Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We had a sharp spike lower today but I think we are still on course for a five wave pattern in wave ‘i’ this week.
In an ideal world wave ‘i’ will retrace wave ‘v’ completely,
so that is why I am watching the previous wave ‘iv’ high at 1.0081.
We sill see tomorrow if EURUSD has reached enough of a bearish oversold position a the recent lows to cause a reaction rally back above 1.0081 again.

Tomorrow;
five waves up off the low is what I am looking for here.
the low at 0.9863 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar spike lower happened in cable also today.
The wave (b) low is holding at 1.1405 this evening,
so I am labelling this decline as a correction in wave ‘ii’ of (c).
And if this count is correct,
then we should see a five wave pattern build over the coming few sessions to complete wave (c) in the area of 1.1700 again.

Tomorrow;
Watch for wave (c) to continue higher and trace out a clear five waves pattern as suggested.
A minimum target for wave (c) lies at 1.1610.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The recent high at 145.00 is holding today with and the price did create a corrective pattern below that high.
So the question is now,
is this the beginning of a turn into wave [i] down?
That is the main focus of the wave count now,
so I am looking for an impulsive decline to build over the coming days in wave (i) of [i].
It is still very early in this pattern,
So I will have to give this another session at least before making predictions.

Tomorrow;
watch for that high at 145.00 to hold.
Wave (i) of [i] should continue lower and complete five waves down itself while breaking back into the trend channel again

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

the DOW had a whipsaw moment today as wave ‘c’ continued higher.
I am counting todays corrective action as a fourth wave within wave ‘c’.
so we should see five waves up complete by breaking the wave ‘a’ high tomorrow.
That will complete an expanded flat correction in wave (ii).
And then we will be ready to turn our attention to the possibility of an acceleration lower into wave (iii) over the coming few weeks.
I have mentioned the potential target areas for this wave numerous times,
so I wont bother you again,
suffice to say,
the next leg down into wave (iii) of [iii] will confirm the recession that is already underway,
and people will then stop looking for a low in the market,
and begin to worry about their own solvency.

Tomorrow;
Lets get wave (ii) over and done with first.
Watch for wave ‘c’ of (ii) to break above 32040 at a minimum.
We will see then if any weakness builds off that point.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at a possible ending diagonal pattern for wave (v) now after todays action.
The rally in wave ‘c’ of ‘iv’ crossed back above the wave ‘i’ low at 1727.
And that was enough to rule out the triangle scenario I showed last night.
This new pattern is calling for one last drop in wave ‘v’ of (v) to break below 1780 again at a minimum.
Wave ‘v’ should trace out a three wave pattern lower as per an ending diagonal pattern.
I am still looking at the area of 1650 for wave ‘v’ to complete.

Tomorrow;
WAtch for wave ‘a’ of ‘v’ to break the 1680 lows and confirm this pattern.
It looks like we will have to wait until next week to find the end of this pattern now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The pattern within wave (iii) blue is getting a little tight this evening.
I want to see the low of wave ‘i’ hold at 84.85.
So wave ‘iv’ of (iii) must not break that level.
A break of that wave ‘i’ low will rule out this short term count and I will have to work on the alternate scenario which suggests wave (i) is still underway even now.

Tomorrow;
Watch for 84.85 to hold.
Wave ‘v’ of (iii) must turn lower again and break the 80.00 level to complete.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The rally in wave ‘c’ almost made the minimum target at 4019 today,
but not quite just yet.
I am suggesting this evening that wave ‘c’ is still underway here.
And wave ‘c’ is still building a five wave pattern higher towards the 4070 area to complete wave ‘ii’.
We are getting close to that long awaited wave ‘ii’ lower high,
Another session should be enough to complete at least the minimum target for wave ‘ii’.
We should know early tomorrow if the market has enough steam in it to reach the previous wave ‘4’ high at 4071.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to complete a five wave rally with a break of 4020 at a minimum.
I will be interested to see a rejection of that 4070 area to begin wave ‘iii’ down.
Lets see if that will happen.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

We are still looking at a three wave flat correction higher in silver this week.
The price did make a slight new high for the week,
but this evening we see a small reversal building off that high.
So I am again looking for wave ‘iii’ of (iii) to begin off this correction.
And the key level to confirm the larger pattern lies at 17.55.
A break of that level will signal wave ‘iii’ is underway.

Tomorrow;
Watch for wave (iii) down to take over and push the price lower for at least the next few days trading.
Wave (iii) should bring the price back to the 16.00 handle again by the middle of next week if all goes well.