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

Knee jerk days like today always take a hammer to the wave counts.
The CPI number has caused just such a knee-jerk reaction and I have been forced to rethink some of the short term patters because of that.
The changes are not earth shaking,
merely a switch to the alternate short term counts is all.
but we will see tomorrow if those swings in price will be wiped out again as the pendulum swings back again.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am willing to work on the bullish EURUSD count after todays sharp rally to break 1.0358 again.
that level marks the wave (i) low of the recent decline.
And a break of that level does not favor this move higher as a fourth wave.
So,
wave (iv) becomes the alternate count.
And a new bullish reversal into wave [i] becomes the main count.

Tomorrow;
Watch for wave ‘1’ to hold at 1.0253,
a break of that level will swing back in favor of the alternate count.

Wave ‘i’ of (iii) must complete five waves up this week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The short term count got a real jolt today also but not enough to completely rule out the pattern yet.

There is a three wave pattern in place to a lower high at the session high today.
As long as that high at 1.2292 holds,
then we will see a continued decline into wave [iii] over the coming week.
If that high does break,
then I will have to switch to the bullish alternate idea that wave (1) down is already in place.
And wave (2) up is about to begin.

Tomorrow;
Watch for wave [iii] of ‘5’ to turn lower again and break the wave [i] low before the end of this week.
A break of 1.2003 again will signal wave [iii] is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY took a nose dive and the action is enough to call wave ‘C’ red now underway off this wave ‘B’ high.
The price fell to break the wave [b] low at 132.49 again,
and that action is a signal that wave [i] of ‘C’ is now close to done here.
I am looking for correction higher in wave [ii] over the coming days also.
and wave [iii] down will have to wait until next week.

Tomorrow;
Watch for Wave [ii] to trace out three waves up and to complete near the 134.00 handle again by the end of this week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

This rally has been labelled the most hated rally ever,
and I must admit that I concur fully this evening!

Wave (c) has gone through a number of possible internal patterns now.
And tonight’s is just a rethink on that exact same wave (c) rally.

The price has overlapped a number of times over the last week.
And there are a number of three wave pattern visible also.
With this in mind,
I am looking at the possibility of an ending diagonal for wave ‘v’ of (c).
And the high today gives us a throw-over above the upper trend line of that pattern.

Tomorrow;
I still await the inevitable reversal of the top of wave (c) before the end of this week.
If it does not happen,
then I will be eating humble pie again in the weekend video!

Ces’t la vie!

Watch for a break out of the rising wedge pattern in wave ‘v’ to the downside to begin wave ‘i’ down.
It will not take much to retrace all of the previous rally in wave ‘v’,
so I expect wave ‘i’ to achieve that much.
That gives us a target at 31800 for wave ‘i’ of (i) of [iii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is again flat on the day after a slight spike and now a reversal of that spike rally.
I can’t say yet which count I favored more here.
I think I’m am split between head and heart!
I know In my hear that gold is due for a long term rally,
but my head tell me that the final low is still possible near 1650.
In that case wave ‘C’ of (4) will take out the low of wave ‘A’ of (4).
And that will be a more complete pattern to be honest.

Tomorrow;
Even if I can’t choose between both short term patterns yet,
I can still expect a decline into wave (ii) over the coming days towards 1740 again at a minimum.

Watch for the decline to continue off the top of wave (iv) in wave ‘i’ of (v).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It seems wave (iv) is still in force today,
and maybe we have a failed wave ‘c’ top now in place to complete that wave (iv) complex correction.
I still favor another drop towards the 85.00 handle again to complete wave [i] down,
and if this count is correct,
then we will see another decline tomorrow to begin that final drop.

Tomorrow;
Watch for wave (v) of [i] to begin with a drop in wave ‘i’ to retrace to the wave ‘b’ low again.
Wave ‘i’ should hit the 88.00 area when complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

That sharp spike today seems to have begun out of the low of a contracting triangle completed yesterday.
A triangle suggests a fourth wave correction within wave ‘5’.
And that means todays spike rally is the final move in wave ‘5’.
If that is true,
then wave ‘c’ is now done.
And the next major action to look for is a sharp impulsive decline to reverse todays rally.
I can’t day if that will happen this week.
But I remain hopeful that this correction will end soon in wave (ii).
And wave (iii) down will take over with vengeance.

Tomorrow;
The triangle low came in at 4110.
That level is now the initial support for any ongoing rally.
A break of that level will signal wave ‘c’ is complete.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has complete a five wave pattern in wave (v) as suggested today.
the price briefly broke above the wave ‘iii’ high,
and now we see a decline again back into the range of wave ‘iv’ again.

Tomorrow;
If wave (a) is now underway,
then I am looking at the low of wave (iv) as a reasonable target for this decline.
Watch for wave (a) to fall in three waves at least towards the 19.55 level at wave (iv).