Hello all,

May you the LORD Bless you tonight.

I am a little under the weather this evening so I will try to keep tonights update to the point.
There are definitely some interesting options arising after todays action,
so lets get into it shall we.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price rose to another lower high today within the main trend channel.
This action can still be interpreted as a (i) (ii) formation now underway.
But I am looking at an alternate count for wave [iv] green also.

Tomorrow;
watch for wave [iv] to hold at 1.1880 and wave (iii) of [v] down to continue lower.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is still leaning towards the wave (i) count to the downside.
The price has rallied to a lower high below wave [ii] today.
and the pattern in wave ‘ii’ is in three waves.

Tomorrow;
1.3905 must hold.
Wave ‘iii’ of (i) should fall to break 1.3800 again to signal the turn is on for wave [iii] down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is moving lower today and it seems wave (i) of [iii] is now underway.
The price has not broken wave [i] at 109.52 to confirm wave [iii] is underway,
but if this count is correct,
that should happen tomorrow.

Tomorrow;
Watch for wave [ii] to hold at 110.68.
Wave (i) of [iii] down will be confirmed with a break of 109.52.
A corrective lower high in wave (ii) should lead to a sharp sustained decline into wave [iii] over the coming days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Wave ‘ii’ of (iii) is quite a shallow affair and seems to be finished today.
Wave ‘ii’ completed at support formed by the previous two highs.
The price has spiked higher again today to begin a possible wave ‘iii’ of (iii) up.

Tomorrow;
Watch for wave ‘ii’ to hold at 34783.
if wave ‘iii’ of (iii) is now underway then we should see another rally tomorrow to a new high.
Wave ‘iii’ of (iii) has the potential to carry up into 35500.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has broke that 1818 level today and with that action comes the possibility that wave [i] up is now underway rather than a correction in wave [iv].
This is the alternate count and is shown on the shout term chart.

This bullish alternate count still suggests we see a correction in wave [ii] beginning tomorrow.
So the downside is more likely than a continued rally at this point.

The main count has been changed today also.
It calls for wave [iv] to complete and expanded flat correction now and then fall in wave [v] to a new low in the area of 1650 over the coming week.
A break of 1855 will trigger the alternate count.

Tomorrow;
Watch for wave (c) of [iv] to complete and then turn lower into wave (i) of [v].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Yesterdays rally was a blow to the bearish alternate count.
And I thought it was a very unlikely option because of that.
Now we have a a sharp move lower today and the bearish alternate has received a new breath of life because of that action!

I am sticking with the main count for now,
but if we get any closer to 70.30 again this week it will really favor the bearish alternate.

Tomorrow;
Watch for wave [ii] to hold as an expanded flat correction and wave [iii] up to begin with a rally in wave (i) of [iii] towards 74.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We are drawing near to the end of this diagonal pattern in wave (v) now.
Wave ‘v’ is close to tracing out a three wave pattern higher now.
And wave ‘b’ of ‘v’ found a low early today at the previous highs of wave ‘iii’.
If wave ‘b’ is complete at todays lows,
then wave ‘c’ should move higher tomorrow.
and we should complete the pattern in wave (v) by the end of this week.

Tomorrow;
watch of wave ‘c’ of ‘v’ to push higher and trace out a five wave pattern at a new all time high.

If the price falls sharply from here and breaks 4288 again at wave ‘iv’ that will be a first signal that wave (v) is done and wave (i) down is building.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Even if gold is opening up a bullish possibility this week,
in silver I still favor the downside at least in the short term.

The action this week has been pretty corrective to the upside this week and we have another spike lower today to start a possible third wave down.
If the price breaks 25.74 tomorrow then we should be on for a decline in wave ‘iii’ of (v).
Wave ‘iii’ should break 25.00 when complete.
And the larger wave (v) should hit the low 24 handle when this wave is done.

Tomorrow;
Watch for 26.45 to hold at wave ‘ii’ and wave ‘iii’ down will be confirmed with a break of 25.74.