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

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EURUSD

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EURUSD 1hr.

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There is a question over EURUSD tonight,
as I can’t tell yet if this decline is developing impulsively yet or not.
The action is still moving within a channel as it moves lower which favors the correction idea
But if the price falls below the lower support at 1.1572 then Wave ‘i’ will take precedence.

Tomorrow;
Watch for a drop below 1.1572 to favor wave ‘i’ down.
until that happens I am looking at one more top for wave ‘5’ of ‘c’.

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GBPUSD

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GBPUSD 1hr.

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Cable has turned lower again today in line with wave ‘i’ idea,
but so far there is no support break yet.
WAve ‘i’ should make a new low near 1.35 to complete an ideal pattern.
The action is threatening to do that but we are not there yet.

Tomorrow;
The previous wave ‘iv’ lies at 1.3370 and a break of that level will be the best outcome for wave ‘i’ pink
But I would settle for a drop into 1.35 to confirm the turn into wave ‘i’ of (a) of [ii].

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USDJPY. 

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USDJPY 1hr.

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We now have three waves up today in wave ‘e’ of (iv).
The price is holding below the wave (i) low at 146.56 as I write.
but I will admit that we are a bit too close to that level to get too comfortable!
If this wave (iv) triangle is correct,
then we must see a turn lower into wave ‘i’ of (v) tomorrow and a break below 142.00 will confirm that wave (v) has begun

Tomorrow;
watch for wave ‘e’ of (iv) to hold below 146.56 and then wave ‘i’ of (v) must begin.

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DOW JONES.

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DOW 1hr.

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Well I cant read much into this decline but I will take it!
This action counts as a rejection below resistance at the moment,
so that can only help this current count.

A convincing reversal off the top must achieve a full retracement of the rally over the last 2 weeks.
That means a drop back below 42000 again is required to favor the beginning of wave ‘C’ down.

Tomorrow;
Lets see how the pattern develops over the next few sessions,
42860 marks the first support in the previous pattern.
so that is the first target for a convincing reversal.

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GOLD

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GOLD 1hr.

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The larger three wave pattern higher into wave (ii) is now triggered after todays action.
the price fell in three waves to a higher low in wave ‘b’,
and now a rally into wave ‘c’ is underway.
Wave ‘c’ will break 3365 at a minimum,
and from there we will just track the rally until a top forms in wave ‘c’ of (ii).

Tomorrow;
Watch for wave ‘c’ to trace out five waves up to break 3365 at a minimum.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude oil has brought forward the wave (b) correction today with that large drop to break 65.00.
Three waves down completed at the recent low at 64.78,
and now a sharp rally out of that level suggests wave (c) is now underway.

The internal pattern of wave (C) is not evident yet.
the action is so tight that it is hard to label any internal pattern yet.
Perhaps we will see a small correction off the high tomorrow to suggest wave ‘ii’ is underway.
And then the rally should continue into wave (c) for the rest of the week.

Tomorrow;
Watch for wave ‘ii’ to form a higher low as shown and wave ‘iii’ of (c) will continue for the rest of this towards 70.00 again.

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S&P 500.

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S&P 500 1hr

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Three waves down off the highs so far in the S&P.
This action is corrective at the moment.
and there needs to be something more substantial to get this wave count back on track again.
The holiday weekend is over now,
so maybe there is some room for reality to seep in again.
I have the door left open on this wave count with wave [i] of ‘C’ still calling to the downside.
But I can’t make any big claims yet until the market fall back to break support again.
The first support to watch is 5973 at wave (iii).

Tomorrow;
If the market continues lower tomorrow that will favor a possible impulsive reversal.

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SILVER.

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SILVER 1hr

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I am showing a possible expanded flat correction in wave ‘ii’ of (v).
the price has managed to hold above last weeks wave (iv) low again.
And the rebound into wave ‘iii’ of (v) is underway after todays bounce.

Tomorrow;
Watch for wave ‘iii’ to continue higher as shown.
A break above the previous wave (iii) high at 37.30 again will signal wave ‘iii’ is in play.

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