Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘iv’ of (iii) seems to have completed as a triangle this afternoon.
The top of wave ‘iv’ lies at 0.9652,
and now wave ‘v’ of (iii) is underway this evening.
Wave ‘v’ should break the 0.95 level to complete a full internal five wave pattern in wave (iii).
Once that is done,
I will begin to looking for a correction into wave (iv) over the following days.

Tomorrow;
watch for wave ‘v’ of (iii) to complete with a break of 0.95.
The correction in wave (iv) will take up the rest of the weeks trade I suspect.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

It looks like wave [ii] is tracing out a standard three wave correction today.
Wave (b) should be complete at todays high,
and now wave (c) down should break the 1.0628 level to complete the correction.
If this count is correct,
then we will see another impulsive rally into wave (i) of [iii] on Thursday.

this pattern is starting to look more positive for cable now.
And we should be lining up for a sustained rally over the coming months.
This is exactly what the market is not expecting now.

Tomorrow;
watch for wave (c) of [ii] to complete a three wave correction and hold above 1.03.
Wave (i) of [iii] may even begin by tomorrow evening.

A break above 1.0932 again will signal wave that wave [iii] has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The progress higher continues today,
but the action is not exactly as impulsive in nature as you might expect in a third wave.
So I am looking at the internal pattern of wave (iii) a little different now.

There is a chance that the slow in momentum is just bringing forward the pattern.
And wave (iii) of [v] will complete with a break of the wave (b) high at 145.90.
The larger wave [v] may not even make it as high as I originally thought if the momentum continues to drop.
So I think I will prepare for a quicker reversal after hitting a new high in wave [v].
Maybe we get ther5e by the end of this week.

Tomorrow;
Watch for wave (iii) to continue higher and complete five waves up with a break of 145.90.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another spike lower out of a correction in wave ‘4’ yesterday.
the price has again broken to a new low this session,
and the market is making steady progress lower overall.

This is not the waterfall event that I am expecting,
yet!
But the action so far this week is still following the general wave pattern.
So I am sticking with the outlook here.

The market is sitting at the lows of the year today,
and as I mentioned last night,
I would like to see wave ‘5’ of ‘iii’ fall back into the the 27700 area to complete this wave.
In this scenario,
wave ‘5’ of ‘iii’ has a whole lot of work to do to get us there.
So I will allow another day or two to see if the market lives up to the ideal scenario in the pattern.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to continue lower towards that Fibonacci extension target near 27700 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave ‘c’ of ‘v’ is underway is still in play this evening.
The price managed to bounce early in the session,
but that has not developed into anything impulsive so far.
So my base case scenario here is that wave ‘v’ will fall into the 1608 level where wave ‘i’ and ‘v’ reach equality,
and complete the whole ending diagonal pattern in wave (v) blue.

Tomorrow;
Watch for the price to fall into the target level at 1608.
The price may even fill the declining wedge trend lines at about 1590.
That gives us a rough target range for this pattern to complete.
Any substantial bounce off that range will be taken as a signal that the pattern is complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A bounce in crude today has not developed impulsively,
so I am sticking with the idea that wave (iii) is still underway here.
Todays rally is now labelled as wave ‘iv’ pink,
and the spike lower off that high at 79.33 this afternoon should begin wave ‘v’ of (iii) as shown.

Tomorrow;
Watch for wave ‘v’ of (iii) fall into the target area at about 73.90.
This is where wave (iii) will reach 162% of wave (i).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P briefly broke below to a new low on the year today and now we seem to be holding the line just above the previous low.
As I mentioned in the Dow,
this action is slow progress compared to what I was expecting,
but the progress is still working lower.
And with that I am sticking with the base case here for a possible acceleration lower into wave (iii) of [iii] over the coming days and weeks.

Its like that joke on bankruptcy,
It happens slow at first,
then all of a sudden your broke.

If wave (iii) of [iii] is the correct wave count here,
that is exactly what will happen over the coming months.

Back to this week.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to fall into that Fibonacci target level between 3470 and 3387.
this will complete five waves down in wave ‘iii’ pink.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The high of the session today reached 18.77 and that may be as far as wave (ii) is going to get if wave (iii) has started.
The price spiked lower again off that level,
and it does look like a beginning to wave (iii) down now.
I have labelled this action as wave ‘i’ of (iii).
We should see continued declines over the coming days and I would like to see wave (iii) break to a new low below 17.54 before any correction begins in wave (iv).

Tomorrow;
Watch for wave (ii) to hold at 18.77.
Wave (iii) down should accelerate lower in an ideal world,
but lets see how the action goes.