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Hi there everyone,
I have been on the road all day today so I will keep tonights update to the point!
we are still in france for the next week or so.
And we are doing a bit of travelling around with the kids,
I hope you can forgive me if the updates are a little shorter for that reason.
Ok, on with the show!
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EURUSD
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EURUSD is drawing to a close in wave (i) down now.
A slight new low today brings us that much close to support,
I would prefer if support did break in wave (i) so that we can rule out the alternate count.
Either way,
I think we will see at least a three wave rally begin this week in wave (ii).
Tomorrow;
Watch for wave (i) to break support and complete the decline.
Wave 'a' of (ii) should break above 1.1250.
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GBPUSD
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Cable broke through the lower support at 1.2477 today,
which only supports the bearish outlook even more.
The decline in wave 'v' of (v) does not look complete just yet either.
another drop into 1.2400 would create a five wave structure within wave 'v' pink.
So that what I will look for tomorrow.
A break of 1.2590 will confirm wave [ii] has begun.
Tomorrow;
Watch for wave (v) to complete and the first signs that wave (a) of [ii] is starting.
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USDJPY
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USDJPY has created a three wave structure higher off the off the 106.78 low of wave '2'.
The current highs are labelled wave 'i' of (iii),
but we need to see a corrective decline now in wave 'ii' to setup for a rally again in wave 'iii' of (iii).
any decline in wave 'ii' must hold above 107.53.
Tomorrow;
wave 'i' has created a clear five wave rally now,
so I expect wave 'ii' to begin soon.
Watch for a decline into at least 108.27 in wave 'ii'.
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DOW JONES INDUSTRIALS
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The DOW has now dropped in three waves off the recent all time high.
And the market is rising again in this evening.
While the price did not hit the recent low at wave 'a' yet,
it is not necessary either to complete a running flat.
If we see a push back above 26900 over the coming days,
that will that will signal wave (v) has begun.
Tomorrow;
Watch for wave (iv) to complete at nearby lows and far a renewed rally in wave (V) to begin this week.
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GOLD
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Gold dropped again today to a slight new low in wave 'c' of (ii).
even though price is rising again this evening,
I am not sure if wave 'c' is yet done though.
The fact that the wave 'a' low at 1381.60 has not been broken,
suggests that wave 'c' has another drop to go.
Once we break wave 'a',
I will look for a rise into wave 'i' of (iii) to begin.
Tomorrow;
Watch for wave 'c' to complete with a break of 1381.
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U.S CRUDE OIL
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Crude is holding the highs at wave (b) so far today,
Wave (b) may have another slight high left in it,
but I think wave (c) should begin this week.
If we see a drop below 56.30 this week,
that will signal that wave (c) of [ii] has begun.
Tomorrow;
watch for wave (b) to hold at 58.50.
Wave (c) should start soon.
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US 10 yr Treasuries.
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Bonds are dropping again today in wave (v) of [i] It looks like wave (v) has a little further to goo now also.
The next significant support comes in at 126.47,
so this is the next reasonable target for wave [i] to complete.
If the price breaks below that level,
It should be enough to confirm the top is in place for wave (2).
Tomorrow;
Watch for wave [i] to continue lower into support at 126.47.
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SILVER
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The rise off Fridays low is still in three waves so far.
This suggests a small correction higher is underway now.
I am viewing this as a small fourth wave within wave 'c'.
And we will likely see another drop below 14.90 to complete this structure soon.
Tomorrow;
Watch for wave 'c' to drop once more and complete the larger wave (ii) blue.
A spike higher off a new low in wave 'c' will signal wave 'i' is underway.
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S&P 500.
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The S&P has rallied in a more positive fashion this evening after a clear three wave decline last week.
This should be a good sign that wave 'v' of (v) is now underway.
the low in the futures reached 2958.
That level should hold now,
and wave 'v' should continue higher for the rest of the week all going well.
Tomorrow;
Watch for wave 'v' to push up to another new all time high,
possibly by the end of this week.
Then I will begin to search for a turn lower into wave [i] down again.
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