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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am looking at a slightly different count for wave ‘iii’ of (iii) today.
this involves a standard set of 1,2 waves to begin,
and then we can view this weeks sharp rally as wave ‘3’ of ‘iii’.
Wave ‘4’ should now be underway and most likely tracing out a flat correction.
WAve ‘5’ of ‘iii’ will push to a new high later tomorrow if this count is correct.

Tomorrow;
Watch for wave ‘4’ of ‘iii’ to complete above 102.50 to avoid an overlap in the pattern.
Wave ‘5’ f ‘iii’ msut then rally above 1.0370 to complete a clean five wave pattern in wave ‘iii’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

In general it is harder to read the latest rally in cable as an impulsive pattern.
And that is the reason I am being stubborn here with this bearish count in wave ‘5’ red.
The price is still holding below that wave [ii] high today.
We do not have any acceleration lower yet,
but I am willing to wait here until the pattern clears up.

Tomorrow;
Watch for wave (i) of [iii] to fall back below 1.2000 to confirm this count.
1.2292 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has traced out a five wave pattern lower in wave [i] at todays lows.
this action does favor the idea that wave ‘C’ is now underway.
If wave [i] is done,
then we can expect three wave up in wave [ii] over the coming days.
Wave (a) of [ii] seems to be almost done now.
That leaves us wave (b) and (c) to complete the correction probably by Tuesday evening if all goes well.

Tomorrow;
Watch for wave (b) to form a higher low above 131.72 by tomorrow evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I will admit that this rally has gone on longer than I wanted or expected in wave (c).
But I suppose I probably should have expected as much given the low volume and extreme pessimism at that wave [i] low.
Well, here we are now,
and I still have not changed my views.

But I have switched up the wave count in wave (c) again.
It is now a more traditional pattern in wave (c).
And the pattern is complete according to this interpretation.

Also I have added the Fib extension of wave (a) to the length of wave (c) tonight.
We can see that wave (c) has reached up to the 161.8% extension of wave (a) tonight.
This fact only adds to the bearish setup in my mind!
And I can tag that on to the end of the list from earlier in the week!

Tomorrow;
Its another waiting day ahead to see if that illusive reversal pattern finally arises.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am not often stuck for words to write, but gold has done very little to write about tonight!
I can stay with my ‘on the fence’ attitude again it seems as the price has not moved decisively in favor of any pattern today.
So as far as the patterns stand,
this is either a decline beginning in wave (v) or wave (ii).
And we will have to wait until next week to find out which pattern suite best.

Tomorrow;
Watch for this decline phase to pick up speed in both counts.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has traced out a large enough three wave correction higher to now consider this correction as wave [ii] green.
The price is approaching the previous wave (iv) high now,
so that level should be enough to offer resistance to this correction.
If the price continues above that 96.00 level,
then I will have to consider the alternate count more seriously again.

Tomorrow;
WAtch for wave (c) of [ii] to top out very soon.
A drop below 90.00 again will signal wave [iii] is getting started.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P did create a new high today and now is failing to hold that rally this evening.
There will come a time when one of these failures will turn into a complete rejection of the whole rally in wave (ii).
We will need to see more downside over the coming days to signal that we have hit that point now.
But I am hopeful here.

I have shown the Fibonacci relation ship between wave (a) and (c) tonight also.
We can see that wave (c) broke above the 161.8% level and is now back below again.
We could call that a hit and reversal,
we will know more tomorrow.

Tomorrow;
Watch for more downside to signal an end to this correction in wave (ii).
A break of 4110 is the first level of interest.
After that I want to see a break of 3944.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is holding below that new wave [i] high again today.
This is encouraging in terms of a return lower into wave [ii] again.
If wave (a) of [ii] is underway now,
then we will see a drop into the 19.50 area over the coming few days.

Tomorrow;
Watch for wave (a) to continue lower and trace out at least three waves down as shown.