know the situation.
Thank you for your patience.

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘c’ of (b) has pushed out above the wave [i] high again today.
The overall pattern has not changed.
Wave (b) has again broken to a new high as part of an expanded flat correction.
The internal pattern of wave (b) is strange though.
Wave ‘c’ in pink has traced out three waves up instead of a standard five wave pattern.

the session high has broken the upper channel line,
and if the top is in for wave (b),
then we will see a drop back below that line tomorrow.

tomorrow;
Watch for wave ‘i’ of (c) to fall back below the 1.1400 level in five waves to confirm this top.
If the price falls back into the channel again that will suggest wave (b) is complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Take a look at the 4hr chart tonight to begin with.
The price action into this wave [i] high has been crawling higher in a tighter and tighter range as the pattern priogressed.
This action may indicate a ending diagonal here.
It is pretty clear to see here on the 4hr chart now.

The price has pipped out to a new high today which has invalidated last nights count.
I am now back to tracking wave ‘v’ of (v) of [i] until it completes again.
then net week we will turn into wave [ii].

Tomorrow;
Watch for wave ‘v’ of (v) to complete its move in three waves.
And next week I will start again on wave [ii].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘b’ has been very illusive this week as the pattern shifted from one form to another.
the decline today suggests wave ‘b’ is a contracting triangle,
and the decline today is wave ‘d’ of ‘b’ as shown.

Tomorrow;
Watch for wave ‘e’ of ‘b’ to complete the triangle with a push up to that upper trend line near 144.50,
and then wave ‘c’ will be set for a decline next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Futures were lower and then the market rebounded today with the price almost flat at the close.
The market continues to lurch sideways over all this week.
With a possible top for wave ‘B’ on the cards again at the high.
There is still nothing to confirm the top,
even though the pattern is looking stretched into wave [c] of ‘B’.
And the market has come to a halt at the wave [b] of ‘A’ internal high.
the lack of a follow through to the downside keeps me in a state of uncertainty regarding the overall pattern.
This market needs an impulsive decline into wave (i) of [i] of ‘C’ to bring clarity.
until then I will keep searching.

Tomorrow;
Watch for a possible drop back into the 4200 area to continue the turn down that started yesterday.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding just below the previous high at 3404 as I write,
but I think that last nights count is very unlikely now.

I have switched back to the wave [b] count again,
with a new lower high expected i wave (c) of [b] again.

Wave (c) has traced out three waves up overall which makes it an irregular pattern in wave [b].
But the price is approaching the previous high at wave (b) now,
so that level may well form the top for this pattern.

Tomorrow;
Watch for wave (c) of [b] to top out and then turn lower into wav (i) of [c] next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After yesterdays run higher that has triggered a new pattern
the price has now backed off the top again showing some weakness.

People will forget that crude has rallied 20% off the April lows,
And the overall pattern here is still considered a correction into a fourth wave high.
So the next big move is likely down into a fifth wave,
and that should bring the price back below 50.00 again with ease.

I am still searching for a top in wave (4),
and that will likely go on until we see a reversal that falls back below the 60.00 level again in wave ‘A’ of (5).

Tomorrow;
Lets see if this lower high holds and if this opens an opportunity for a move lower into wave [i] again.
Its impossible to tell at the moment.
I have marked the wave ‘A’ high at 64.80 as a signal level to indicate the reversal has begun.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Another small lower high gives me nothing to go on here to be honest.
the market has done this very same move constantly over the last month,
and then a rally comes to take us out to a new high.
This time may well be no different.

I’m afraid I am stuck in this pattern until there is a serious move lower to signal a possible turn.
Until then,
wave (v) of [c] holds on in a dangerous position.

Tomorrow;
Lets see if the market will comply and fall in a five wave pattern in wave ‘i’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver briefly dropped back below 36.00 today but the loss was quickly retraced today.
I am suggesting this drop is wave ‘4’ of ‘v’.
And wave ‘5’ of ‘v’ will continue higher as shown to complete wave (iii).
Wave (iv) is still on the cards for next week if all goes well.

There is a possibility that todays low is in wave ‘a’ of (iv).
In that scenario,
the price will complete a lower high in wave ‘b’,
and then the wave (iv) pattern will be underway with wave ‘c’ down coming next week.

Tomorrow;
Watch for wave ‘5’ of (iii) to close out with a pop to 37.00 and then wave (iv) to come next week.