Good evening folks and the Lord’s blessings to you.
EURUSD
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
The EURUSD pattern is still falling into the corrective camp at the moment.
The price did step lower again today,
but the action is corrective.
I am suggesting this move is now wave ‘4’ of ‘c’.
With the price expected to move higher into wave ‘5’ of ‘c’ this week.
that will complete the larger wave (b) rally.
Just keep one eye on that support level at 1.1630 as that level should hold in this scenario.
Tomorrow;
Watch for wave ‘4’ to hold above support and wave ‘5’ to turn higher as shown.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
I am suggesting a possible five wave decline into todays lows to complete wave ‘i’ down.
The price will now correct higher into wave ‘ii’ in the coming days to complete a corrective lower high as shown.
If this count is correct,
then wave ‘iii’ down will take over ad carry the price back back towards 1.30 again in the weeks ahead.
Tomorrow;
Watch for wave ‘ii’ to complete a lower high in three waves over the next few days.
USDJPY.
USDJPY 1hr.
USDJPY 4hr.
USDJPY daily.
USDJPY has completed three waves up to a lower high in wave ‘e’.
But todays action has broken the previous wave (i) low at 146.56.
This fact has caused a small complication,
because we would not see an overlap between wave (i) and (iv) ideally.
I will be keeping a close eye on this pair for the rest of the week to see if the larger wave (v) pattern has been invalidated.
For the moment the count can hold for wave (iv).
but wave (v) needs to turn lower very soon.
Tomorrow;
The price must hold below 148.00 to stay with this wave count.
Watch for wave ‘i’ of (v) to turn lower again to break 142.68.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
A pretty corrective sideways move today after yesterdays sharp spike lower.
There is still no big takeaway from this action yet.
I am looking for a much larger decline phase to begin into wave ‘C’ down,
and that has not yet begun.
The market must continue to work its way lower over the coming days to break below 42000 again to really help the main count.
So the outlook is simple.
Tomorrow;
Watch for a sharper turn lower to signal that wave (i) of [i] of ‘C’ has started.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Despite another step lower today,
the action continues to fit a corrective decline.
A rally back above 3365 in wave ‘c’ is necessary to complete the larger wave (ii) blue.
And I will stick with this pattern unless we see an undeniable impulsive move lower into wave (iii) down.
Tomorrow;
Watch for wave ‘b’ to hold at todays lows and then wave ‘c’ must turn higher in five waves from here.
The minimum target for wave ‘c’ lies at 3365.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has created a larger higher low in wave ‘ii’ today and the price did step higher into wave ‘iii’ of (c).
The minimum target for wave (c) has already been achieved at this point,
but I am expecting a larger move towards 70.00 again to complete wave (c) and wave [b].
So there is more work to do here to prove this wave count.
Tomorrow;
Watch for wave ‘iii’ of (c) to push up to the 69.00 level at the 38% retracement level.
Then we should see a correction in wave ‘iv’ begin.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
No major action today in the S&P with a very narrow and subdued sideways move overall.
The price has completed three waves down off the highs.
and unless we see a solid follow through to the downside with an acceleration also,
then the current action can only be viewed as corrective off the top.
Tomorrow;
No matter how much I will there to be a major drop off to begin wave ‘C’,
that seems to be miles away from the mindset of the market at the moment
I am just going to sit out of this one for the moment until more clarity comes
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
The action is stepping higher into a possible third wave up again today
The session low is labelled as wave ‘2’ of ‘iii’,
and the price must rally higher from here into wave ‘3’ of ‘iii’ in this scenario.
Tomorrow;
Watch for wave ‘iii’ to continue working its way higher as shown.
A break above 37.30 again will confirm wave ‘3’ of ‘iii’.