The Lord’s blessings to you all tonight!

And I mean that………

Ephesians 5,16.

¹⁵See then that ye walk circumspectly, not as fools, but as wise,

¹⁶Redeeming the time, because the days are evil.

And BOY oh BOY are these days evil or WHAT!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The drop off wave (ii) seems to have five wave form in place into todays lows.
This pattern can be viewed as wave ‘i’ of (iii),
with todays spike higher viewed as wave ‘ii’ of (iii).
If this is correct,
then we will most likely see a larger decline wave (iii) over the coming week as wave (iii) extends.

Tomorrow;
Watch for wave ‘ii’ of (iii) to hold below 1.1805.
Wave ‘iii’ of (iii) down should begin by tomorrow evening.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price has rebounded back into the trend channel this evening after hitting the previous wave (b) low yesterday.
That move higher this evening is still pretty corrective looking so far.
So I am allowing for wave (c) to complete with one more low in the pattern.

but if this is the beginning of wave [c] up today,
then we should see a continuation of the rally in a nice impulsive form tomorrow.
A break of 1.3880 will confirm wave [c] is underway.

Tomorrow;
Watch for wave [b] to find a final low and then rally above 1.3880 to confirm wave [c].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

This weeks low cam in at 109.11 and off that we have seen a rally into todays high.
The pattern is still viewed as rally in wave (iv) of [c].
So we must see a reversal tomorrow into wave (v) of [c] to complete the overall pattern.

Now the alternate here.
The previous wave count I was working on was that wave ‘2’ is already in place.
In that case wave [i] and [ii] have complete at the lows this week.
A rally above 110.79 again will signal wave [iii] up is underway.

Tomorrow;
Watch for wav (v) of [c] to close out with a drop below 108.71 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

There is not much to add today apart from the fact that the market is holding below the all time highs
after a corrective move sideways.
It is a possibility that we have a small ‘i’ ‘ii’ pattern in play here,
we will see if it plays out that way over the coming week.

Now as I write a sharp move lower has moved the pattern one step closer to an impulse wave down.
So it seems those Fib targets are proving to be important after all!

Tomorrow;
Watch for this decline to trace out a five wave pattern lower this week.

So far we only have three waves down so we have a way to go yet.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has been stagnant today with the action not adding anything to the battle between the counts here.
The main count needs a major move down this week to get wave (v) of [v] underway,
and the key level lies at 1717 for that pattern.

The alternate count calls for a decline in wave (ii) that holds above 1717 and then a rally into wave (iii) up.

Tomorrow;
in terms of the main count.
I would prefer to see that sharp move lower into wave (v) begin now in order to rule out the alternate count sooner rather than later.
1717 is the level to watch here.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has begun to moved lower again today with a reasonable form to the move so far.
The price has broken into the 64 handle again,
and now we have a real chance that wave (iii) down is underway.
This count calls for this decline to continue lower and even accelerate into wave ‘iii’ of (iii).
I am looking at the 61.00 area to mark the lows of wave ‘iii’.
So there is more to do here.

Tomorrow;
Watch for the highs at wave ‘ii’ to hold at 67.50.
Wave ‘iii’ down must continue lower over the next few sessions.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has stepped lower this evening and so now I think we can begin to speculate on the possibility of a topping pattern here.
The pattern lower is only in three waves so far,
so there is still a good chance that this is a corrective pattern lower.
But if we get five waves down off the top then this wave count will get exciting again!

For now this is still a developing possibility and we will treat is a such.

Tomorrow;
A break below 4371 will be a good early sign that an impulse wave is forming here.
I would really like to see a break of that 4232 low again in order to turn full bearish again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a possible alternate count here for wave (iv).
The price could be developing into a triangle in wave (iv).
And in this case we will see another lower high in the area of 23.80 to complete the triangle,
then a move lower again in wave ‘i’ of (v) should begin.

Both wave counts call for a break of 22.99 to confirm wave (v) now.

Tomorrow;
Watch for wave ‘ii’ to hold at 23.94.
Wave ‘iii’ down will break 22.99 again to confirm.
And then we should see a new low in this pattern to finish wave (v).