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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Ok,
todays trade has brought EURUSD back into line with the pattern in wave (iv) now.
If this pattern is correct,
then this evenings rally is wave ‘c’ of ‘a’.
And the price has almost hit the initial target area for wave ‘a’ at the previous wave ‘4’ top at 1.0750.
The high this evening has reached 1.0736,
that is close enough to look for a top in wave ‘a’ soon.

Tomorrow;
Three waves up in wave ‘a’ may be done now.
Watch for wave ‘b’ to create a higher low above 1.0631 again by tomorrow night.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has made an effort to turn higher in an impulsive manner today.
And that at least gives us something to work with to spot a reversal into wave [ii].
Wave (a) of [ii] has a minimum target at 1.2550,
but I suspect we will get higher than that if wave (a) is a simple five wave rally.
So maybe a top nearer 1.2700 again will be more fitting.
But we will see soon enough.

Tomorrow;
Lets see if wave ‘ii’ can hold a bullish higher low above 1.2332 by the end of this week.
A rally back above 1.2550 again will signal wave (a) is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

It looks like wave ‘b’ has finally topped out and is beginning to turn lower into wave ‘c’.
I can see a possible three waves up into todays highs.
Wave ‘b’ of ‘b’ lies at 147.00,
A break of that level again will signal wave ‘c’ is underway.

Tomorrow;
Watch for that wave ‘b’ top to hold at todays highs.
A break below 147.00 again is what I’m looking for to begin wave ‘c’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We have a three wave rally into todays lower high,
thats another small win for this bearish pattern.

The price high today stopped short of hitting the 62% retracement level of wave ‘1’.
And now wave ‘2’ seems to be complete.
The market is selling off again this evening as I write.
All of this is good,
but I want to see a continued decline for the rest of the week to signal wave ‘3’ of ‘iii’ is in force.

I am expecting a whole lot of downside in wave ‘iii’ pink,
and even though the short term action is looking good for wave ‘iii’ to take over.
the market has not accelerated lower to prove this wave count yet.
Until that happens,
I will remain on edge about the wave count!

Tomorrow;
Watch for wave ‘2’ of ‘iii’ to hold at the highs today.
A break back below the wave ‘1’ low at 34300 again will be another hint tht wave ‘iii’ is gaining downside momentum.
We do need to see a break below the 34000 level again to confirm this count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have switched to the alternate count for wave (ii) blue tonight.
Although last nights count has not been invalidated,
the action today was just too much to ignore as a corrective rally in wave ‘ii’ of (iii).

So today I am dealing with a larger three wave structure in wave (ii).
With the rally over the last week occurring in wave ‘c’ of (ii).
I would expect a five wave rally in wave ‘c’ to complete wave (ii).
At the moment a five wave structure in wave ‘c’ is hard to pin down to be honest.
This pattern should reveal itself by the end of the week.
And wave ‘c’ should top out the pattern with a break of 1952 again.

Tomorrow;
watch for wave ‘c’ to complete five waves up with a break of 1952.
A break below 1900 again will signal that wave (iii) is already underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Has that wave ‘C’ rally in crude finally broken??
Well its way too early to make that call,
but I will say that todays action is exactly what you would look for to top out a rally.

I have labelled the decline off the top as wave ‘i’ and ‘ii’ of (i).
That is simply a speculative count at the moment with no real break of support to back up the idea of a top yet.

But if the declines continue for the rest of this week,
then we will see a break of the wave (iv) low at 86.25 pretty soon.
And that will signal wave (i) is in play here.

Tomorrow;
Watch for the top at wave ‘C’ to hold at 92.34 as this decline develops.
If we see five waves down to break support at 86.25,
then we will have something to work with.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We have seen a pretty sharp drop this evening after that wave ‘2’ top earlier in the session.
This action is promising,
but I can’t confirm that wave ‘3’ is underway just yet.

The fact that the market has created another lower high today is a vote in favor of the bearish count.
But I want to see a real trend change and acceleration lower happen in wave ‘iii’ of (iii).
and that requires more than just a small trip up in the price action.
If you look at the market pattern critically,
then you will notice that the market is basically flat since early August!
So that third wave acceleration is a long time coming.

The pattern here is still open for that third of a third decline to happen.
I suppose I am getting a little impatient!

Tomorrow;
WAtch for wave ‘2’ to hold at 4460.
Wave ‘3’ of ‘iii’ needs to make progress lower now.
I want to see a break of that 4356 level at wave ‘b’ to give this pattern a boost.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The price has turned higher again today and the action suggests that wave ‘c’ of ‘ii’ is now underway.
I was looking at a possible top at the 50% retracement level at 23.65 in wave ‘ii’.
The rally has stalled below that level tonight,
so there is a chance that wave wave ‘c’ is already complete here.
We will see soon enough if there is a follow through to the downside in wave ‘1’ of ‘iii’ as shown.

Tomorrow;
Watch for wave ‘c’ to top out with a break of 23.64 and then fall beck again into wave ‘1’ of ‘iii’ as shown.