Hi there everyone.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD has found some support at 1.0925 today,
but it is too little too late for the previous short term count.
I have switched to another alternate count for wave [ii] now.
The wave [i] low is moved to the 1.0925 low registered on Sept 3rd.
Wave [ii] has been in charge since then.
The pattern is most likely an expanded flat,
with waves (a) and (b) complete and wave (c) now ready to rally back towards the target area at 1.1109.
Tomorrow.
Watch for wave (b) to bottom out and wave (c) to begin with a higher low above 1.0925.
A break of 1.1025 should confirm wave (c) has begun.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable dipped to a new low this morning which should complete wave 'iii' of (i).
The price has drifted sideways from that point and wave 'iv' is now underway.
Wave 'iv' should complete below 1.2411,
I have shown a possible triangle for wave 'iv' but we should know by tomorrow what form it takes.
Wave 'v' of (i) should break support at least,
but I would prefer to see wave (i) a drop below 1.2200 before wave (ii) begins.
Tomorrow;
Watch for wave 'iv' to hold below 1.2411 and return lower again in wave 'v'.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
Wave (b) seems to be well underway now
after a drop off Wednesdays highs at 107.88 today.
Wave 'a' and 'b' of (b) are now complete
and wave 'c' should drop lower again overnight.
I would like to see wave (b) complete a higher low above 106.95 by the close of trade tomorrow.
Tomorrow;
Watch for wave (b) to complete a three wave correction by tomorrow evening.
Wave (c) will be set to rally again on Monday.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW has failed us again today!
There was a sharp dip this morning,
but the price did not follow through and break below the 26700 level yet.
The series of lower highs are still in place,
the 4hr chart shows a bearish momentum setup for a while now.
What ever is happening in the pattern right now,
the market sure seems reluctant to bite the bullet and create a new high.
I am taking this as a vote in favor of the bearish setup for now.
But a third wave decline is needed to confirm that view.
Tomorrow;
Watch for wave the declining trend line to hold and wave 'iii' to finally get into its stride.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
So far so good for wave (e) of [iv],
the triangle scenario for wave [iv] is holding its form
and wave (e) could be complete at 1500.
But we do not have any indication that wave (i) of [v] has begun yet.
If the price pushes higher tomorrow and breaks 1536,
that will signal wave [iv] is done and wave (i) of [v] is underway.
Tomorrow;
The low at 1483 must hold and wave (i) of [v] should begin soon.
Lets see if we get a rally in wave (i) tomorrow.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
The decline in wave (iii) this week,
has now fully filled that gap created over a week ago.
Wave (iii) has completed a five wave structure lower,
And the price has managed to spike higher off the session low this evening,
so we may have the first move higher in wave (iv) now.
Wave (iv) should rise in three waves and complete below 58.00
in order that wave (iv) does not break the wave (i) low
and with that,
invalidate the five wave structure in wave [i] green.
Tomorrow;
watch for wave (iv) to continue sideways over the nest few sessions.
Wave (v) down will have to wait until next week now I think.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
I suppose I am giving the benefit of the doubt to the bearish wave count this week.
But you just cant rule out the possibility of a rally to a new high as per the alternate count.
So that will loom large next week depending mostly on the action tomorrow.
The market has made zero progress this week,
and the price continues to create lower highs
which can be viewed as a series of impulse patterns lower.
so the possibility remains open that a larger third wave is brewing in wave [iii].
Tomorrow;
Watch for wave the lower highs to hold ad wave 'iii' down to pull the market below 2940.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver is flat also today and the price range is contracting.
This action could be a triangle in wave 'iv' as shown.
And that calls for another drop in wave 'v'
to complete the larger wave (c) and wave [iv].
A break of 17.38 is the minimum target for wave (c)
where the price will break the low of wave (a).
tomorrow;
We are getting close to a turning point again in silver.
Wave [iv] should close out early next week.
And wave (i) of [v] should get underway.
Watch for wave (c) to continue lower tomorrow.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
So far wave (ii) has held at 130.78 after a three wave rally.
The price dropped yesterday in an impulsive move lower,
And todays trade was corrective looking with a small three wave rise off the spike low now in place.
Tomorrows trade should bring another drop in a third wave within wave 'i'.
A break 1.2911 will be a good sign that wave 'i' of (iii) has taken charge of the action.
Tomorrow;
Watch for wave 'i' to return lower again and hit the 129.11 level again.