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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have a consolidation in the action today and this is being viewed as wave [b] of ‘B’ at the moment.
We have five waves down in wave [a],
wave [b] is a three wave pattern higher now underway,
so I think we can expect wave [c] to fall again in five waves over the coming days.

Tomorrow;
Wave [b] may take another session to complete.
Once we see a break of 1.1800 again,
that will signal wave [c] is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The rally in cable today came close to invalidating the new count again!
But for the moment we have a three wave pattern higher into todays highs,
and now the pattern calls for a decline into wave (iii) to begin.
Wave (i) lies at 1.3725,
A break of this level will signal that wave (iii) down is beginning.

Tomorrow;
Watch for wave [ii] to hold at 1.3891.
Wave (iii) down must begin as the price is too close for comfort now.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Likewise the pattern in USDJPY is really frustrating at the moment.
We don’t have a clear thrust in favor of the main count yet.
I want to see a rally to break 110.79 again to confirm this count and to signal that wave (iii) has begun.

Todays decline has threatened to break the 109.58 low and in doing that it will invalidate last nights count.
So tonight I am looking at a larger structure in wave (ii).
And as long as 109.11 holds,
then this count is valid.

Tomorrow;
Watch for wave ‘c’ of (ii) to hold above 109.11.

The real key here is a rally that breaks 110.79 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well todays action is not ideal in terms of the short term count.
But the choppy action has not yet ruled out the idea of a rally in wave ‘c’ either.
At the moment,
the price is holding a small higher low off todays lows.
this can be viewed as wave ‘c’ now underway,
and if we get a rally back above 35200 again that will signal wave ‘c’ is in force.

The alternate count.
The ‘i’ ‘ii’ count off the recent top has not been invalidated yet either.
I mentioned that a decline back below 34000 again will definitely favor the bearish alternate count.
That could happen in a wave ‘iii’ of (iii) scenario as per the alternate count.
So lets keep an eye on this one tomorrow.

Tomorrow;
Watch for todays low to hold at wave ‘b’.
A break of 35200 will signal wave ‘c’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have shown todays high as wave (b) now complete.
The price did create a three wave rise into todays high,
but I am a little concerned that wave (b) is relatively small when viewed in terms of wave (a).

If the price falls again tomorrow and breaks 1782,
that will confirm that wave (c) down is underway.

Tomorrow;
Watch for wave (c) down to be confirmed with a break of 1782 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The whipsaw action today is not ideal in terms of a five wave pattern lower into wave [c].
It is of course possible that this action is part of wave (iii) of [c],
but again,
there is a bit too much overlapping going on to suit a third wave decline.
If we see this decline continue lower tomorrow and break the wave [a] low at 67.00,
that will settle the count and we can look for wave [c] to trace out the complete five wave pattern lower in the next few days.

Tomorrow;
Watch for wave (iii) down to continue lower and break below 67.00 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am showing a possible five wave pattern lower off the top tonight.
Sometimes big things start really small!
The previous rally does seem to have a full pattern in place today at the recent top.
So the window of opportunity is open as they say,
for a reversal pattern to develop.

So I am watching this pattern to see if we get an acceleration lower in a third wave over the next few sessions.
IF we do see a sharp decline into a third wave down,
then this bearish scenario gets a boost for sure.

Tomorrow;
Watch for the recent highs to hold at wave [v].
If wave ‘ii’ is complete,
then wave ‘iii’ down should begin an five wave decline again off this lower high.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The hourly chart shows the possible alternate count in a little more detail tonight.
Todays action is still drifting between the two possibilities at the moment.
If the price holds above 23.82 and continue higher then we are inline for a rally in wave (iii) next week.
But,
a decline below 23.82 again will favor the alternate count for wave [v] of ‘C’.

Tomorrow;
Watch for wave ‘i’ of (iii) to push higher and possibly break 24.86 to confirm the bullish count.