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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has dipped again today and we now have a three wave pattern in place off the high at 1.0277.
The pattern must develop lower and trace out five waves down in wave (v) over the coming few sessions,
if we do not see wave ‘iii’ of (v) continue lower tomorrow,
then I will have to consider the alternate count as correct here.
And in that case the rally into wave (c) is already underway.

Tomorrow;
Watch for wave ‘iii’ of (v) to continue lower and break that 99.51 low again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has at least levelled out after attempting to push higher yesterday.
the price spiked lower and is now sitting at a small lower high below 1.2085 this evening.
I am calling this drop wave ‘i’ and ‘ii’ of (v).
So we need a reversal tomorrow to fall back below 1.1888 at a minimum to signal that wave ‘iii’ of (v) is underway.

Tomorrow;
Watch for the high at wave (iv) to hold at 1.2089.
Wave ‘iii’ must begin a larger move lower over the coming days.
Wave (v) will not be confirmed until we see a break below 1.1760 again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price continues to hold below the wave ‘i’ low at 137.01 today.
and as long as that level holds,
then I will expect a further drop in wave ‘v’ to complete wave (iii) this week.

A break of that wave ‘i’ low will suggest wave (iii) is complete and wave (iv) is now in force.
Although I think the main count is more fitting here than any other bearish alternate.

Tomorrow;
Watch for wave ‘iv’ to hold 137.09.
Wave ‘v’ of (iii) must now fall to break 135.56 at a minimum.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW refuses to move today so we have nothing to go on here to elaborate on the main wave count now.
The market action is sitting at a very small lower high below wave (ii).
But that is not enough to confirm that wave ‘i’ of (iii) is underway yet.

I don’t think I can get very excited at all until we get a break of the wave ‘b’ low at 30120 again.
So it remains a wait and see market now.

Tomorrow;
I would like to see wave ‘i’ turn lower and begin it’s five wave decline.
A break of 31000 again with a nice acceleration in the price action will favor the bearish count for wave ‘i’ of (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold broke below the three wave pattern very slightly today,
and because of that I am leaning back in favor of the short term bearish pattern now.
Nothing has been decided here yet,
but I am allowing for one last decline into the 1650 area to complete this larger pattern in wave [v].
If wave ‘iii’ of (v) is now underway,
then we should see a drop below 1700 at least tomorrow.
There is a reasonable chance that wave ‘ii’ will make it down to that 1680 low again if we see an extended pattern in wave ‘iii’ of (v).

Tomorrow;
Watch for wave ‘iii’ of (v) to continue lower and complete near the 1680 level again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil really took a hit today after breaking that 97.40 high again.
The pattern calls for a (i) (ii) higher low to build,
but I am suspicious of that sharp decline in wave (ii).
If the recent low at wave [b] does break again,
that will force me to rethink the count for wave ‘2’ overall.

Tomorrow;
Watch for wave (ii) to hold above 92.60 at the very low end.
Wave (iii) of [c] must start tomorrow and carry the price back out above the wave (i) high at 98.42.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is falling today but I am not convinced by that decline just yet.
So far we have a small three wave pattern off the high at wave ‘ii’.
Wave ‘1’ of ‘iii’ must take a larger and more convincing step lower to confirm wave ‘iii’ is underway here.

I am watching that interim low within wave ‘c’ at 3818 as a signal level that will favor the bearish count.
In general this week I would like to see five waves down to break 3720 in order to be confident that wave ‘iii’ is underway here.

Tomorrow;
the high at wave ‘ii’ must continue to hold.
Wave ‘1’ down is expected to fall again and break 3817.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at another possible alternate count for this short term action this evening.
This involves a possible triangle wave [iv] green.
Which will be followed by another five wave drop in wave [v] green if this pattern is correct.

The main reason for this alternate count is the fact that the action has really done nothing for the last week
except drift sideways and contract in range.
This is a big hint that a triangle is in play here,
and if we see a break to the downside again tomorrow that breaks the 18.13 level again,
That will signal wave (i) of [v] is underway.

As for the main count.
The internal pattern is getting a little complicated now,
although it is not ruled out yet.
A further decline tomorrow will signal wave ‘iii’ of (iii) of [v] is underway in this scenario.

Tomorrow;
Watch for wave (iii) of [v] to fall again and break 18.13.
The high at 18.93 must hold.