The Lord’s Blessings to you all again tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave (ii) started today with an initial spike higher off the lows at 1.1705.
Wave ‘C’ is close but has not reached its minimum target yet at 1.1703.
So I am sticking with the idea that we will get another decline to complete wave [v] this week.

Tomorrow;
Watch for wave (ii) to rise in three waves towards 1.1800 again.
I would like to see wave (iii) of [v] get underway before the end of this weeks trade.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have switched to that alternate count this evening.
So this weeks decline is labelled wave [b] of ‘2’ now.
The decline never developed impulsively as I expected,
and todays spike higher has sealed the deal on the alternate count.

Wave [c] up should trace out a five wave rally and complete above 1.3984 at a minimum.
Wave [c] must complete below 1.4249 at the very upper end.

Tomorrow;
Watch for wave [b] to hold at 1.3803.
WAve [c] should continue higher as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is falling today after breaking the upper bounds of the previous wave [b].
this action is now viewed as wave (iv) of [i] now underway.
the price should form a three wave correction in wave (iv) and hold above the wave (i) high at 109.67.

The alternate count views this top as wave [b] of ‘2’.
If the price breaks the wave (i) high at at 109.67,
that will trigger the alternate count.

Tomorrow;
watch for wave ‘b’ and ‘c’ to (iv) to trace out a possible flat correction tomorrow.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A new high today to complete wave ‘3’ of ‘v’ of (c).
The price is very close to hitting that Fib target level at 35560 now.
Ideally that will top off the whole rally in wave (c),
but we will see how it pans out.

It looks like wave ‘v’ needs another correction and rally sequence to close out five wave pattern.
There is still 2 more days until we reach that Fibonacci date,
so there is enough time to finish this pattern and hit the target.

Tomorrow;
Watch for wave ‘4’ of ‘v’ to correct lower and hold above 35130.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays action does move in favor of the alternate bullish alternate pattern slightly.
But I am holding with the conservative view for the moment until this pattern becomes clearer.
Even in terms of the alternate count I would like to see another drop back into 1717 again to complete a three wave pattern.

Tomorrow.
watch for wave ‘c’ of (iv) to hold and then price should turn lower again into wave (v).
A break of 1700 again will favor the main count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding below the wave [ii] high so far today but the margin for error here is thinning fast.
If that wave [ii] high breaks at 69.98,
then I will have to rethink the whole action off the recent high again.

The main action in favor of the bearish count here is the clear five wave decline in wave (i) of [iii].
The rise off that level is in three wave so far,
and as long as wave [ii] holds,
then we are clear for wave (iii) down to begin.

Tomorrow;
Watch for wave [ii] to hold.
Wave (iii) of [iii] down will be confirmed with a break of 64.97.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A new closing high again tonight maybe?
The market is asleep here and the action seems to be just drifting into a death trap here,
as we draw ever nearer to that end point of the wedge.

The pattern in wave ‘5’ of ‘v’ will allow for a little more upside to complete five waves internally.
So I expect we will continue to drift higher into Fridays Fibonacci day to top out this pattern.
This pattern obviously calls into question next week as a possible reversal time again.

Tomorrow;
Watch for the wedge to be filled as the price draws higher in wave ‘5’ of ‘v’ of (v).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is calling the bluff of todays rally in gold.
The price is holding below the highs of wave (iv) still,
and wave ‘i’ and ‘ii’ is still the best interpretation here.

This pattern calls for a sharp decline into wave ‘iii’ of (v) to begin before the end of this week.

Tomorrow;
Watch for wave ‘ii’ to hold below 24.05.
Wave ‘iii’ down should begin with a break of 23.20 again.