The Lord’s blessings to you all tonight!

This is completely off topic tonight but I thought this information was very useful and worth linking to you guys and gals.

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It is a pretty detailed list of tested and proved treatments for the dreaded wuhan virus!

It might be worth picking up a few boxes of these just incase!

Anyway, its been an interesting days trade so on with the show again.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD took a step lower today into wave (iii) of [v].
The action is sharp enough to consider wave (iii) now in play and this move is labelled as wave ‘iii’ of (iii).

We have not broken the minimum target for wave [v] yet at 1.1703.
The low of the session is close,
but I expect the price should slice down through the 1.1700 handle to complete wave ‘iii’ of (iii) of [v].

In this pattern there is a bit more work to do before we get to a final low in wave (D)
so I am continuing to look lower for the rest of the week.

Tomorrow;
Watch for wave (iii) down to continue lower and trace out five waves down into the 1.1600 area.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Well cable does not want to begin that rally into wave [c] of ‘2’ yet does it.
The price took a sharp turn lower today out of that declining channel.
I have not abandoned the wave [b] count just yet,
and there is still a good chance that todays decline is wave (c) of [b].
the price has now reached the previous wave (b) low,
and the 62% retracement of wave [a],
and wave (c) will reach equality with wave (a) at 1.37 flat.
So this action is still in line with a three wave decline in wave [b].
If we see a push above 1.3880 again at wave (b),
that will signal wave [c] green is underway.

Tomorrow;
Watch for wave [b] to complete in this area.
Wave [c] up should begin by tomorrow evening I suspect.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave (iv) up popped higher today and seems to have topped out at todays highs of 109.66.
This price seems to be turning again this evening off a possible wave (iv) high.
And if this is correct,
we should see a decline into wave (v) beginning tomorrow.
Wave (v) of [c] should fall below 108.70 again this week to complete three waves down in wave ‘2’ as shown.

Tomorrow;
Watch for wave (v) to return lower and fall into that minimum target at 108.70 by Thursday at the latest.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It remains to be seen if the decline off that Fibonacci target zone will develop into something interesting over the next few days.
At the very least this Fibonacci zone is now an area of resistance to the market.
So the market should find it hard to push through that zone again.

Of course there is a chance that this move lower today is a possible wave ‘i’ of many,
but there just is not enough to go on yet to make a call on it yet.
I will wait for this to develop further.

Tomorrow;
Lets see if the market can develop further to the downside.
In the larger picture I want to see a five wave decline below the wave (b) low at 33740 in order to mark a clear shift of momentum off the top.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The move off the high today is not enough to call wave (v) or the alternate wave (ii) underway yet.
I am looking for at least a three wave decline below 1750 again in wave (ii) this week as per the alternate count.
But I still have one eye on the possibility that we can hit a new low below 1650 again in wave (v) of [v] of ‘C’.
That count is still a reality here and cannot be brushed aside just because we have a sharp rally in place.
So I remain cautious here.

Tomorrow;
Watch for at least a decline in wave (ii) alternate.
A break of 1717 again will signal wave (v) is underway and then we can expect that lower target to become a reality.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is still holding above the wave (i) low at 64.97 today,
and I have to say that the longer that level holds,
the less confident that I am with the idea of a large waterfall decline into wave [iii] of ‘3’.
There are just too many impulse waves formed now which demand an acceleration into that third wave,
and if we do not see a sharp decline this week,
then I will be forced to rethink the whole count I fear.
So I am on the edge of my seat here with this count.

Tomorrow;
Watch for wave ‘ii’ to hold below 69.40.
The price must continue down in wave ‘iii’ of (iii) towards the 61 handle again in order to satisfy the current bearish count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A completely filled wedge pattern and a drop back below the lower bounds today.
The rally has failed after hitting those two Fib targets we have been looking at the last week.
And the drop today was reasonably impulsive also,
so I will admit that this development is interesting indeed.

The most important level in the short term lies at 4232.
This marks the low of wave ‘iv’ pink,
and if we see a break of this level in five waves,
that will signal a possible reversal pattern is in play off the all time highs.

Tomorrow;
Watch for this top to hold and we will see of the market traces out five wave down this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The pattern in silver calls for a significant drop into wave (v) this week.
The price has dropped off the highs at wave ‘ii’ today,
but we will need to see a drop below 23.00 again to be confident that wave (v) is now underway here.

This count calls for a drop into wave ‘iii’ of (v) of [v] now,
so I will be expecting this decline to continue tomorrow.

Tomorrow;
Watch for wave ‘ii’ to hold below 24.00 again and wave ‘iii’ of (v) must continue lower again.