Hello all,

May you the LORD Bless you tonight.

Please give this a read if you have a minute!

What Triggered the Crash? – John Hussman.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

There is little to report in EURUSD tonight.
The price is still stuck in that 100 pip range between 1.1780 – 1.1880.
This suggests wave (ii) of [v] is still in force here,
but I can’t rule out the alternate count for wave [iv] either.
That alternate count will allow for a rally possibly as high as 1.1975 at the previous fourth wave high.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete below 1.1880 and then a decline into wave (iii) of [v] to begin.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is really struggling to bein wave [iii] down these days.
The three wave pattern in wave [ii] still stands this evening as todays high is holding below 1.3905.
The price did manage a decline back into the lows of this week.
But no acceleration into wave ‘iii’ of (i) just yet.
If this short term count is correct,
then we will see that decline come in tomorrow and wave ‘iii’ should hit the 1.3730 area again.

Tomorrow;
1.3905 must hold.
Watch for wave (i) to continue lower and break 1.3730 again to signal wave [iii] is underway here.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The decline off wave [ii] has a nice five wave form to it at the moment.
There is a possible three wave pattern forming off the wave (i) lows now.
This is labelled wave (ii) and once that completes we should see a further decline into wave (iii) down early next week.
If the price breaks 109.52 again that will signal wave (iii) is underway.

Tomorrow;
WAve (ii) must complete below 110.70 and then fall again into wave (iii) down.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

This weeks action sure looks corrective so far.
The trade has been sideways for the last few sessions and overall we have a three wave pattern in wave ‘ii’ complete at todays lows.
Wave ‘ii’ is likely an expanded flat correction.
And wave ‘iii’ up should continue tomorrow to push out to a new all time high again.

In fact the larger wave (iii) of [v] is expected to hit 35900 to reach equality with wave (i).
We will see if that target is met or not!
In terms of the alternate count for wave [v] green,
that upper target will not be met.

Tomorrow;
Watch for wave ‘iii’ of (iii) of [v] push higher again.
If we see a nice rally tomorrow I think that will be enough to rule out the alternate count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

In terms of the main bearish weave count here I would like to see a decline begin quickly tomorrow.
A break below 1800 at a minimum in wave (i) of [v] is expected.
A sharp move lower tomorrow will favor the main count.
And a break of 1750 again will open the door for that long held target at 1650.

The alternate count is still calling for a decline in wave [ii].
but that decline will complete above 1750 and will trace out three waves.

So in general it is pretty clear cut on both counts.
A decline in three waves is expected at a minimum from here.

Tomorrow;
Watch for wave (i) of [v] to get underway and break 1800 again at a minimum.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Today was an eyebrow raising day in crude!

The alternate count is now back in the game again with the price approaching the low of wave ‘4’ again this evening.

The main count has not been ruled out just yet,
but a break of 70.35 again will do just that.

Tomorrow;
Watch for 70.34 to hold and wave [iii] of ‘5’ up to begin.

If 70.35 breaks,
then I will have to switch to the alternate count and track a possible large degree third wave down again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is moving closer and closer to the point of reckoning now.
I did think that wave ‘b’ of ‘v’ completed at last nights lows,
but the price fell into the trend line again today and is has popped off the line again this evening.
This action completed a three wave pattern in wave ‘b’
and wave ‘c’ is on for a rally towards the upper trend line again.
I suspect we will see a break of 4400 to complete wave ‘c’ of ‘v’ now.
And after that I will be looking for a reversal pattern to build again.

Tomorrow;
Watch for wave ‘c’ of ‘v’ to hit a new high and complete the larger wedge pattern above 4400.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has done absolutely nothing this week and that non action has just thrown the previous count for a loop today.
I have taken a different approach to the patterns this evening with the dead trade in mind.
There is one pattern that fits a tight and ranging trade.
That is the triangle.
and I have now labelled this weeks action with a triangle in mind.

wave [iv] green can be viewed as complete at todays high,
and wave [v] green should fall from here in five waves.

Tomorrow;
Watch for wave (c) of [iv] to hold below 26.45 and wave (i) of [v] to fall out of the correction in five waves beginning tomorrow.