---

Hi everyone.

I hope you are doing well.

---

EURUSD.

---

EURUSD 1hr.

---

EURUSD has declined off the wave (ii) high in a reasonably impulsive pattern so far.
I have labelled this decline as wave ‘i’ of (iii).
The price has not fully retraced the previous wave ‘c’ of (ii) yet.
So there is a chance that wave ‘i’ is not yet complete.
If we break 1.1168 again tomorrow,
that will will definitely favor the bearish idea for a decline into wave (iii).

Tomorrow;
I have shown wave ‘i’ as complete this evening,
there is a minor retracement higher underway now,
so this could be wave ‘ii’ pink.

Watch for this small retracement to complete,
and then turn lower again into wave ‘iii’ to break 1.1168.

---

GBPUSD

---

GBPUSD 1hr.

---

Cable has dropped again today but we have held the higher low above 1.2328.
The failure to push lower again fits well with the main wave count,
And the expanded flat wave (b) should be complete.

so I am happy to stick with the idea that wave (c) of [b] will rally back to 1.2568 again,
to complete wave [b] green,
And then we see another leg down in wave [c] of ‘D’ towards 1.2100 again.

Tomorrow;
Watch for wave (c) to push up to 1.2568 again to complete an expanded flat wave [b].

---

USDJPY.

---

USDJPY 1hr.

---

Wave (c) of [b] in USDJPY has almost reached 107.63 again.
This level marks the high of wave (a),
and therefore the minimum target for an expanded flat correction in wave [b].

If we do hit that level tomorrow,
I will immediatley be looking for a decline into wave [c] to begin from that area.

Tomorrow;
Watch for a five wave pattern in wave (c) to complete with a break of 107.63 again.

---

DOW JONES.

---

DOW 1hr.

---

The market is rising into the close this evening,
after a drop in the futures overnight completed a five wave decline off the wave (ii) high.
The action today does look corrective in general,
and we are missing the immediate rush to buy the dip that we have see over the last few months.

I have labelled the decline off wave (ii) as wave ‘i’ of (iii) to the downside.
The price action today fits within a small channel off the lows at wave ‘i’.
This may well be wave ‘ii’ of (iii) now completing at the upper trend channel.

If we see another rush lower tomorrow and a break below the 25000 handle again,
that will signal wave ‘iii’ of (iii) has begun.

Tomorrow;
Watch for wave ‘ii’ to run out of steam early tomorrow.
If wave ‘iii’ of (iii) is about to begin,
then we should expect an acceleration lower to take over by tomorrow evening.

Wave ‘iii’ of (iii) is expected to carry below the recent wave ‘1’ low again.

---

GOLD

---

GOLD 1hr.

---

I am looking at the action today and although the fit is not perfect,
the price range is contracting,
so there is a reasonable chance that gold is tracing out a triangle wave ‘iv’ as shown.
If this triangle is now complete,
then we should see wave ‘v’ of (iii) push higher again early tomorrow.
A break above 1800 again will carry the price back up to the upper trend channel line.
And then I will begin to look for a correction in wave (iv) to begin off that high.

Tomorrow;
Despite the sluggish action these last few days,
the price does seem to be consolidating rather than preparing to sell off.

So the idea for a continuation of the rally in wave (iii) of [v] is still on.

Watch for wave ‘v’ to push out above 1779 at a minimum.
The high of wave (i) should hold at 1745.

---

CRUDE OIL.

---

CRUDE OIL 1hr.

---

The price has completed a five wave decline off the high into this evenings lows.
I wanted to see wave [i] push back into the initial support at 34.00 before wave [ii] began,
but this is what we have to deal with.

Todays rally in crude is labelled as wave (a) of [ii] so far.
The rally has retraced just above 38% of the decline so far,
so I expect wave (b) will fall back towards the lows again possible to complete at a higher low above wave [i].

Tomorrow;
It looks like wave [ii] will be in control for the next few sessions.

A three wave correction in wave [ii] should retrace 50% of the decline at least.
watch for wave (b) to fall in three waves to a higher low above 37.00 by tomorrow evening.

---

S&P 500.

---

S&P 500 1hr

---

The rally in the S&P this evening has cemented the idea that wave (iii) will indeed create an extension lower.
The correction higher today is in three waves so far,
and it has retraced above the 38% level and closing in on the 50% retracement level again.

We now have a five wave decline in wave ‘i’ complete at the lows.
And a possible three wave correction complete at todays highs.
So we may have a bearish impulse wave now in place off the wave (ii) high.

If we see a reversal lower tomorrow to break below the wave ‘i’ low at 3024
that will signal wave ‘iii’ of (iii) has begun to the downside.

Tomorrow;
Wave (iii) down must achieve a large acceleration lower.
So we need to see early weakness tomorrow to confirm the bearish wave count.

---

SILVER.

---

SILVER 1hr

---

The price action in silver today is best described as sloppy!
We have seen a rally today alright,
but the internal structure of that rally has not taken a five wave form yet.

With that in mind,
I must take the alternate count seriously at least.
This count allows for another drop in a larger wave [c] to complete wave ‘2’ back in the area of 16.80 again.

If the rally continues tomorrow,
then I will discount the bearish alternate count,
but we need to see the price push back above 18.00 again to rule out this alternate.

Tomorrow;
watch for wave ‘i’ of (iii) to continue above 18.00 again at a minimum.
Ideally we should see wave ‘i’ brake above the 18.37 level.
The low at 17.36 of wave (ii) must hold.

---

---