Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price has failed to drop into wave ‘5’ of ‘c’ today but that possibility is still on the cards.
EURUSD is more or less flat for the session,
but as long as the price holds below the wave ‘4’ level at 1.0768,
then we have a chance that wave ‘5’ will drop to a new low.

The lower target for wave ‘c’ lies at 1.0645,
this is where wave ‘c’ reaches equality with wave ‘a’.
That is the favored target area for wave (iii) blue to complete.

Tomorrow;
Watch for wave ‘4’ to hold at 1.0768.
Wave ‘5’ down should fall to 1.0645.
A break above wave ‘4’ will favor the idea that wave (iv) has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have changed the short term count tonight for wave ‘iv’ and ‘v’ of (v).
The action over the last few days is basically moving in a holding pattern.
I am now labelling this sideways move as wave ‘iv’ pink,
and this pattern is still ongoing this evening.

I know there is no room for error here in wave ‘iv’ but this new pattern fits well at the moment.
Wave ‘c’ of ‘iv’ must complete the correction below 1.2540.
That level marks the low of wave ‘i’ pink,
and that level should remain untouched as wave ‘iv’ completes.

And then wave ‘v’ of (v) will be set to turn lower again to make a new low below 1.2432.

Tomorrow;
Watch for wave ‘iv’ to hold below 1.2540 and then wave ‘v’ should drop back to a new low by tomorrow evening.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY does not want to stay down these days even when hit hard like the drop on Monday.

I am going to stick with the idea that this rally is wave ‘b’ of (iv) now.
And the top of that ‘b’ wave must come in very soon.
the price is holding a very tight lower high this evening in wave ‘b’.
If this correction is a flat pattern,
then wave ‘c’ should fall in 5 waves from this point.
And I am looking for wave ‘c’ down to begin tomorrow.

Tomorrow;
Watch for the flat correction to be confirmed with a drop into wave ‘c’ of (iv).
WAve ‘c’ has a minimum target at the wave ‘a’ low at 145.89.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I have raised my own concerns with this count in the Dow over the last few nights,
but so far the market is holding a lower high below that possible wave ‘ii’ pink.
The market did drop back off the wave ‘ii’ high again today,
and we can see a small lower high building below wave ‘ii’ again this evening.

This short term count has now reached a critical point.
If wave ‘ii’ is done now,
then we must expect wave ‘iii’ down to begin this week.

Tomorrow;
The confirmation for this pattern will come with a break of the wave ‘i’ low at 34285.
Wave ‘1’ of ‘iii’ must drop back again and break the wave ‘i’ support at 34285 to really give this pattern a boost.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am changing my mind on gold this evening and I have switched to the alternate count for wave ‘i’ pink.

The overall direction of the action should remain to the downside in five waves to complete wave (c).
Wave ‘i’ pink has retraced the most of the previous rally in wave ‘c’ at todays lows.
And the internal pattern is a solid five waves.

Now that the price has reached initial support at wave ‘b’,
I am suggesting that wave ‘ii’ will take over from here and correct higher for a few sessions.
The target for wave ‘ii’ pink lies at the wave ‘4’ high at 1930.
And that level is also right in the area of the 50% retracement level of wave ‘i’.
So that creates a nice overall picture I think.

If the market takes a hard turn lower again tomorrow,
then I will revert to the previous count again.

Tomorrow;
Watch for wave ‘ii’ to correct higher in three waves from here with a target in the area of 1930 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has traced out a five wave pattern out of the wave (iv) low into todays highs at 89.02.
I am beginning to think that wave (v) of [v] is now complete at that high.
As this top is forming we have a lower high in momentum on the hourly and 4hr charts.
And the wave count on the 4hr chart is pretty much complete.

The price has dropped off the top again this evening which is not enough to confirm this idea.
But,
if we see a drop back below 86.00 again,
that will be enough to signal that the top is in for wave (v) of [c].

At that point I will begin looking for a much larger decline to begin in wave ‘1’ of (5).
But I am getting ahead of myself a little with those thoughts just yet.

First things first.
We need to see an impulsive drop back into wave (iv) blue at 86.25 to signal a change in trend is beginning.

Tomorrow;
Watch for this decline to continue and break support at wave (iv) over the next few days.
If that happens we can make some projections on the next steps.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We have a small lower high in place below the wave ‘ii’ top in the S&P also tonight.
The recent downside bias in the action has not been stopped even though the trade is pretty flat this week.
I can still suggest that a bearish lower high is in place for wave ‘ii’ pink.
And if that count is correct,
then the market is about to move sharply lower over the coming few days.

Wave ‘iii’ of (iii) is a big test of the overall pattern that I am working with here.
That wave should bring a large acceleration lower.
And I am looking at a target area for wave ‘iii’ pink below 4300 at a minimum.
the larger wave (iii) blue has the potential to break the 4000 handle again,
so the potential here is nothing to be scoffed at.

I think it is worth being vigilant over the next week to see if this count does become a realty.

Tomorrow;
Watch for the wave ‘ii’ high to hold at 4490.
Wave ‘1’ of ‘iii’ should continue lower over the coming days.
a break of 4428 at the wave ‘i’ low should come quickly now.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has no momentum at all this week.
The wave count remains the same for wave ‘ii’ pink,
but it seems the market just refuses to rally to complete that pattern!

I am looking at a possible ‘b’ wave low at todays lows again,
and wave ‘c’ is expected to make a new high above 23.21 at the wave ‘a’ high at a minimum.
The next target above that is at the 38% retracement level at 23.65.

Tomorrow;
WAtch for wave ‘ii’ to complete with a rally in wave ‘c’ to break above 23.21 at a minimum.