The Lord’s blessings to you all tonight!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A little weakness in the trade today but nothing to suggest that wave (iii) of [v] is underway just yet.
the price is holding below the 50% retracement of wave (i) today,
which suggests wave (ii) is complete.
We can’t confirm wave (iii) of [v] is underway until we get a sharp decline that breaks 1.1700 again.

Tomorrow;
I want to see wave [v] complete this week.
So wave (iii) must begin soon.

Watch for wave ‘i’ of (iii) to fall back into the 1.17 handle again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

We now have a small corrective looking drift sideways off Fridays spike higher.
This is viewed as wave (ii) of [c].
So we should see a rally higher into wave (iii) over the coming few days.
The low at wave [b] must hold.
And wave [c] should break above 1.3984 at a minimum to complete.

Tomorrow;
Watch for wave (iii) to rally beginning tomorrow.
1.3790 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY seems to have stalled the decline today as we hit the low of wave (iii) of [c].
The price is correcting now in wave (iv),
and then wave (v) should drop into 108.30 again to complete wave [c] and wave ‘2’ by midweek.
The minimum target for wave [c] lies at 108.70 where it breaks the low of wave [a].
So once we hit that level I will be looking for signs of a reversal.

Tomorrow;
Watch for wave (iv) to correct sideways tomorrow.
I want to see wave (iv) hold well below 110.00.
A break of that level will invalidate this count for wave [c] of ‘2’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has rebounded off the lows of the session today with a nice sharp rally.
The action suggests that todays low was only wave ‘4’ of ‘v’,
and the sharp rally this evening is wave ‘5’ of ‘v’.

The price has already met the Fibonacci target levels that are suggested by the larger patterns.
And from that point of view the larger patterns are already complete.
It may take some more time to fill out the short term pattern,
but I think this week will hold a surprise for the market in general.

the trap-door is opening again, mind your step!

Tomorrow;
Wave ‘5’ of ‘v’ may make a small new high in that target zone again to fill out the pattern in wave (c).
I am still expecting to see a larger reaction to this target area to signal a possible turn is in progress.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It is definitely time to consider that bullish alternate count more closely now.
There is a possibility that the rise off the extreme low last week is a series of 1,2, waves higher.
If this is true,
then todays top is wave (i) of [iii] now in place.
In this scenario I still expect to see a pullback into the 1730 -1750 area over the coming few sessions.
This will complete wave (ii) of [iii].
And as long as wave [ii] holds at 1717 this week,
then wave (iii) of [iii] is the next leg up in play here.

Tomorrow;
Watch for that correction in wave (ii) to complete over the coming days.
1750 is a good initial target for wave (ii) to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The pattern is crude is interesting from the perspective of a third of a third decline scenario here.
We have a series of three impulse waves down now in place.
And as long as the high at wave (ii) holds at 69.40,
then the probability of a sharp acceleration into wave (iii) increases as this week goes on.

Tomorrow;
It is possible that the top for wave ‘ii’ of (iii) is already in place here.
A drop below 65.00 again will signal wave ‘iii’ of (iii) of [iii] has begun.

Watch for wave todays highs to hold and for wave ‘iii’ down to continue lower tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is closing the day at the all time highs again because……….

In any case,
the price is again touching that Fibonacci target zone this evening.
This area should offer some pause at least to any advance,
but I am suggesting something much bigger to result from that target area.

Tomorrow;
even with todays rally the price is still moving into the inevitible end of that wedge in wave ‘v’.
If the patterns are correct,
we will see a sharp drop out of this wedge this week.
And that is what I am waiting for here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did not hit the minimum target level for wave ‘C’ of [2] to complete with last weeks decline.
This is the main reason why I am sticking to that short term bearish pattern here.
I want to see a drop back into the 21.00 handle again to complete wave ‘C’,
and once that happens,
we can get happy about the prospects for silver again!

Tomorrow;
For now I wnat to see the high at wave (iv) to hold at 24.04.
Wave ‘iii’ of (v) must begin tomorrow and break 23.00 again.