The Lord’s blessings to you all tonight!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have reached the minimum target for wave ‘C’ of (D) today with a break of that 1.1700 level again today.
so,
I am scaling back the expectation for wave (iii) of [v] today.
WAve (iii) is now almost complete.
A break of 1.1665 again will complete five waves down in that pattern.

From here on out I suspect we will see wave (iv) and (v) make one more low in the 1.1600 area to complete.

Tomorrow;
There is another few days trade left in this pattern now,
but I think we will close up wave (D) next week and then I will look for a three wave rally in wave (E) to begin.

Watch for wave (iii) of [v] to complete tomorrow and then a corrective rise should form in wave (iv).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable sold off again today and with that decline it does raise some questions about the main wave count.

This still can be a low forming in wave [b] as suggested.
and as long as the price holds above the 1.3572 low at wave ‘1’,
then we should see a rally in wave [c] coming our way soon.

But if we break that level I will have to look at the idea that wave ‘3’ is already underway.

The biggest problem with this alternate count,
is the fact that the initial decline off the recent high is very hard to label as a five wave structure.

Tomorrow;
Watch for wave [b] to hold above 1.3572.
Wave [c] must begin tomorrow for this count to remain valid.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY did move sharply lower today back towards the 109.11 low at wave (iii).
This move gives the main count a boost.
and I am expecting this decline to continue in five waves to form a new low for wave [c] of ‘2’ next week.
The minimum target for wave (v) lies at 108.71.

Tomorrow;
Watch for wave ‘iii’ of (v) to fall back below 109.11 again to signal wave (v) is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

After a solid rally this morning which brought the market back to unchanged,
now we see another selloff which has the potential to fall into a new low below wave ‘iii’.
If that occurs,
that will achieve five waves down in a possible wave (i) decline in place off the high.
This is still only a work in progress so that decline must occur tomorrow in order to hold onto the bearish outlook with this wave count.

At the moment it looks unlikely that wave (i) will break the low of wave (b) at 33740.
That would be a significant low to break,
as it market initial support in the structure.

Tomorrow;
Watch for wave ‘v’ of (i) to fall below 34560 again and complete five waves down in wave (i).
35116 must hold at wave ‘i’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is still very undecided this week between both counts.
I cannot rule out the bullish count,
but by the same measure I would like to see a more significant decline in wave (ii) to setup for wave (iii) of [iii] if that is the correct count.
A decline into 1750 again will be sufficient in wave (ii).
A rally after that correction will trigger the alternate count.

Tomorrow;
As for the main count,
watch for wave ‘i’ of (v) to fall back below 1750 to complete.
1717 remains the key level in the short term count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Another new low in the pattern today which does raise the probability of this current count.
The price broke below the 64.00 handle again and now we can count wave ‘iii’ of (iii) of [iii] underway.
You can see that this pattern is lining up with the potential to really spill lower in a large five wave pattern in wave ‘3’ blue.
If this happens we will be looking at $50 crude before you know it!.

Back to the short term.

Tomorrow;
The price to hold below the 65.00 handle as wave (iii) develops.
Wave ‘iii’ of (iii) should make another move lower to complete five waves in its structure tomorrow.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is a reasonable chance that we have a ‘i’ ‘ii’ pattern in play this evening.
Wave ‘ii’ could trace out a larger corrective pattern of course.
But if todays highs is the final high for wave ‘ii’,
then we should see a sharp down move tomorrow to kick off wave ‘iii’ down.

I have shown a path for wave (i) where the low of wave (i) breaks the lows of the previous fourth wave at 4232.
That low marks the first key level in terms of support in the wave structure.

Tomorrow;
Watch for wave ‘ii’ to hold below the all time highs.
Wave ‘iii’ down will be confirmed with a break of the wave ‘i’ low again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have switched to the triangle pattern for wave (iv) this evening.
In this case todays high completed wave ‘e’ of (iv) at 23.50.
The decline off that level is labelled wave ‘i’ of (v).
A break of 22.99 again will signal that the triangle is complete and wave ‘i’ of (v) is underway.

Tomorrow;
Wave (iv) should hold at 23.50.
Watch for wave ‘i’ of (v) to fall below 22.99.