Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The rally off this weeks low has extended a little today.
It seems we have three waves up now in place for wave ‘iv’.
And I am still waiting for wave ‘v’ of (iii) to carry the price to a new low in the pattern.

There is a possibility that this three wave pattern is actually wave (iv) in blue at one degree higher.
Even if that is the case,
the net result should be a decline into wave ‘v’ of (iii) over the coming months.

Tomorrow;
Watch for this correction to complete below 98.61 at the wave (i) low.
the next decline will be either wave ‘v’ of (iii),
or wave (v) of [v],
with a minimum target at 95.35.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable continues its rebound out of dire straits today
and now the price is close to retracing all that was lost over the previous week.

I have labelled this continued rally as wave ‘iii’ of (iii) today.
And if this count is correct,
then we will see wave (iii) complete near the 1.13 level when complete possibly tomorrow.
the larger degree wave [iii] green should complete near 1.1400 in a week or so from now.

Tomorrow;
Watch for wave ‘iii’ and ‘iv’ to complete a correction above 1.0930 at the wave [i] high.
I would like to see five waves up in place for wave (iii) tomorrow evening.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY made an attempt at a rally in wave ‘v’ of (iii) today,
but so far we only have a small higher low in place above the wave ‘iv’ low.
This pattern still suggests wave (iii) will push to a new high tomorrow.
but I would like to see wave ‘iv’ hold at 143.90 in this scenario.

Tomorrow;
Watch for wave ‘v’ of (iii) to push out above 145.00 to complete although I still suspect that wave ‘v’ of (iii) can manage a new high above 145.90.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The rally on Wednesday has been all but completely retraced this evening.
If this continues tomorrow then we will have a new low for the year in wave ‘5’ of ‘iii’ of (iii).
And even now we have still to see any panic take hold in the market or the general economy.
This bear market is getting started under a cloak of various world problems that are taking the headlines!
It is a stealth bear market for now,
but not for much longer I suspect.

I have mentioned the ideal target for wave ‘iii’ pink at the 27630 area.
This is where wave ‘iii’ hits 162% of wave ‘i’.
and this is also where wave (iii) blue reaches the same Fibonacci extension of wave (i) blue.
I am holding this as my main target until proven otherwise.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to continue lower and break the wave ‘3’ low at 28820.
The lower target at 27630 remains the ideal target for wave ‘iii’ to complete.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Forgive the change in labelling this evening,
I was actually using the wrong degree labels on the short term chart for the last few weeks by mistake.
The count remains the same,
but at one degree higher than last night!

I know I have mentioned the alternate bullish count a yesterday,
and this is a possibility for this weeks rally.
But,
when I look at the larger pattern in wave [v] green I cannot help but notice that an ending diagonal pattern is in play here,
and that pattern does require one more decline to a new low near 1600 again.

So I am going to stick with this pattern here in wave [v] green as an ending diagonal.
And as a result wave (v) of [v] should fall again in three waves to a new low over the coming week.

Tomorrow;
Watch for wave ‘a’ of (v) to turn lower and break 1615 again,
once that level breaks this count will be confirmed and we can be confident that wave [v] will fall into that lower trend line.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude fell off the highs this evening and at this point I am suggesting that wave (ii) is now complete.
Wave (ii) rallied towards the 50% Fib retracement level,
but the rally has failed to break that level so far.

I do need confirmation of that idea with a decline back into the lows at 76.00 again.
For the moment I am looking again for a renewed decline phase into wave (iii) of [iii] over the coming week.

The alternate count for wave [ii] will be ruled out with a break of 76.15 again.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to fall back into support at wave (i) over the coming few days.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is close to breaking to a new low for the week this evening.
Wednesdays rally has been almost totally retraced now.
And now I can focus again on completing the pattern in wave ‘iii’ pink.

This wave count is calling for a decline in wave ‘5’ to 3470.
And this is where wave ‘iii’ will hit the 162% extension of wave ‘i’ pink.
The wave count in black suggests a lower target at around 3387 by the same Fib extension.
In fact the internal wave count for wave ‘iii’ may be a little conservative even.
but we will see how the next few days pan out to see if I need to rethink and get even more bearish.

The wave count in blue sets a minimum target for wave (iii) blue at 3320.
This is where wave (i) and (iii) reach equality.
So there is room to extend that count also if the acceleration that I have been talking about actually comes to pass.

Tomorrow;
Watch for wave ‘5’ of ‘ii’ to push lower again.
I want to see wave ‘5’ fall into the 3470 area to complete.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am tracking this correction in wave [ii] this week.
So far the pattern has traced out a higher low in wave (a) and (b).
Wave (c) should push higher again tomorrow and hit the 62% retracement level at 19.16.
Once that pattern completes,
then I will look for a possible reversal into wave [iii] beginning next week.
This next decline should push the price back below 17.00 if this count is correct.

Tomorrow;
Watch for wave (c) of [ii] to complete three waves up near 19.16.