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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A very choppy few days have coused a momentum reversal on the short term chart at least.
There is no confirmation that wave (iv) has now topped out,
but the spike lower this afternoon is leaning that now.
I have labelled wave ‘i’ and ‘ii’ underway.
And a further decline tomorrow to break below that midway 1.01 level again will be a good sign that a reversal into wave (v) is now in play.

Tomorrow;
Watch for wave ‘ii’ to form a lower high below 1.0277.
Wave ‘iii’ should extend the decline and get close to the recent low at 0.9955 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The decline in cable is not as clear cut as EURUSD.
But I am looking at a possible leading wedge pattern in wave ‘i’ this evening.
And now a lower high in wave ‘ii’ which should be complete tomorrow.
Wave ‘iii’ of (v) is expected to make further declines next week and drop back below the 1.1760 low at wave ‘b’.

Tomorrow;
Watch for the high at 1.2046 to hold.
Wave ‘ii’ must complete below that level and we should see a sharper decline into wave ‘iii’ by Monday.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY Has formed a lower high at wave (ii) now.
And this evening we have a spike lower to begin a possible wave (iii) down as shown.
I will not be getting too excited by the longer term setup until we see a break of the triangle low at 134.95 again.
Wave (iii) down should reach that level pretty quickly if this pattern is correct.

Tomorrow;
Watch for wave (ii) to hold at 138.87.
Wave ‘i’ and ‘ii’ should create another lower high below 138.87 before wave ‘iii’ of (iii) turns lower again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays action has turned out to be a correction in a possible wave ‘4’ of ‘c’.
in this scenario we will see a very slight new high to break 32000 again tomorrow.
And then next week is reserved for a reversal into wave ‘i’ of (iii).
Wave ‘i’ should retrace all of wave ‘c’ at least.
That gives us a minimum target for wave ‘i’ at the wave ‘b’ low of 30120 for next week.

Tomorrow;
Lets see if we can close out this pattern in wave ‘c’ of (ii).
Wave If we see a break below 31500 again that will be a first signal that wave ‘c’ and wave (ii) are complete.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold broke below the 1697 lows again today and that has ruled out last nights count for wave (iv).
I am now looking at a larger expanded flat correction for wave (iv).
The low reached today is wave ‘b’ of (iv),
and wave ‘c’ of (iv) should trace out five waves up over the coming few sessions.
The minimum target for wave ‘c’ lies at 1745 again.

A running flat correction in wave (iv) will allow for a lower high to form in wave ‘c’ below 1745.
So keep one eye on that possibility.

Tomorrow;
Watch for wave ‘c’ to continue higher towards 1745.
A break of 1680 again will confirm wave (v) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am not sure if wave [b] is done at todays lows,
but todays low is in the are where I was looking for wave [b] to complete.
I have made this low the alternate wave [b].
And if this alternate is correct,
then wave [c] should head higher in five waves from here.

As for the main count,
I am allowing for a more long drawn out affair in wave [b] here.
Todays low marks only wave (a) of [b].
And wave (b) will track higher in three waves over the next few days.

Tomorrow;
Watch for wave (a) to hold at 94.40.
Wave (b) should now trace out three waves up and complete below 100 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P made a very slight new high this evening but I must admit the action is pretty unconvincing.
In fact the momentum reversal is now apparent on the 4hr chart.
So this slowing momentum should result in a price reversal beginning next week.

The overall picture is looking good for a larger decline to take over next week.
We have a clear three wave corrective pattern in place now as wave ‘c’ of ‘ii’ closes out.
The price reached the 62% retracement level of wave ‘i’.
And the trend channel is all but closed out.
All that we need is for the market to turn sharply lower out of this correction and begin wave ‘iii’ down again.

Tomorrow;
Watch for wave ‘ii’ to close out and reverse lower again by tomorrow evening.
A break of 3800 again will strongly favor the idea that wave ‘iii’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at another possibility for wave (ii) this evening.
This involves a flat correction rather than that complicated zigzag I showed last night.

The sharp spike higher this evening is now viewed as wave ‘c’ of (ii).
And if this pattern is correct here,
then wave ‘c’ should push to break the wave ‘a’ high at 19.00 again to complete wave (ii).
Wave ‘iii’ down will have to wait until next week.

Tomorrow;
Watch for wave ‘c’ of (ii) to close out with a break of 19.00 again.