Good evening to one and all, and may you all be mightily Blessed by the Messiah Yeshua tonight.

EURUSD.

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A quieter day on the markets today adds a little more weight to the idea that we have a corrective move higher underway here.
I am tracking a three wave rally within a channel in wave (iv) of [iii] right now.
The price may well be rising in wave ‘c’ of (iv) today.
And the rising trend channel suggests that we will see a high in wave ‘c’ at 1.1970 or so by tomorrow evening.
The channel surrounding the recent decline will hit at about that level also.

Tomorrow;
watch for wave ‘c’ of (iv) to complete and wave (v) of [iii] to resume the declines again.
At this point a break of the 1.20 level will rule out the bearish count,
so I want this wave (iv) rise of complete below that level.

GBPUSD

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Cable has risen towards that upper channel line also today.
This action is still viewed as a developing three wave rally in wave (iv),
but we could easily allow for a larger more draw out corrective form to develop in wave (iv) also.
So I am not convinced that wave (iv) will complete tomorrow even if we do see a reversal lower again.
We will just have to wait and see how the pattern develops from here.

Tomorrow;
watch for wave ‘c’ of (iv) to hit that channel line at about 1.3970 again and then fall again.

USDJPY.

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We are now testing the waters again in wave (iii) up as the price heads into that 111.00 area again.
This level has brought significant resistance over the last months,
and if wave (iii) is now in force,
then we really need to see a break through 111.00 again to confirm the short term wave count.

Tomorrow;
Watch for wave ‘1’ of ‘iii’ to complete.
wave ‘2’ of ‘iii’ of (iii) should again create a higher low above 110.00,
and then the way will be clear for wave ‘iii’ of (iii) to rally strongly.

DOW JONES.

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The dow is pretty flat today after yesterdays rally in wave ‘a’.
The price has not moved into wave ‘b’ of (ii) just yet,
but I suspect tomorrow will bring that move in wave ‘b’,
and we should see a decline into the low 33300 area in three waves.

The deeper the decline in wave ‘b’ is, the better, as far as this wave count goes.
This will allow wave ‘c’ of (ii) to rally into the 62% retracement area to complete the correction.
This correction should take the rest of the week to complete,
and then I will look for wave (iii) of [iii] down to begin.

Tomorrow;
Watch for wave ‘b’ to fall towards 33300 over the next few sessions.

GOLD

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The trade today is quite constrained within a tight range.
This action seems to suggest a corrective triangle in wave (iv) rather than a three wave correction as suggested last night.
I have labelled the internal waves in wave (iv) and the low this evening is labelled wave ‘d’ of (iv).
The price must hold below 1789 at wave ‘c’ for this triangle to remain valid.
And then the range must be broken to the downside again to begin wave (v) of [iii].

Tomorrow;
Watch for that wave ‘c’ high to hold at 1789.
A break of that level will mean wave (iv) is developing higher.

The minimum target for wave (v) is a break of 1761 again.

CRUDE OIL.

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We have a nice five wave pattern developing in wave (v) of [c] today.
The price has extended the internal pattern of wave ‘iii’ of (v) at todays highs.
and now the price should fall again in wave ‘iv’,
before rising into the trend channel again in wave ‘v’ of (v).
This pattern calls for a decline to begin in wave [i] this week.
So I will be watching these waves develop over the coming days.

Tomorrow;
Watch for wave ‘iv’ of (v) to complete at about 72.03.

S&P 500.

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The S&P seems bent on making another high this week and to shake off any reality check completely.
Well,
I hate to remind the market,
but reality always wins in the end,
even if you manage to postpone acknowledgement for another few days!

Until a new high is made in this market, the five wave decline stands defiantly!
The market has pushed above the 78.6% retracement level today,
and the answer to last weeks decline is looking more impulsive than corrective I will admit.
All this does reduce the probability of this bearish pattern right now.
At this point I will just have to wait and see if the roll over happens into wave ‘iii’.
If not,
then I must rethink the whole sequence of waves up into wave [v] green.

SILVER.

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The price seems to be moving higher in three waves overall in wave (a) of [iv].
The trade today was lower in a corrective manner,
this fits with a ‘b’ wave decline.
And wave ‘c’ higher should follow to fill that channel at about 26.30 or so.
The pattern in wave [iv] could easily take the rest of this week to complete,
so Lets see if wave (a) will follow the plan tomorrow before jumping further in the progression.

Tomorrow;
Watch for wave (a) to complete three waves up by tomorrow evening.