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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Holding above the lows today but not looking positive at all!
That is my honest assessment for EURUSD!

IF the low at 1.0349 breaks I will just be tracking a larger fifth wave to complete wave ‘C’ down as shown.
So the rally in wave (C) will be postponed for a little while thats all.
The only thing that can reverse the fortunes of the bullish count is for a sharp rally to happen tomorrow and five waves up to confirm the low at wave [ii].

Tomorrow;
Watch for 1.0349 to hold.
Wave (i) of [iii] must break above 1.06 to really favor the main count now.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have switched back to the count I was using two weeks ago.
This count shows a shorter wave ‘4’ red.
And even though the relative size of that correction is not satisfactory,
the acceleration lower that happened today favors an impulsive decline in wave ‘5’ as shown.
Wave ‘5’ down has more to go according to this count.
And once complete we will have a large degree impulsive decline in place at wave (1) blue.
At that point I will look for a rally to begin into wave (2).

Tomorrow;
Watch for wave [iii] of ‘5’ to complete very soon.
Wave [iv] will correct higher again in three waves,
and then wave [v] is expected to fall again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The count in USDJPY is facing the same conundrum as cable really,
except on the other end of the spectrum.
I am feeling out for a top but there is no major signals or confirmation of that top yet.
All I have to go on here is a series of completed five wave patterns.
That in itself is a good start,
but until the market falls in a impulsive fashion I am just guessing really.

Tomorrow;
watch for wave [v] to top out and for a least a new low on the week to form by breaking back below 133.00 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The plunge has halted today and I think the market is finding a low in wave ‘iii’ of (i).
A small correction higher in wave ‘iv’ should be expected tomorrow
and and then a return to the downside in wave ‘v’ towards the end of the week.
Once wave (i) of [iii] is done,
then a clearing rally should happen in wave (ii) again.
We do seem to be entering into that dreaded third of a third wave down scenario overall,
but its not a straight road!
If I am correct here we will see a consolidation early next week into wave (ii).
And then wave (iii) of [iii] of ‘3’ is on the cards.
That wave could be epic.

Tomorrow;
Watch for wave ‘iii’ to find a low and then a three wave correction higher should begin.

If we do see another step lower tomorrow,
that will suggest wave ‘v’ of (i) is already underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Ok,
I may not like it,
but my concerns have not been alleviated today as I had hoped.

I am worried that gold will be taken along for a ride as the stock market rolls over into that recession / depression / crash scenario.
If that happens,
then wave [v] of ‘C’ of (4) is the count that I will fall back on.
And if that alternate count is correct,
then we could be looking at a low near 1700 again for that wave (4) to bottom out.

Tomorrow;
As for the main bullish count.
The critical low remains at 1786.
IF that level holds tomorrow and the price rallies back above 1850 again,
then I will be much happier with this count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude made a large enough rally over the last few days to trigger the alternate count.
The price did not make a new high,
but wave (c) of [v] only needed to break the wave (a) high to be a valid count.
and that is exactly what happened today.

The price has now failed at a new high,
and we see a sharp reversal this evening.
All this does suggest a possible top in wave (2) is back on the cards again.

Tomorrow;
I have labelled this decline as wave [i] of ‘1’ of (3).
So this will be a major turning point lower if I am correct here.
Watch for this wave [i] decline to fall back towards the previous fourth wave at the 110.00 area again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A similar point can be made here for the S&P as in the DOW.
We are coming up an a five wave pattern lower in wave ‘i’ now.
And with that comes the possibility that wave ‘ii’ will retrace higher again before the end of this week.
Overall we are approaching a very dangerous point in the wave structure as wave ‘iii’ of (iii) looms large before us.
But the action seems to suggest a second wave retracement higher towards 3900 again in wave ‘ii’ is now possible.
We will see soon enough.

Tomorrow;
the only issue I have with this hourly count is the fact that wave ‘4’ is small compared to wave ‘ii’.
So we might see a larger wave ‘4’ and ‘5’ trace out to complete wave ‘i’ down as shown.

If this interpretation is correct here,
then wave ‘i’ will complete by tomorrow evening.
And wave ‘ii’ will come in on Thursday.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has done more than enough to satisfy wave [b] now.
And the decline over the last week into wave (c) is larger than larger than expected for sure.
However the action is slowing to the downside now,
and this does not suit the alternate count for wave ‘4’ and ‘5’.
If that alternate count were correct,
this would be the time for downside momentum to be increasing not decreasing.

So at this point I am in favor of that larger wave ‘4’ pattern as long as the low at 20.44 holds.

Tomorrow;
Watch for wave (i) of [c] to push higher and break above 21.40 again.
A higher low should form by the end of the week in wave (ii).