Good evening to you.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It is possible that we have five wave down already in place off the high at 1.1914.
The fact that we did not break the previous fourth wave low yet is just a little concerning for me.
So I want to see a break of that level to give a clearer signal that the top is in fact in place now for wave (C).
And then we can concentrate fully on wave (D) down.

Tomorrow;
watch for a break of that previous low at wave (iv) and then a correction in wave [ii] to create a bearish lower high.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern in cable is getting a little more interesting now after todays action.
The fact is we now have a small head and shoulders pattern in place around that wave ‘C’ high.
We have a three wave correction higher to form that right shoulder.
And we have a pretty sharp decline off that wave (ii) high this evening.
This is starting to look like a reversal.

Tomorrow;
watch for wave (iii) to continue lower and break that initial support at 1.2981.

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

The low of wave (ii) blue is now set at 105.69.
This level must hold for the short term count to remain valid.
Wave (iii) is now in control and the pattern is developing in five waves so far.
So things are looking up for USDJPY at the moment.

Tomorrow;
Watch for wave ‘iii’ of (iii) to continue higher to about 107.00.
This will create an acceleration phase in the pattern that I am looking for.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has filled the rising trend channel at todays highs.
That action has completed a three wave rally again in wave [c] of ‘C’ of (B).
Now I am looking for a drop off the high to begin a larger five wave move down into wave [i] as shown.
The price is dropping this evening,
but if this is the beginning of wave [i] down,
then we should continue to drop for the rest of the week
Initial support lies just below 26000 again.

Tomorrow;
Watch for wave [i] down to continue and finally burst this bubble for good over the next few days.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has fallen by $174 off the all time high into todays lows.
This is a good start to the the next major move in wave (4) blue.

Todays decline was sharp and sustained, and this is indicative of either wave (iii) or (c).
The initial decline to begin wave (4) can in three waves or five waves because I expect this to be a corrective decline.
So we will just have to wait and see how the pattern develops.
There is no real way of knowing right now what pattern wave (4) will take.
so patience is required.

Tomorrow;
For now wave (iii) is still in play so we should see a low form over the next session or two.
We should know if wave (iv) is underway by a corrective retracement off the lows.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The decline off the high in crude has only traced out a three wave pattern so far.
If we see a sustained decline tomorrow back below the 40.00 handle,
that will signal wave [i] down is underway.
But until that happens I am in wait and see mode!

Tomorrow;
Watch for todays high at 43.06 to hold.
An impulsive decline back below 41.23 will favor the bearish outlook.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is dropping off the highs today without pipping the all time high level again.
I am counting this as a major loss right now!

There is a certain psychological gravity created in the market action by significant levels.
Big numbers tend to be hit when they are close by,
say for example the 3000 level in the S&P last summer.

And when we see a rejection like this occur,
then that does lift my eyebrows a little!

The price is definitely still in the gravity pull of that all time high.
So we will have to wait and see if this selloff actually develops into an impulsive decline.

Tomorrow;
Watch for a possible break of 3300 again at the previous highs of wave (iii).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver took a severe beating today and is back below the 25.00 handle again this evening.
The price seems to have found some support at the previous wave (4) blue.
So it is possible that wave (A) is now done as a three wave decline.
I would prefer to see wave (A) break 24.10 before completing wave (A) so I am allow for that possibility.

Wave (A) can also trace out a five wave decline so there may be more left in this yet.

Tomorrow;
Any correction higher from here should hold below 26.00 ideally.
Watch for wave (A) to continue lower over the next few sessions.
A bottom at about 22.00 would be satisfactory as that level marks the price territory of two previous fourth waves.