Good evening, God Bless you and welcome back to a new week folks!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We have another small corrective move higher underway today in EURUSD.
This action is still viewed as the beginning of wave [b] in green,
with wave [c] left to come.
Wave [b] should trace out a three wave move higher as shown over the coming days.
And the target area is around the 1.1800 handle.

Tomorrow;
Wave (a) of [b] should trace out three waves up at least.
The target is set at the 23% retracement level at 1.1716.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Todays rally has forced a re-think of the short term chart.
The spike higher today can be viewed as wave (ii) of [c],
with wave (iii) now set to turn lower.
A break of 1.27 again will confirm this count.
Or,
the alternate count shows todays spike higher as a part of wave [b] green,
with wave [c] left to come.
A break of 1.30 again will trigger this count.

Tomorrow;
Watch for wave (iii) down to begin with a break of 1.2800 in wave ‘i’,
and a lower high in wave ‘ii’ pink.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have switched to the alternate count for wave [i] today.
The recent sideways action seems to have completed wave (iii) and (iv).
With wave (v) now possibly underway off the overnight lows at 105.26.
Wave (v) should push above 106 again ideally.
My preferred target is for a break of 106.55 at the previous wave [iv] high.

Tomorrow;
Wave (v) will be confirmed with a break of 105.70.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

That was quite a rally today and it does raise some questions for sure,
but I think we are still well within the realm of the bearish setup,
even after the move higher off last Fridays lows.

I have shown this rally as wave ‘c’ of (ii),
which has now reached the 62% retracement of the previous decline.

If this interpretation is correct,
then we are set to see a quick reversal off this wave (ii) high and a sustained decline into wave (iii).

Tomorrow;
Watch for wave (ii) to halt at a nearby high.
A decline below 27100 again will signal wave (iii) down is underway.
We should see wave’s ‘i’ and ‘ii’ trace out a lower high over the next few sessions.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has traced out three waves sideways in a flat correction over the last few sessions.
The wave count views this action as wave (iv) of [c] of ‘A’.
And if this is correct,
then we must see another follow through to the downside in wave (v) of [c] over the coming days.

Tomorrow;
At this point we have only just met the minimum target for wave [c] with a break of 1861 last week.
If wave [c] is to reach 100% of wave [a],
then the ideal target for wave [c] lies at 1761.
I would like to see a break of 1800 at a minimum to be more confident that this correction is complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Just like the everlasting crawl to the recent high which ended on the last day of August.
This correction in wave (ii) is grinding sideways in a very convoluted fashion.

We seem to have hit a wall at a lower high today also.
The price has not made any move to break the wave (i) low yet,
but this evening saw a small spike lower which has really stalled the momentum.

I am expecting the high at wave [ii] to hold from now on,
and wave (iii) down should begin to make progress tomorrow.

Tomorrow;
An impulsive break of the 40 handle again will signal wave ‘i’ has begun.
And then a push below 38.80 again will confirm wave (iii) down is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action in the S&P is not what I expected today that is for sure.
At the moment the structure still indicates a series of 1,2, waves to the downside.
This rally does have the hallmarks of a relief short covering rally.
If so, the buying will dry up pretty soon.

I have labelled todays rally as wave ‘c’ of (ii) also.
But I doo need to see a reversal begin tomorrow to remain confident of the downside in the short term.

Tomorrow;
Watch for wave (ii) to complete and wave (iii) of [iii] down to begin with a sharp reversal below 3280 at the wave ‘a’ high.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has traced out a three wave correction off the wave ‘3’ low created last Thursday.
This action is viewed as wave ‘4’ of (C) now underway.
With wav e’5′ of (C) left to drop again into the 20.00 area to complete.

The price is now reaching into the price territory of the previous fourth wave of one lesser degree.
Wave [iv] completed at 24.50 as a trinagle.
If wave [a] and wave [c] reach equality within wave ‘4’,
then we can expect wave [c] to hit 24..17 at the upper trend line and then turn lower into wave ‘5’.

Tomorrow;
Watch for wave ‘4’ to complete at that target area.
Any weakness off that upper trend line will signal wave ‘5’ has begun.