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Hi there everyone I hope you are well.

 

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EURUSD.

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EURUSD 1hr.

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EURUSD is heading lower again this evening but so far no acceleration in wave (iii) down.
The move off the wave (ii) high is in three waves so far,
This fact opens up the possibility of a larger flat correction in wave (ii) as shown circled in red.
In that case we will most likely just range for the next few sessions as wave (ii) completes,
and next week will bring the decline in wave (iii).

Tomorrow;
The main count is still valid,
so the possibility remains that we accelerate lower into wave (iii) soon.
Watch for 1.1293 to hold at wave ‘ii’,
wave ‘iii’ of (iii) should break below 1.1100 at a minimum.

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GBPUSD

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GBPUSD 1hr.

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Cable is moving lower also today but the action has become a little stunted this evening.
The wave count is calling for a five wave decline in wave (c)
to complete wave [a] down over the next few sessions.

The price has not broken the immediate support yet at 1.2454.
so I cannot rule out a larger wave (b) may be underway now.

But if we accelerate lower tomorrow and break that level,
that will confirm the main count.
At the moment the main count is still more likely here.

Tomorrow;
Watch for wave (b) to hold at 1.2686,
a five wave decline in wave (iii) should follow for the rest of the week.

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USDJPY.

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USDJPY 1hr.

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USDJPY is stuck in a tight range over the last few sessions.
There is very little to go on today also.
The best fit pattern at the moment is still wave (b) of [ii] as shown.
Wave (b) is approaching a double bottom this evening at 106.98.
If we see a bounce off that level again,
that will signal wave (c) has begun.

Tomorrow;
Watch for wave (b) to complete and wave (c) to turn higher again.
The target area for wave (c) lies at the upper rend line at 108.20.

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DOW JONES.

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DOW 1hr.

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The dow has traced out a three wave rally into the high of the session today.
The price did not manage a new high,
instead we now have a lower degree, lower high in place.

I have labelled this high as wave (ii) this evening.
With the expectation that wave (iii) down should begin soon.
A drop below the wave (i) low at 25811 again will signal that wave (iii) of [i] has begun.

Tomorrow;
That wave (i) low is key in the very short term.
and a break of that level with an acceleration lower must now happen to kick off a larger turn into wave ‘3’.

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GOLD

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GOLD 1hr.

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Gold has again completed a three wave correction off Tuesdays highs at 1732.
We have another higher low in place this evening,
and the price is moving higher again.

1745 is proving a hard level to break so far,
but if the current action continues in this impulsive structure to the upside,
then it will not be long before we break out into a larger degree third wave up.

Tomorrow;
1732 marks the first hurdle tomorrow.
Watch for a sharp move higher in five waves as part of wave ‘i’ pink
this should break above 1745 at a minimum.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude oil is not playing ball over the last few days at all.
The general setup in the market looks pretty bleak,
but the highs are holding so far without much weakness yet.

I think the price will roll over soon,
and we have some early confirmation of that outlook in terms of the momentum setup.
The 4hr momentum has been divergin lower for weeks now,
even though the rally has continued up to these levels.
While the daily MACD has now turned lower off a severe extreme overbought level.
The only ways is down from here.
But the price needs to follow through now.

Tomorrow;
watch for wave (iii) of [i] of ‘3’ to fall into initial support at 34.60 at a minimum over the next few days.
A break of 37.30 again will signal wave (iii) is underway.

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S&P 500.

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S&P 500 1hr

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The S&P traced out a three wave rally into todays lower high at 3159.
This high is labelled wave (ii) of [i] of ‘3’ to the downside.
The price is falling again this evening which is welcome for sure!

This decline must continue though as we are far to close to those wave ‘2’ highs now.
We need to make some ground to the downside now in wave (iii) of [i].
And if the wave count is correct,
then wave (iii) should carry us back below the 3000 level again in short order.

Tomorrow;
The wave (i) low lies at 3074,
watch for a drop back below that level to signal wave (iii) has begun.

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SILVER.

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SILVER 1hr

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Silver is stuck in this short term holding pattern today in wave ‘ii’ pink.
the action is drifting sideways over the last few sessions without any real conviction either way.
It looks like wave ‘ii’ needs another drop into 17.31 again to complete wave ‘ii’,
that will close out a clear three wave pattern in the short term chart.
And then we can look higher again in wave ‘iii’ of (i).

If we are about to head higher into a larger degree wave ‘3’ red as shown.
Then silver should make some serious price gains over the coming weeks.
And the action should start to step higher with a series of acceleration moves as wave [i] of ‘3’ gains strength.

All this is ahead of us now though,
so back to the short term.

Tomorrow;
16.95 must hold firm as wave ‘ii’ pink completes.
Wave ‘iii’ up should push up to 18.00 again by the end of the week.

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