Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘iv’ is a really complex beast to track that much is for sure.

I am looking at another possibility for wave ‘iv’ tonight.
This involves a three wave complex pattern,
and wave ‘b’ is labelled as an expanded flat correction.
Wave ‘c’ has already traced out three waves up at todays highs.
And now we should see a decline back below 0.9899 again before the end of this week.

Tomorrow;
Watch for wave ‘iv’ of (v) to top out once again.
Although this has been a long drawn out process here,
I am confident that this is a correction overall and we should see a break to a new low soon.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The downside action in wave [iii] is actually slowing down considerably over the last few sessions.
This fact has not ruled out the bearish count,
but it does raise the possibility of an alternate count for wave [iii] and [iv].

If wave [iii] is now completing,
then we should see a rally in there waves off the nearby lows back above 1.1760.
A break of that level will signal wave (a) of [iv] is underway.

Tomorrow;
I will stick with the main count until proven otherwise.
Wave (v) can still take the price lower as suggested.
But the price must decline sharply tomorrow to confirm the main count.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am watching the formation of a triangle pattern in wave ‘iv’ of (v) of [c] today.
The price action has contracted perfectly as a triangle,
and that should lead to a rally again in wave ‘v’ of (v) of [c].
And once we have that final fifth wave in place,
then I will turn my focus lower again to begin wave ‘C’ down next week.

Tomorrow;
watch for wave ‘v’ of (v) of [c] of ‘B’ to top out with a break above 139.40.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has been pretty flat through the session today,
and the action has formed a correction of sorts just below the wave (a) support at 31884.
This level is looking more like an important pivot point now.
Whether this level continues to act as a support now remains to be seen.

I would like to see more downside to complete wave ‘v’ of (i),
but I will have to patient here to see how this plays out.

The next major level in the previous wave count lies at the wave (b) low of 30118.
A break of that low will pretty much confirm the overall bearish idea for wave [iii] down.
However,
I don’t think we will see a break of that level until wave (iii) down accelerates lower.

Tomorrow;
I suspect we are close to a low in wave (i) with a little more left to complete wave ‘v’ of (i).
Wave (ii) can start before the end of this week.
A break above 32365 again will signal wave ‘a’ of (ii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is heading into the close with a decline again after a short rally earlier in the session.
The price has broken to a new low below wave ‘1’ of ‘iii’ which suggests wave ‘iii’ down is underway.
If this is true,
then we need to see an acceleration lower beginning tomorrow to confirm this count.

The initial target for wave ‘iii’ lies at 1685,
This is the level where wave ‘i’ and ‘iii’ reach equality.

and the previous extreme lows lie at 1681.
so this level seems like a very high probability target for wave ‘iii’ to complete.

Tomorrow;
Watch for wave ‘3’ of ‘iii’ to continue lower towards that target level.
the wave ‘2’ high at 1745 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am not completely convinced of the 92.52 wave ‘ii’ high that I have marked on the hourly chart.
The main reason is that the action has been too choppy this week to signal wave ‘iii’ is underway.

There is an alternate idea that wave ‘ii’ completed a running flat at todays high.
The price is dropping again this evening,
So I suppose both wave ‘ii’ ideas are still valid.

Tomorrow;
Wave ‘iii’ of (i) must continue lower and complete a five wave pattern near the 85.00 area by the end of this week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

No break of that wave ‘a’ high yet,
but the market is dropping slowly into 3945 this evening.

I have mentioned that level as an important way point’ to signal that wave (iii) down is underway.
The reason being,
a break of the wave ‘a’ high will rule out the whole rally off that point as a five wave structure.
So,
basically a break of 3945 will confirm that the top is in for wave (ii) and wave (iii) down is now in force.

Tomorrow;
Watch for a break of 3945 before wave ‘i’ completes.
The price can go lower again in wave ‘5’ of ‘i’ but I want a break of that minimum target level to add weight to my bearish counts.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is now holding at the 18.00 level this evening as wave (iii) of [v] takes hold of the action.
Wave ‘iii’ of (iii) should continue lower for the next few sessions,
and take the price into below the 17.50 level when complete.
The initial target for wave (iii) lies 17.28.
that level is where wave (iii) and (i) reach equality.

Tomorrow;
Watch for the wave ‘ii’ high to hold at 18.90.
Wave ‘iii’ down must trace out another five wave pattern off that 18.90 high.