Good evening folks and the Lord’s blessings to you.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is really struggling at the wave ‘iii’ highs over the last week.
The main count suggests that wave ‘v’ will get back above 1.1300 again in a standard five wave pattern.
But as the days go on without a rally to that upper channel line,
I am more open to another pattern for wave ‘v’ now.

The price is still stuck in the price range of wave ‘1’ black.
So if we don’t see an acceleration higher in wave ‘3’ of ‘v’ tomorrow,
then I will look again at the ending diagonal idea for wave ‘v’ again.

Tomorrow;
Watch for the price to break above 1.1213 again to signal that wave ‘3’ of ‘v’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a possible triangle in wave ‘4’ tonight.
The price has not broken above the wave ‘3’ high at 1.3434 yet,
but the sideways move today suggests that we will see a thrust higher tomorrow in wave ‘5’.
this will finish off the pattern for wave ‘v’ and wave (c).
from there I will turn my attention lower again for wave (i) of [c].

Tomorrow;
Watch for wave ‘5’ of ‘v’ to complete the larger pattern in wave (c) of [b].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

That sharp drop last week really kicked the stuffing out of this bullish reversal into wave [c].
But we are not completely out of the game yet.
The market did manage a bounce today off the wave (ii) lows.
I want to see a push up to near 145.00 again to begin to favor a rally in wave (iii) again.
but for the moment,
I am just happy that the possibility remains open for the main pattern.

Tomorrow;
Watch for wave ‘i’ of (iii) of [c] to continue higher to hit the 145.00 area over the next few days.
If 141.63 breaks again,
that will force me to look at that alternate count for wave [c] of ‘B’.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am looking at minute moves tonight and I must avoid reading too much into the action,
but with that said,
we have another possible shift in play here.

the price dropped out of the rising channel today.
and the recent top holds as a possible wave ‘v’ of (v) final high.
Obviously we should look for a follow through to the downside to confirm this top this week.
and if we get a substantial move lower in five waves that will give the reversal idea a big boost again.
I am looking at the wave (iv) low at 39980 as the target level for wave (i) to reach.

Tomorrow;
Watch for wave ‘v’ to hold at the recent highs.
Wave (i) down must trace out five waves lower as shown.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is drifting off the highs also today,
this move is following in lockstep with the wider stock market.
and I always find that worrying when two markets move to all time highs together,
and then reverse together also.
It suggests that both markets are riding the same wave of social mood.

I am looking for wave (iv) blue to trace out three waves down over the coming weeks.
so todays move is labelled as wave ‘a’ of (iv).

Tomorrow;
I expect wave ‘a’ will trace out three waves down towards 2560.
So lets see if the main thrust of action this week will remain corrective to the downside in wave ‘a’ of (iv).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action in crude today is all within the bounds of the triangle pattern that seems to be forming in wave ‘4’.
WE have a small higher low off that wave [b] low today.
This suggests wave [c] is now underway.
The higher low is forming in wave (b) of [c].
And we shold see a run higher into wave (c) of [c] over the coming days.

Tomorrow;
Watch for wave (b) to complete that higher low as shown.
Wave (c) should top out at about 70.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

the euphoria of rate cuts has now fully worked through the system.
The focus has now returned to the downside again off last weeks top.
So far the action today is quite weak and has not taken an impulsive form.
So I will give this turn a few days to see if something more impulsive can develop.
A break below 5600 again will be interesting as a possible first wave down off that recent highs.

Tomorrow;
Watch for wave ‘v’ to hold at that recent all time high.
five waves down to break 5300 again will be a strong signal that wave (i) down is in play off the top.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has dropped into the initial target level for wave ‘a’ of ‘ii’ today.
the previous wave ‘4’ low lies at 30.66,
and wave ‘a’ is close to hitting that level as we hit the close tonight.
I will look for a lower high tomorrow in wave ‘b’.
And then wave ‘c’ of ‘ii’ will complete a bullish higher low later this week if all goes to plan here.

Tomorrow;
Watch for wave ‘a’ to complete,
wave ‘b’ will likely start before tomorrows close.