Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has closed the trend channel on the 4hr chart at todays lows.
That was my initial idea for wave [v],
but right now,
I do not think this decline in wave [v] green is done just yet.
On the hourly chart you can see that I have labelled todays low as wave ‘iii’ of (iii) of [v].
So by this count we have another two step lower in wave (iv) and (v) before this pattern can be called complete.

Tomorrow;
Watch for wave ‘v’ of (iii) to close out with a drop below into the 0.95 handle again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable definitely went too far to fast today as the pair hit an all time low just below 1.03.
The bounce off that low is quite impressive though,
and I think we have a reasonable shot at a completed pattern for wave (1) at this low.

I am working on the assumption that wave (1) is now complete today.
and we can now turn our focus to a corrective three wave rally in wave (2) over the coming weeks.

Tomorrow;
The rally today is labelled as wave [i] and [ii] now underway.
We must see a corrective higher low build tomorrow as shown.
So todays low must hold if this count is correct.

Watch for a possible smaller degree impulse wave build off the wave [ii] higher low to set the stage for a rally into wave [iii].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has traced out three waves up off that wave [iv] low at 140.37.
I have labelled this action so far as a series of impulse waves building the pattern into wave [v].
This pattern will not be confirmed until we see a break above 145.95 though,
so there is still a little doubt in this count until that happens.

Tomorrow;
Watch for wave (iii) up to continue to to trace out a five wave rally to break 145.95 at a minimum.
The wave (ii) low lies at 141.75.
If the price breaks that low again I will consider the idea that the top is already in for wave [v] at the recent high.
We will should be able to rule out that idea soon enough though if this trend continues.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action today was essentially a correction within wave ‘3’ of ‘iii’.
I think the pattern in wave ‘3’ black is close to completing now that a new low was reached this evening.
Once waves ‘3’ does complete,
that does open up the chance for a correction higher tomorrow into wave ‘4’ maybe back into the corrective high at 29700.
Then wave ‘5’ should turn lower again into wave ‘5’ of ‘iii’.
I am looking for a further spike lower to complete wave ‘iii’ before midweek.
And I would like to see wave ‘iii’ fall into the 27740 area to complete.
That level marks the level where wave ‘iii’ reaches 162% of wave ‘i’.
So it would be an ideal target to create an extension in the pattern.

Tomorrow;
Watch for wave ‘iii’ down to continue lower and complete five waves down near 27740.
Wave ‘4’ of ‘iii’ must not correct higher than 30470 at the wave ‘1’ low.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is closing in on that 1600 handle this evening after another spike lower in the action today.
I have shown another possible count for wave ‘v’ pink this evening.
There is a clear five wave pattern lower into wave ‘a’ of ‘v’ at the overnight low.
and then a three wave rally into this session high today.
That gives us a possible wave ‘b’ top.
With wave ‘c’ left to complete a three wave pattern lower in wave ‘v’ to close out the ending diagonal pattern in wave (v) blue.

Tomorrow;
Watch for wave ‘c’ of ‘v’ to complete a three wave pattern lower as shown.
Wave ‘v’ will reach equality with wave ‘i’ at 1608.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After an early attempt at a rally this morning.
Now the session is closing at a level not seen since January 7th this year.
On the daily chart you can see the ‘neckline for the previous rally lies at the 62.00 area.
If this count is correct,
then wave ‘3’ of (3) should fall into that area before finding support again.

As for the hourly chart.
I have labelled this new decline this evening as a possible wave ‘v’ of (iii).
And I am looking at the 73.80 level for wave (iii) to complete.
Wave (iii) will hit 162% of wave (i) at that level.
And that is also where wave [iii] green will reach 100% of wave [i] green.

Tomorrow;
Watch for wave ‘v’ of (iii) to fall again towards that target level at 73.80.
I will be looking for a consolidation in price again in wave (iv) beginning midweek.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is now drawing to a close in wave ‘3’ of ‘iii’ this evening.
I would like to see a break to a new low for the year tomorrow to close out wave ‘3’ of ‘iii’.
And then wave ‘4’ and ‘5’ should follow to complete wave ‘iii’ pink later this week.

I am looking at the the 3470 area to complete wave ‘iii’,
where wave ‘iii’ will hit 162% of wave ‘i’.
There is still a chance we see further accelerations lower even within wave ‘iii’.
I suppose I am taking the conservative approach here,
because wave ‘3’ of ‘iii’ does have a lower target at 3387 to hit its Fibonacci extension level.
So there is still room to move down here in wave ‘iii’ pink.

Tomorrow;
Watch for wave ‘3’ black to hit a low and then correct sideways into wave ‘4’ as shown.
The price must not break above 3827 at the wave ‘1’ low.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

There is a five wave pattern lower in place at todays low now.
I have labelled this wave (i) of [i] of ‘5’.
I am not fully convinced that wave [i] green will reach as low as I am suggesting on the 1hr chart,
so the internal pattern for wave [i] is open to change as the days go on.
I have shown a possible alternate wave [i] at todays lows also.

I am pretty convinced however,
that wave ‘5’ red will carry us much lower in silver over the coming few weeks.
And I am looking for wave ‘5’ to fall into the 15.00 area to complete the much larger correction in wave [2].
If we hit that level in a month or so,
that will be the buy area of the decade for sure.

Tomorrow;
Watch for wave (ii) to correct higher towards 19.00 again in three waves.