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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The triangle idea for wave ‘b’ won over today after a spike lower to begin wave ‘c’.
The price should now fall in five waves in wave ‘c’ this week.
And I am looking at a target near 1.0750 to complete wave (d).

There is one more way to read this action.
A five wave decline has completed at todays lows.
This can also be viewed as wave ‘a’ of (d).
So the action tomorrow will decide between that idea and the main count.

Tomorrow;
Watch for wave ‘c’ of (d) to fall in five waves from here to hit 1.0750 by the end of this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action in cable is not any clearer after todays trade to be honest.
I am going to stick with the main count for wave (i) blue until proven otherwise.
But so far the decline has not traced out a classic five wave structure.
I will just see what the next few sessions bring before making any changes to the outlook.
The price did get close to breaking the 1.2800 level today so there is still a good chance that a break below that level will lead to a capitulation into a five wave pattern.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue lower and complete a five wave pattern near 1.2600.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is holding above the wave [iv] low again today and there is a possible wave ‘ii’ higher low in place at todays lows.
I am looking for an acceleration higher to break above 158.00 to confirm the larger pattern in wave (i) of [v].
It is still too close to call at the moment.

Tomorrow;
Watch for wave ‘iii’ of (i) to continue higher in five waves towards 158.00 to confirm the main pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Things just got more complicated after todays action.
The market is holding up off the wave (iv) low again today,
but there is a small overlap in the wave (v) pattern now.

The wave ‘iv’ low broke below the wave ‘i’ high this afternoon,
which means this rally in wave (v) is not a standard five wave pattern.
The rally can still continue from here,
but the balance of probability just turned slightly in favor of that alternate count now.

If this lower high is actually wave (ii) blue,
then we should see an acceleration lower to break below 39800 before the end of this week.

Tomorrow;
Watch for wave (iv) to continue to hold.
wave ‘v’ of (v) must turn higher tomorrow to save this count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Three waves down to a higher low today,
so that gives us a possible wave ‘b’ of (b) now in place.
This count calls for a rally into wave ‘c’ to top out near 2430 in the next few sessions.
If all goes well here,
then we will see a top in wave (b) by midweek,
and then a turn lower into wave (c) begin before the end of the week.

Tomorrow;
watch for wave (a) to hold at 2353 and wave ‘c’ of (b) to rally into 2430 to complete three waves up.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

On the 4hr chart you can see the five wave pattern forming in wave (1) off the top of wave [4].
a(1) has a target at the recent lows at 72.40.
So there is still room to move from here.
And wave ‘5’ of (1) should make that target area this week if this pattern holds.

The hourly chart shows the internal pattern of wave ‘5’ blue.
There is three waves down in place at todays lows.
So we should see a correction in wave [iv],
and a further step lower in wave [v] to complete the larger pattern later this week.

Tomorrow;
Watch for wave ‘5’ to continue lower in a five wave pattern as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action today can be viewed as wave (ii) now underway.
WAve ‘a’ and ‘b’ have formed the higher low to begin the correction.
And wave ‘c’ is expected to turn higher again tomorrow towards the 50% retracement of wave (i) at 5530 as shown.

Tomorrow;
Watch for wave (ii) to complete three waves up near 5530 by midweek.
Then we should see a much larger turn down into wave (iii) by Friday.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a possible extended pattern in wave (c) of [ii] this week.
The price took another step lower today,
and the price is holding below the lower trend channel line again as we close.
I am looking for this wave (c) decline to close out early this week.
So a rally tomorrow to break back above 2945 will really favor the wave (i) of [iii] idea.

Tomorrow;
Watch for wave [ii] to complete this correction soon with a spike rally back above the 29.45 level again.