Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD moved lower today and now we have a possible three wave pattern in play for wave ‘a’.
I am labelling todays decline as wave ‘c’ of ‘a’.
The main target for wave ‘a’ remains at the 1.0800 area.
That will retrace just over 50% of the recent rally in wave ‘c’ of (c).
And it seems like a good area for a corrective consolidation in wave ‘b’ to begin.

Tomorrow;
Watch for wave ‘a’ to complete with a drop into 1.08 and then we can expect a sideways move in wave ‘b’ to begin.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The move in cable today is not very impressive yet.
I am looking for a third wave acceleration lower to confirm wave (i) blue.
A break of 1.2800 will do that.
I still have concerns that wave ‘ii’ is undersized as it stands,
so I will keep one eye on the possibility of a larger correction in wave ‘ii’.

Tomorrow;
Watch for wave ‘iii’ to fall and hit the 1.2800 handle to confirm the larger move into wave (i).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We are definitely looking at something different in USDJPY tonight.
The price is about to break below 155.34 again this evening.
And that action favors going back to the wave (c) of [iv] pattern again.
I am not certain how wave (c) is unfolding to be brutally honest.
A simple five wave pattern is preferred.
But at the moment there is no easy way to label that pattern without getting into the weeds with the internal wave structure.
I will give the pattern another day before getting dogmatic on the structure.

Tomorrow;
A break below 155.34 will confirm wave (c) is back in play here.

The next lower target for wave (c) and wave [iv] is 151.85.

DOW JONES.

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DOW 4hr

DOW daily.

The price is holding in a very tight corrective move today and that is in line the short term wave count.
Wave ‘b’ should complete early tomorrow.
And then wave ‘c’ is expected to fall into the 40000 level to complete wave (iv).
The wave (i) high must hold at 39585.
A break of that level will favor the idea that a top is in place for wave (B) already at the last high.
And if that level breaks,
I will switch to an impulsive count to the downside rather than a corrective count.

Tomorrow;
Watch for wave ‘b’ to complete and wave ‘c’ to fall again to complete three waves down in wave (iv).

GOLD

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GOLD daily.

Gold had a small rally today to begin wave ‘b’ of (a).
Wave ‘a’ of ‘b’ is complete at the high today,
wave ‘b’ and ‘c’ should complete three waves up over the next few days.
Once we have a lower high complete in wave ‘b’,
then I will look for a turn lower into wave ‘c’ later this week.

Tomorrow;
I have marked the 50% retracement level at 2430 as a possible target for wave ‘b’.
watch for three waves up to continue towards that target.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Well,
That move was strong enough to consider wave [v] of ‘3’ done at an earlier stage than expected!
The price broke cleanly down through the channel again today,
And the larger pattern in wave (1) green now takes center stage.

That larger wave (1) requires its own five wave pattern lower as shown.
and if wave ‘3’ of (1) is complete,
then wave ‘4’ of (1) must now correction higher in three waves.

As an approximation,
wave ‘4’ should hit the high of the previous fourth wave at one lesser degree.
That gives a target at 78.66 to begin with.

Tomorrow;
Watch for wave [a] of ‘4’ to bounce back towards the trend channel again.
And we should see a corrective three wave rally into the end of this week towards the 79.00 level.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally into wave ‘ii’ has reached the 50% retracement level of wave ‘i’ now.
This is the first test of the idea that wave (B) has topped out.
We do need to see a sharp drop off into a third wave before the end of this week to really give a boost to that impulsive pattern.
Obviously,
the earlier that drop off happens the better.

Tomorrow;
Watch for wave ‘ii’ to hold at this Fib retracement high today.
A break below 5500 again will favor the idea that wave ‘iii’ pink has begun.
and that wave should fall into the 5000 area to complete.
If that happens,
I will be much happier on the bearish side overall!

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A small reprieve today in silver has given us some breathing space on the main count.
The price is still perilously close to the invalidation level at 28.56.
So I am still holding my breath here.

Tomorrow;
Watch for wave ‘i’ of (iii) to push higher in a meaning full way with a break back above 30.00 again.
The wave [ii] low must hold.