Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is holding below the wave ‘iv’ level at 1.0090 so far today.
The action has been pretty flat today,
and there is no sign yet of a continued decline,
but I am still not convinced that wave (v) blue is complete at this point.

I am waiting for a five wave pattern to continue lower to break to a new low below 0.9899 again.
This will fulfill the minimum required target for wave ‘v’ of (v).

Tomorrow;
Watch for that wave ‘iv’ high to hold at 1.0090.
a sharp move lower is expected in wave ‘v’ over the coming days.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable completed three waves up in wave ‘ii’ early this morning at 1.1761,
and now the price is moving lower again today into wave ‘iii’.
I have labelled this decline as the beginning of wave ‘iii’ of (v).
Wave ‘iii’ must fall towards the 1.15 area to complete,
if that does not happen,
then I will have to reconsider this short term count for wave (v).

Tomorrow;
Wave ‘ii’ must hold at 1.1761.
Watch for wave (v) to continue lower and trace out a five wave pattern by the end of this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is close to completing five waves up in wave (v) of [c].
While the price does not have to break to a new high,
I suspect it will to complete wave (v) now.

A break above 139.40 will confirm the expanded flat correction pattern is correct.
And once we have a new high in wave [c] of ‘B’,
then I will look for signs of a reversal into wave ‘C’ to begin.

Tomorrow;
Watch for wave (v) of [c] to complete five waves up with a break of 139.40.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The correction in wave ‘iv’ completed with a bang this morning.
And now we have wave ‘v’ of (i) in play after that sharp decline.

Wave ‘v’ has achieved the minimum target by breaking the wave ‘iii’ low again,
but I am allowing for the possibility that we will see an extension lower in wave ‘v’ to complete wave (i).
The more of wave (c) that we retrace with this wave (i) decline,
the more likely my bearish scenario into wave [iii] will be.

Before this decline started, I was looking at the previous wave (b) low at 30120 to complete wave (i),
I am not sure we will get that low in wave ‘v’ of (i) now.
But I would like to see a sold break below the wave ‘i’ high at 31640 before any correction higher in wave (ii) begins.

Tomorrow;
Watch for wave ‘v’ of (i) to extend lower to break that wave ‘i’ high at 31640 again.

Any break above the wave ‘iv’ high at 32365 again will signal wave (i) is complete.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has fallen back into the low of wave ‘1’ today.
The action does look more corrective within wave ‘2’,
rather than impulsive to begin wave ‘3’ of ‘iii’ at the moment.

So I am looking at a possible flat correction in wave ‘2’ to complete a lower high near 1750.
And then a sharper decline into wave ‘3’ of ‘iii’ to begin after that.

Tomorrow;
If this decline continues early tomorrow, then wave ‘3’ of ‘iii’ is already underway.

But for the moment I think wave ‘2’ will complete with a rise into 1750 first.
And then wave ‘3’ down should begin.

The high at 1765 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Well that was quite the reversal off a possible wave [ii] high today.

Todays sharp drop is in pine with a completed correction in wave [ii] at Mondays highs.
If that is correct,
then we are moving lower now into wave [iii].
And todays action is wave (i) of [iii].
I am taking the even more bearish view on the hourly chart with todays decline labelled wave ‘i’ of (i).
so with this count we can expect a five wave pattern to complete wave (i) down this week.
Wave ‘ii’ will complete a small head and shoulders pattern around the wave [ii] high.
And wave ‘iii’ of (i) should bring the price back below 87.00 i suspect.
The rest of this weeks trade should be very interesting indeed.

Tomorrow;
Watch for wave ‘ii’ to complete that lower high as shown.
Wave ‘iii’ will have to wait until Thursday at the earliest.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I have been watching that wave ‘a’ high from late June at 3945, as an initial target level for the low of wave ‘i’.
The market is very close to hitting that level now.
So I am now suggesting that wave ‘i’ is nearing its target low now.
If this count is correct,
then we will see a corrective move sideways begin before the end of the week in wave ‘ii’.
That will lead us towards that looming wave ‘iii’ of (iii) acceleration lower later next week.

Tomorrow;
I would like to see wave ‘i’ break the 3945 level before completing.

The wave ‘4’ high came in at 4071.
So if we see a break above that level that should be a good signal that wave ‘ii’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Ok,
todays lows are just too close for comfort now.
A break of 18.13 is the invalidation point for this count.
And I have had one eye on that level throughout this test of the bullish scenario.

so the outlook is simple,
if 18.13 breaks then we are falling into wave (iii) of [v] of ‘5’.
And silver can easily hit 15.00 again to complete wave [v] of ‘5’ over the coming weeks.

I would like to avoid that outcome,
but it is not for me to decide!

Tomorrow;
I can allow this bullish count to remain until it is not valid anymore.
So 18.13 is the level to watch.
A rally back above 19.40 again will swing the odd’s back in favor of the bullish option again.