Good evening to one and all.

May you all be mightily Blessed by the one and only Messiah Yeshua tonight.

Wells Unexpectedly Shuts All Existing Personal Lines Of Credit, Hinting US Economy On The Edge

Good thing that retail is not fully long with record margin debt in the market. Oh.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is still on the way towards tracing out that three wave recovery into 1.1900 today.
The price is rising in wave (c) of [iv],
with the minimum target at 1.1896 and the higher ‘stretch goal’ up at 1.1975.
It looks like we have a five wave pattern underway within wave (c) now,
and todays high completes wave ‘iii’ and wave ‘iv’ and ‘v’ left to go tomorrow.

Tomorrow;
Watch for wave (c) to reach 1.1896 and then we can look for a reversal into wave [v] green.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is finding it hard to move off the lows this week.
And the action at this low is very corrective looking without much inclination to rebound at this point.
I will keep an open mind here as the minor pattern is still in flux.
Maybe wave (b) will drop again to break support before turning higher in wave (c).
But the idea that we should see another run higher into wave (c) to complete wave [ii] is still sound.

Tomorrow;
Watch for wave (b) to find that final low.
A break above 1.3840 should confirm wave (c) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has caused some head scratching over the last few weeks,
but we may have resolved the pattern today finally.

The sharp drop today broke the key low within the rising structure,
and has now triggered the alternate count for wave (2) which was lurking in the background for a while.
This pattern is best viewed on the 4hr chart.

The recent high now takes the wave ‘B’ label,
and wave ‘C’ is underway off that high.

Wave ‘C’ should trace out a five wave pattern lower from here.
So far the price has traced out three waves down, so there is more downside ahead in this count.
The minimum target for wave ‘C’ and wave (2) lies at 107.47.
And the 50% retracement of wave (1) lies at 106.70.
That gives us a target range to work towards now.

There is another bullish alternate count possible here also,
but I will run over that tomorrow if the action is favorable to it.

Tomorrow;
Watch for wave [iii] of ‘C’ to continue lower in five waves over the next few sessions.

If the price rallies above 110.80 again at the wave [ii] low,
then we can look seriously at the bullish alternate.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The dow has taken another hit today and there are possibilities building here,
but they remain only possibilities unless we see a real acceleration into a third wave down now.

The pattern off wave [ii] is clearly a three wave decline so far.
the price has bounced off the lower channel line also today,
so if we see a renewed rally tomorrow this will classify the decline as a correction within a larger move.

I am going to let this play on the bearish side for now.
The market will soon kick this idea to the dust if the alternative is true.

Tomorrow;
If todays move lower was part of an initial step into wave ‘iii’,
then we should see a follow through in five waves to complete wave ‘iii’ over the next few sessions.

34700 now becomes a critical level is this count.
Break that and I will have to concede this round.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has been flirting around this 1800 level now for the past week and no progress made in either direction.
The short term action still favors the downside with those recent spikes lower that formed this week.
So I will continue to look for wave [v] of ‘C’ to complete over the coming week in five waves unless the action completely turns positive from here.

Tomorrow;
Watch for wave (i) and (ii) to form a lower high below 1818 at todays high.
This should be followed by a sharp decline into wave (iii) of [v].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude gave one more thrust to the downside overnight.
This fact has opened up the possibility of a five wave decline off the high now in place in wave ‘1’.
this is the alternate count now.

If we see corrective upside action next week in three waves,
That will suggest wave ‘2’ is in force.
I will then switch focus to a larger decline phase in wave ‘3’ to come our way later next week.

For now I will hold the main count as is,
and I will track a possible wave ‘5’ rally over the coming days.

Tomorrow;
Watch for the low to hold at wave ‘4’.
Wave [i] and [ii] should form a higher low above 70.34 by Monday.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The price has failed to hit that Fib target today in wave ‘v’.
In fact the price almost hit the previous wave ‘iii’ high at 4270,
but we have seen a bounce in the afternoon trade again which may well be enough to reverse any bearish potential again here.

The form of the decline today is reasonably impulsive looking though,
and the price has reached into the trend channel again.
So There is a glimmer of hope that things may develop here again.
We will see.

Tomorrow;
If wave ‘ii’ is forming here,
then we can expect a pop tomorrow to a lower high at about 4340.
I will not hold my breath for an acceleration into a third wave down just yet.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver formed a running flat wave ‘ii’ today and has dropped again to begin a possible wave ‘iii’ down.
If this short term count is true,
then we should see follow through tomorrow to easily break 25.50 again.
And then five waves down in wave (v) of [iii] is a real possibility over the coming days.
Below that 24.60 marks the next small level of support.
and then below that we have 23.71 at the wave ‘A’ low.

Tomorrow;
Watch for wave ‘iii’ of (v) of [iii] to continue lower and break 25.50 at a minimum.