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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The action today does not indicate a rally into wave ‘iii’ of (i) just yet.
I am suggesting that wave ‘ii’ is still underway here.
so I am allowing for another drop to form a higher low as shown in wave ‘ii’.
And from there I will look for a rally into wave ‘iii’ of (i).

Tomorrow;
Watch for wave ‘ii’ to complete three waves down and form a higher low above 1.0176.
From there wave ‘iii’ of (i) must break above the wave ‘i’ high to confirm this pattern.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘5’ of ‘iii’ is still underway here with a small corrective sideways move forming today within wave ‘5’.
Wave ‘5’ must fall below the wave ‘3’ low at 1.2100 to complete wave ‘iii’.
The pattern suggests wave ‘iv’ will correct higher at the beginning of next week.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to complete the pattern as suggested with a break of 1.2100.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I suspect wave ‘c’ of (ii) is now coming to a close this evening.
The price dropped again today in wave ‘5’ of ‘c’,
and now the pager pattern in wave (ii) looks a bit more presentable!
The price is holding above the 38% retracement of wave (i) at the moment,
and the 50% Fib lies at 153.29.
So I think we should see an end to wave ‘c’ of (ii) in this area by tomorrow evening.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete a five wave decline soon.
I think the lower end of this correction will be in at the 50% Fib.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price action today is very corrective looking to the downside.
I have labelled this as wave ‘4’ of ‘c’,
and I am looking at the possibility of another high in wave ‘5’ of ‘c’ tomorrow to complete this wave (ii) correction.

Obviously I don’t want the rally to go to far tomorrow in wave ‘5’,
that will put the current pattern at risk of invalidation.
A top at 43350 will do it!
And then a turn into wave ‘i’ of (iii) to begin the next leg down.

So we are sitting at an important area in this pattern.
It is a case of use it or lose it.

Tomorrow;
Watch for wave ‘c’ of (ii) to pop to a new high at 43350.
Wave ‘i’ of (iii) will then be primed to reverse this market to the downside early next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I didn’t want this to happen,
but I’m afraid the action in gold now favors a different wave count again!

The 4hr chart;
I have moved the count up by one degree,
so the current rally is happening in wave [b] green.
This is still a corrective upside rally.
And the price is reaching a high in wave (c) of [b] at the moment.
Wave (c) actually hit the minimum target level this evening with a break of the wave (a) top.
So we will see tomorrow if there is a reaction to that top over the coming days.

The hourly chart shows a possible ending diagonal pattern in wave (c) of [b] which has played out over the last 2 weeks.
The slow and steady grind to the upside is paired with a narrowing of the channel in wave (c).
This leads me to believe a possible wedge pattern is in play here.

I will admit,
the sooner the price turns lower into wave [c] green the better.
But lets just see if this new pattern has a predictive value over the coming days to increase the chance of a downturn into wave [c] of ‘4’ next week.

Tomorrow;
Watch for wave (c) of [b] to hit a final high very soon.
A drop below 2650 again will favor this count for sure.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude hit a high today at the upper channel line and then fell back off that level again.
I can’t take this action as confirmation of this pattern,
but it is at least in line with the pattern here.

I want to see a drop back below the lower channel line in an impulsive manner again in order to favor this pattern.
I am suggesting that wave [i] down should drop below the wave [iv] low at 72.45.
And if that happens,
that will favor this count,
and we can expect a longer turn down into wave (3) again over the coming months.

One step at a time.

Tomorrow;
We need confirmation that wave ‘C’ of (2) is complete now,
so watch for a drop back below the upper trend line into 72.45 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am not convinced that wave ‘c’ of ‘ii’ is complete yet after todays corrective move.
The price may well pop again tomorrow to hit a new high for the week.
But the price must hold below the wave (ii) high in order for this pattern to remain valid.

Ideally,
wave ‘c’ of (ii) will top out below 6000,
and then wave ‘iii’ down will begin with a sharp move down into wave ‘1’ of ‘iii’ as shown.

Tomorrow;
watch for wave ‘c’ of ‘ii’ to complete by tomorrows close.
I will look for a drop into wave ‘1’ of ‘iii’ at the beginning of next week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

We have a possible five wave rally now in place for wave ‘c’ of (ii) at todays high.
This pattern in wave (ii) is now complete,
the pattern shows three waves up to a lower high.
and wave ‘c’ of (ii) has reached the 62% retracement level of wave (i) today.

Wave (iii) down must begin soon in order to confirm this idea.
Wave ‘i’ of (iii) should drop into 29.50 in five waves over the coming days.

Tomorrow;
Watch for the highs to hold at wave (ii) blue.
wave ‘i’ of (iii) must fall back in five waves to confirm this pattern.