The Lord’s blessings to you all tonight!

EURUSD.

EURUSD 1hr.

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EURUSD daily.

We are watching this three wave correction higher form over the last few days.
so far I can stick with the idea that this is a correction in wave (ii).
And the decline should continue in wave (iii) of [v] next week.

the alternate count is valid also,
and this views the current correction higher as wave (iv) of [v].
On both counts however the decline should continue next week.

Tomorrow;
Watch for wave ‘c’ of (ii) to rise into the 1.1800 handle again and then we should see wave (iii) down begin next week.

GBPUSD

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GBPUSD daily.

Looks like we are heading for a lower low to complete wave [b] today.
The price is about to break the low at 1.3803.
Wave (c) will now fall into the trend channel again at 1.3780.
We will see tomorrow if that will hold the decline and begin the rally into wave [c].

If the price falls below the previous wave (b) at 1.3720 again then I may be tempted to look at the bearish interpretation again.

Tomorrow;
watch for wave (c) of [b] to bottom at about 1.3780 again.

USDJPY.

USDJPY 1hr.

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USDJPY daily.

The price seems stuck in a sideways pattern in wave ‘b’ of (iv) this evening.
Wave ‘c’ down will move lower again most likely tomorrow.
And wave (iv) should complete by Monday evening at the latest.

Wave (iv) must hold above 109.67.
If the trend channel shown is filled,
then it will be a close call for wave (iv) of [i].

Tomorrow;
Watch for wave ‘b’ to complete and then the price should fall again into wave ‘c’ of (iv).

DOW JONES.

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DOW daily.

It looks like wave ‘4’ of ‘v’ is complete this evening.
The price dipped lower off a new all time high this morning
and now we have a recovery underway this evening.
So wave ‘5’ of ‘v’ of (c) should continue tomorrow to hit that Fib target range
between 35560 and 35650.
The real test comes next week when this pattern is complete.
Do we get a reversal to follow in an impulsive fashion.
We will see.

Tomorrow;
Watch for wave ‘5’ of ‘v’ to top out by tomorrow evening.
The Fibonacci target will be hit on a Fibonacci date – that would be a nice cherry on top eh!

GOLD

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GOLD daily.

We have a three wave pattern higher now in place with a break of the wave ‘a’ high at 1752.
If wave ‘c’ is now complete at todays high,
then we should see another decline in wave (v) starting tomorrow.
Wave (v) will be confirmed with a break of the low at 1717.

I am not averse to the bullish alternate here by the way,
but I would like to see more price action to confirm that view before jumping onboard.

Tomorrow;
Watch for wave (v) to begin with a break of 1717 again.

CRUDE OIL.

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CRUDE OIL daily.

The price is close to breaking the main count here but that has not happened just yet!
We still have a three wave pattern in play in wave (ii) at todays highs.
The price has fallen slightly this evening,
not enough to confirm wave (iii) yet though!

Tomorrow;
Watch for wave (ii) to hold at todays highs.
The wave [ii] high at 69.98 must hold also.
A drop below 66.55 again will signal wave ‘i’ of (iii) is underway.

S&P 500.

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S&P 500 daily.

The wedge continues!

The market is edging higher to close at a new all time high tonight.
I suppose that’s what a few extra trillion in new debt and spending promises will get you these days,
a new all time high by 0.19%.
Good value I think, no?

Anyway,
I have switched to the straight five wave pattern for wave (v) tonight.
For no major reason other than it is reasonable to allow this pattern a chance to predict the top now.

The most interesting thing about the standard impulse wave (v) is the Fibonacci projection for the top of wave ‘v’.
4474 marks the 162% extension of wave ‘i’ from the wave ‘iv’ base.
And that just so happens to be where the price will pop above the upper wedge line here.

Also,
Wave if we look at the count at one degree higher,
we see that 4470 marks the point where wave (v) = 162% of wave (i) in blue.
That is just 12 points above us here!

Tomorrow;
Lets see how the market reacts to those Fibonacci levels,
and if the wedge will constrain the price in wave ‘v’ of (v).

SILVER.

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SILVER daily.

Silver has dropped below the wave ‘i’ low today at 23.21.
This decline is now counted as wave ‘iii’ of (v) underway.
I want to see follow through tomorrow in wave ‘iii’.
And I expect wave ‘iii’ to fall into that 22.00 recent low again.
Of course wave (v) should break the wave (iii) low,
but that will have to wait until next week at this point.

tomorrow;
Watch for wave ‘ii’ to hold at 23.58.
Wave ‘iii’ down should continue lower.