Good evening all.

I hope the day served you well.


EURUSD.


EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.

We are really getting into the weeds with this correction in wave 'b' now.
The sell off today broke out of the triangle pattern which I was tracking.
I still think this decline is part of wave (c) of [ii].
Wave [ii] could be tracing out a triple combination correction.
This is a complicated wave form,
which explains the difficulty in tracking it.

If wave (c) is going to trace out a three wave correction higher,
then I want the decline in wave 'b' to complete above 1.0925.
A break of that level will lean heavily in favor of the alternate count
shown circled in red.

Tomorrow;
watch for wave 'b' to complete now,
A rally tomorrow that pushes above 1.1025 will signal wave 'c' has begun.


GBPUSD


GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.

Cable is lower also today which is in line with the short term count.
The price is falling in a third wave now and is heading towards support at 1.2281.
A break of that support level will favor the bearish count.
I would like to see wave 'iii' of (i) break support tomorrow.
Then we will be on course to create a five wave decline off the high by the end of the week.

Tomorrow;
Watch for 1.2411 to hold at wave 'i'.
Wave 'iii' should continue lower.


USDJPY.


USDJPY 1hr.
USDJPY 4hr.
USDJPY daily.

And so the correction trundles on!

USDJPY rallied in three waves into the session high this evening.
the price has reached the previous wave (b) high again at 107.78.
This rally should be enough to complete wave (a) of [b].
Wave (a) should top out tomorrow and wave (b) should begin.
Ideally, wave (b) should fall in three waves and complete above 106.95.

Tomorrow;
Watch for wave 'c' of (a) to complete overnight and we should see the initial turn down in wave (b) tomorrow.


DOW JONES.


DOW 1hr.
DOW 4hr
DOW daily.

Part of me wants the market to just rally to a new high and get it over and done with!

But again today we see a counter trend three wave rise to a lower high 
at the highs of the session.
This rally has stopped below the declining trend line again.

After the recent action,
we have the possibility that the market is building a series of smaller
impulsive structures to the downside.
And this could lead to a cascade lower in a third wave once it gets going.
As long as that scenario remains a possibility,
then I will stick with the bearish outlook.

Tomorrow;
I am waiting patiently for a third wave to accelerate lower out of the corrective upside action.
watch for price to hold below 27000 and continue to create lower highs.
A break of 26700 will signal wave 'iii' is underway.


GOLD


GOLD 1hr.
GOLD 4hr.
GOLD daily.

Wave (e) came in strong today as the market moved sharply lower again into the target area.
The price almost reached the lower trend channel line this evening.
So we have done enough to call wave (e) complete now
unless that wave develops into a larger three wave pattern.
We will have to wait and see on that front.

If the short term count is correct,
then the next major move will be to the upside again to begin wave [v] green.
Wave (i) of [v] should rally above 1554 over the coming weeks,
to confirm the rally is back in force.

Tomorrow;
Watch for wave (e) to find a final low soon.
A break above 1536 again will signal that wave (i) has begun.
We may even see that before the week ends.


CRUDE OIL.


CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.

Crude is moving lower again in wave 'v' today.
The decline has gone far enough to close the gap higher created in wave (c).
This level is also in the area where wave (iii) reaches the 162.8% extension of wave (iii).
That Fibonacci relationship occurs at 55.12,
the low of the session today reached 55.60 so far.

So wave (iii) has hit the targets that you would expect.
And now we should see a correction higher begin soon in wave (iv).
Wave (iv) should trace out a three wave rally higher
and complete below 58.50 at the wave (i) low.

Tomorrow;
Watch for wave (iii) to complete early tomorrow
and then we should enter a corrective phase over the next few days.


S&P 500.


S&P 500 1hr
S&P 500 4hr
S&P 500 daily.

The S&P is creating the same sort of corrective action today as in the DOW.
There is a five wave decline in place off Tuesdays high.
And todays rally can be viewed as correction in wave 'iii'.

I am very mush on alert for a possible decline phase dead ahead,
given that the larger signs all point to an exhausted rally now complete.
But the short term action has not played ball just yet.

If the price drops tomorrow and breaks support at 2940,
then I think wave 'iii' will be underway.
For the moment I will have to hold fire until the price action clears up.

Tomorrow;
Watch for a break of 2940 to confirm wave 'iii'.


SILVER.


SILVER 1hr
SILVER 4hr.
SILVER daily.

After some promising action yesterday,
the sharp selloff today has triggered the alternate count today in silver.
Silver only completed a three wave rise off 17.38,
this is now labelled the wave (b) high.

The overall correction in wave [iv] is taking the form of a 3,3,5 flat correction now.
Wave (c) should fall in five waves now as shown.
And the most likely target lies at about 16.90
where the previous fourth wave completed.

Tomorrow;
Watch for wave 'iii' of (c) to drop to 17.38 to complete.


U.S 10YR.


US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.

Bonds are moving lower also today which adds weight to the bearish outlook.
The three wave correction in wave (ii) completed just below the 61.8% retracement level last night.
And the decline today is looking impulsive again.
I would like to see a five wave structure develop off that wave (ii) high over the next few sessions.
And that should begin a larger decline in wave (iii).

Tomorrow.
Watch for 130.78 to hold at wave (ii).
Wave 'i' of (iii) should continue lower.