Good evening folks, may the Lord Bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Forgive me for last nights mistake in labels,
I was writing and thinking at two different degrees of labelling.
Sometimes I get ahead of myself!

It is still possible that the decline off the recent high is only wave [a] of ‘B’.
The drop off the high is in three waves alright,
but it seems fitting that wave [a] down would match the size of the previous wave [v].
And that is where we stand this evening.

Tomorrow;
Wave [b] should begin off these lows and even this evening we have a bounce off the session lows.
Watch for another three wave pattern higher to form a lower high in wave [b].

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Well,
my fears came true today and the pattern for wave [c] up has now broken.
I now have to go back to the previous pattern for wave ‘2’ red at the 1.3984 high.
If that is wave ‘2’,
then wave ‘3’ down is now underway.
The rise off wave [i] can be counted as a three wave pattern with a running flat in the position of wave (b).
And now a five wave decline into wave (i) of [iii].
If the price creates a corrective lower high in wave (ii) as shown,
then we are on for a sustained decline into wave (iii) of [iii] of ‘3’ over the coming few weeks.

Tomorrow;
Wave (ii) must now hold below wave [ii] green at 1.3890.
A break of 1.3680 again will favor the bearish count.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Things are looking a little more bullish in USDJPY today again.
The price has moved out above the bounds of the triangle I showed last night by breaking 110.41.
And now we seem to have a five wave pattern higher in play off the recent low at wave (ii).
So,
if this pattern is correct,
then we should see a possible rally begin in wave ‘iii’ of (iii) of ‘3’.
This is exactly the opposite of the count in cable by the way,
so we will see if these pairs start to move in an exact -1 correlation now!

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to complete tomorrow.
Wave ‘ii’ must hold above 109.58.
And wave ‘iii’ will be confirmed with a break above 110.80 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I have expanded the alternate count this evening just incase the top is actually in at the recent highs!
The main count still calls for one more high to complete three waves up in wave (v) of this ending diagonal pattern.

But today the price has broken below the lower trend line of the ending diagonal,
and the decline is a pretty clear five waves down into the lows today.

If the price fails to rally into wave ‘c’ of (v) tomorrow,
then I think we can look at the bearish alternate with a little more seriousness.

Tomorrow;
Wave ‘c’ of (v) must begin tomorrow.
Watch for a rally in five waves to begin and we should see a push to a new all time high by the end of the session on Friday.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

It looks like we have five wave down more or less complete at todays lows.
The decline has fallen into the previous fourth wave,
and that completes wave (a) down.
Wave (b) up is now expected to begin.
We should see a three weave rise towards 1800 again tomorrow.
This should complete by Fridays evening I suspect.
And then next week look like another decline will set in in wave (c).
That 1750 target still look reasonable for wave [ii] to complete next week.

Tomorrow;
Watch for wave (b) of [ii] to get underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The count is shifting in wave [c] today and it now looks more likely that we will see a larger five wave decline to complete this wave [c] decline.
IF todays top is wave (ii) of [c],
then we should see a decline into wave (iii) of [c] begin tomorrow.
A break of 70.44 again will rule out this count.

Tomorrow;
Watch for wave (iii) of [c] to begin with a break of 67.50 again at the wave (i) low.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Even if we have a decline off the recent all time highs today,
there is still very little in the way of pattern to work with here.

So far the drop off the highs has only broken the top of the previous wave ‘3’ of ‘v’.
I would much prefer to see an impulsive drop below the previous wave ‘iv’ of (v)
in order to really get working on the possibility of a top forming again.

So for the moment,
I will just have to wait and see how this develops.

If this is the building of an impulsive decline off the top here,
then we should see a small lower high build tomorrow,
and possibly a sharp decline on Friday into a third wave down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The alternate count is beginning to look more possible again tonight.
I have not abandoned the main count yet,
as there is still a possibility that wave ‘c’ of (ii) will bottom out tomorrow,
and then wave (iii) up will be on the cards.

But,
If we should see only a correction higher begin tomorrow,
then wave [v] down is the more likely scenario for Silver.

Tomorrow;
I think tomorrow session will prove critical for the bullish interpretation.
A sharp reversal higher will favor the bullish count for wave (iii) up.
A break above 24.86 will confirm wave (iii) of [iii] is underway.

While a corrective drift higher in a possible wave (ii) of [v] will favor the bearish count.