Good evening folks and GOD Bless you all tonight.

So, where are we now in the grand chess game that is the stock market.

I though I would pick a few of my favorite charts tonight to give a backdrop to the current situation.

No one is shaken at all by the recent selloff!

Daily sentiment only just rounding the corner off the top now.

And of course we all just BTD again like no man’s business!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD pushed a little higher off Thursdays lows to form a larger three wave pattern in wave ‘ii’ pink.
This small rally hit the declining trend line and is now heading lower again this evening.
If wave ‘ii’ is now complete,
wave ‘iii’ of (c) should begin and carry us most of the way towards the lower trend channel line.
A break of 1.1809 will signal wave ‘iii’ is underway.

Tomorrow;
Wave (c) is expected to fall into the lower trend channel line at about 1.1640.
1.1917 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is now rising in wave (a) of [b] today.
This rally should be in three waves overall,
but wave (a) can trace out either 3 or 5 waves depending on the overall structure.
I am expecting wave [b] to retrace about 50% of the initial decline,
and that gives us a target at 1.3120 for the full move.

Tomorrow;
It is early days in this pattern,
but if we see a higher low in wave ‘b’ tomorrow,
that will favor the wave [b] correction idea.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have switched to the alternate count in USDJPY this evening after a sharp spike to a new low today.
The short term bullish count was hanging on by a thread last week,
but this move seems to favor the alternate now.

The previous bullish count now becomes the first alternate,
And if we see a rally back above 106.55 again,
then wave ‘iii’ of (iii) is a real possibility again.

Tomorrow;
For now I will just have to wait and see if this decline continues into wave (iii) of [v] of ‘C’.
A break of 105.10 will confirm this new count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow headed higher today in wave (c) of [ii] in line with the short term pattern.
The rally is not yet convincing as we only have three waves up into todays high.
only a break of the wave (a) high will confirm the count.
The upper target for this correction to finish lies at about 28400,
and then wave [iii] down will be ready to go later this week.

Tomorrow;
Watch for wave (c) of [ii] to break above 28200 at a minimum.
Any drop below 27450 again will be a signal that wave [iii] is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding a lower high this evening below the wave [b] triangle high created on Friday.
We have not seen a drop into wave [c] as of yet,
but if the main count is correct,
then we should see a dramatic drop into wave (iii) of [c] before the end of this week.
Wave [c] will be confirmed with a break of 1905 at the wave (d) low.

Tomorrow;
Watch for wave [b] to hold at 1966 and for wave (iii) to begin accelerating lower.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding above the wave (b) low at 36.90 today.
There is a small higher low now in place also which suggests wave (c) is now underway.
I have labelled waves ‘i’ and ‘ii’ of (c) as complete,
and wave ‘iii’ up should rally back above 38.65.
The initial target for wave (c) lies at about 39.00 to complete.
And at that point we will have a bearish signal complete of the recent high.

Tomorrow;
Watch for wave (c) to continue higher in five waves to break 38.65 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market rallied pretty well early in the session today,
but this evening we are hitting a weak spot which is a little concerning in terms of the short term count.
So far we have a three wave rally in place off the wave ‘b’ low.

If the market continues to sell off tomorrow,
that will favor the alternate count for wave (ii) grey.
Then we can expect wave (iii) to take hold of the action
and carry the market sharply lower for the rest of the week.

Tomorrow;
The price must hold above 3296 for the main wave count to hold.
Wave (ii) should complete a three wave correction above 3425 at the wave ‘a’ high.

Watch for wave ‘c’ of (ii) to return higher tomorrow to complete the larger wave (ii).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is still a good chance that we fall hard this week in silver as part of that larger wave (C) of [2].

So far the recent high at wave ‘2’ of (C) is holding.
and tonight we have created a lower high again in a possible wave [ii] of ‘3’.
A further drop below 26.50 again will signal wave [iii] is underway.

The main alternate count in the short term is for wave ‘2’ to trace out a larger three wave correction.
The price will still hold below 28.88 in this scenario.
A break of 27.48 will trigger this count.

Tomorrow;
Watch for wave [iii] of ‘3’ to begin with a drop below 26.53.