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

EURUSD.

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EURUSD daily.

EURUSD had a pretty strong reaction higher after dipping into the 1.03 handle again today.
And that spike higher has forced me to rethink wave (v) now.
I am looking at all of the decline off wave (iv) as wave ‘i’ of (v) now.
And todays spike higher as wave ‘ii’, or at least the beginning of wave ‘ii’.
That remains to be seen.
I am still running with the idea that wave (v) will make a new low in the low 1.0200 area now.

Tomorrow;
Watch for wave ‘ii’ to complete below 1.0614.
Wave ‘iii’ of (v) must break to a new low below 1.0350 again.

GBPUSD

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GBPUSD daily.

Cable has completed a better five wave pattern at todays lows.
And that low takes the wave ‘i’ label now.
WAve ‘ii’ is underway now,
and I suspect we will see a three wave sideways correction by tomorrow evening to complete a lower high.
And wave ‘iii’ down will then make the most progress into wave (iii) blue.
I am looking at the low of wave [iii] at 1.1933 as a target for wave ‘iii’ pink now.

Tomorrow;
Wave ‘ii’ must hold below 1.2333.
Wave ‘iii’ should begin by tomorrow evening with a drop back into 1.2090 again.

USDJPY.

USDJPY 1hr.

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USDJPY daily.

The momentum reversal continues today with another refusal to hold that new high made in wave ‘iii’ of (v).
The decline off that new high is beginning to look more impulsive to the downside again,
but for the moment I am willing to allow the larger wave (v) blue pattern to complete,
before I go jumping on another false start decline again!

Tomorrow;
Watch for wave (v) to complete a five wave structure higher as shown.
Only a break of the wave (iv) low again at 134.27 will signal a possible reversal pattern is beginning.

DOW JONES.

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DOW daily.

Todays low may have completed a better five wave decline in wave ‘1’ of ‘i’ rather than yesterdays lows.
The reaction higher off the low certainly fits the wave ‘2’ label better also.
so now we are looking at a possible lower degree impulse wave off the wave (ii) high again this evening.

It has been productive week in terms of the bearish pattern setup,
but we have not had that waterfall moment into wave (iii) of [iii] yet.
We will get there,
but we may have to wait for another week for that to materialize if this count is correct.

I still want to see a five wave decline into wave ‘i’ pink as shown.
that will continue into next week,
and then we will likely see another correction higher into wave ‘ii’ later next week.

There are a few different possibilities on how wave (iii) will develop,
at the moment I am sticking with the most conservative scenario.

Tomorrow;
Watch for wave ‘2’ to hold a lower high below 31000 again tomorrow.
A further decline to break 30000 again will signal wave ‘3’ of ‘i’ is underway.

GOLD

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GOLD daily.

The bullish count that I was working with over the last few weeks is now hanging on by a thread,
And today again gold gave up the attempted rally from late yesterday.
There is no reason in chasing that bullish pattern now unless something completely out of the blue happens and we see a $100 rally in gold over the coming few days.

It seems the bearish count is now in full control.

In that bearish scenario wave ‘c’ of (ii) of [v] is yet to complete with a rally above 1857 again.
The declines this week do not look impulsive at all,
so I am reasonably confident that we will see that short rally appear early next week.

Tomorrow;
Watch for wave ‘b’ of (ii) to find a low very soon.
A break above 1830 again will signal wave ‘c’ is underway.

CRUDE OIL.

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Crude fell pretty sharply today in a possible wave (iii) of [i],
and I suspect this wave (iii) is not over just yet.
One more break of 104.00 again will complete a better internal pattern.

Wave (iv) should then correct sideways over the coming few sessions,
and wave (iv) must hold below 108.00 for this impulsive wave [i] structure to remain valid.

Tomorrow;
Watch for wave (iii) and (iv) to complete a sideways ranging pattern for tomorrow at least.
Wave (v) of [i] will wait until next week now.

S&P 500.

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S&P 500 daily.

I am watching a wave ‘2’ correction trace out now after another new low in wave ‘1’ this morning.
This action has not confirmed wave ‘iii’ is underway yet,
but we are getting there step by step now.
Wave ‘2’ must complete a correction tomorrow near 33830 again.
And then I will look for a decline into wave ‘3’ of ‘iii’ next week if all goes to plan that is!

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to complete another bearish lower high.
Wave ‘3’ of ‘iii’ will have to wait unto next week at least.

There is a chance that next weeks trade will be completely dead if the 4th of July holiday shuts off much of the volume in the market.
In that case wave ‘2’ could drag on sideways for a few days.
We will see on that front.

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to continue sideways in a three wave correction.
I am looking for a pop into 3830 again for this to complete.

SILVER.

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SILVER daily.

I am looking at another possibility for wave [ii] today as a running flat correction to the upside.
The decline off that high in wave [ii] fits better as a five wave pattern off that point in wave (i) of [iii].
I will expect a correction higher in wave (ii) of [iii] beginning tomorrow.
and then reserve the bigger drop in wave (iii) of [iii] for next week.

Tomorrow;
Watch for wave (ii) to reverse higher with a three wave correction as shown.
Wave (ii) should rise into 20.80 as an initial target.