---

Good evening to you all!

Here is the QQQ put call ratio and sentiment lately, and this is simply stunning!

The Nasdaq tells us its go time to the downside!

Here we go.

---

EURUSD.

---

EURUSD 1hr.

---

EURUSD is clinging on to the highs after a brief drop yesterday.
The decline yesterday was in three waves and did not develop any further.
So it looks like we will hang on for another few sessions as wave (v) closes out.

This rally in wave (C) of a triangle has hit an overextend extreme now.
And the current highs in wave (C) have retraced 61.8% of the previous wave (B) decline.
the time is ripe for a large turn lower,
But I will have to wait for that bearish signal to form off the high.

Tomorrow;
1.1817 marks the next level of resistance.
So lets see if that level can halt the rally.

---

GBPUSD

---

GBPUSD 1hr.

---

Cable has reached the larger trend channel this evening with the price finally hitting the 1.3000 handle again.
The short term momentum has diverged lower throughout this wave ‘c’ rally,
and the longer term 4hr momentum has flat-lined for the last few weeks.
The double trend channel touch should be enough to turn hold the rally now,
couple that with the waning momentum and a 78.6% retracement level give me enough firm ground to stand on and call for a top now in wave ‘C’.

Tomorrow;
I am still looking for wave ‘D’ down to begin this week.
An impulsive drop followed by a lower high will signal wave ‘D’ has begun.

---

USDJPY.

---

USDJPY 1hr.

---

The opposite picture is building in USDJPY.
We have a complete pattern with five waves down into these lows in wave ‘C’ of (E).
Diverging momentum off the lows,
and a trend channel that is almost filled.
The price is so close to that lower target now that one last spike will complete the pattern,
and then I can look higher with a little more confidence come next week.

Tomorrow;
There is no change in the wave count.
Wave [v] of ‘C’ should find a low soon and then move higher impulsively.

---

DOW JONES.

---

DOW 1hr.

---

Despite reaching a fresh new low this morning,
the Dow seems to be leaning towards the larger wave (ii) idea this evening.
If that is the case,
the price should head higher again into the 26700 level and then turn lower into wave (iii) down.
The lows of the session today reached 26294,
so a break below that level again will signal wave (iii) has begun.

Tomorrow;
We have arrived at that decision time again in the stock market.
A bearish lower high is close to completing,
so we need some confirming price action to signal the top is in now.
That will come with a sharp decline into wave (iii).

Watch for a break of 26294 again to begin wave (iii).

---

GOLD

---

GOLD 1hr.

---

Gold is moving higher in five waves off that wave ‘iv’ low again.
Most of the action today was corrective and sideways,
but that gave way this evening to a spike higher which is now approaching that 261.8% extension level again at 1985.

I am not ruling out the idea that we might see another extension to a top in wave (v) of [v].
But I am also aware that the last time we saw action like this in gold was approaching the 2011 highs.
And that is a warning signal at least!

Tomorrow;
I suspect we will see a top form very soon once wave ‘v’ of (v) of [v] completes.
If the price falls below 1900 again,
that should be enough to call the larger wave (3) complete also.

---

CRUDE OIL.

---

CRUDE OIL 1hr.

---

Crude has not decided on a path off the high just yet.
But neither has the market rejected the bearish pattern that I am showing.
In short,
nothing changes until we see a break above 41.96 to rule out the bearish count in the short term.
While a fall below 40.50 again will signal wave ‘iii’ down has begun.

Tomorrow;
Watch for a break of that support to confirm wave ‘iii’ down.

---

S&P 500.

---

S&P 500 1hr

---

At the moment we have a three wave recovery to a small lower high in place in the S&P.
Todays action completes a bearish impulse wave off the high.
If wave (ii) is now complete,
the we should see wave (iii) down begin tomorrow with a sharp move back below 3200 to begin with.

The market is poised at a critical position now,
the pattern looks perfect off the high in terms of the bearish count,
but a solid move down is needed in wave (iii) to confirm the bearish pattern in wave [i].

Tomorrow;
Watch for the price to hold below the upper trend channel line and fall again into wave (iii) down.
3200 is the key level in the short term.

---

SILVER.

---

SILVER 1hr

---

Silver has traced out a three wave move higher into wave (b) of [a] today.
The price then spiked lower in the last hour,
this should prove to be the initial decline into wave (c) of [a].
If this short term pattern is correct,
then wave (c) should fall back below 22.25 by tomorrow evening.

Tomorrow;
A break of the session lows at 23.27 will signal wave (c) is underway.

---

---