Good evening everyone.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD has now created a bullish impulse wave higher off the low at wave (b).
Wave ‘i’ and ‘ii’ of (c) created a higher low at 1.0904,
and todays trade brought another rally in what should be wave ‘iii’ of (c).
Wave ‘iii’ must now hold above 1.0904 and continue higher for the rest of the week.
The target remains at 1.1109 for the main wave count.
The alternate count is still possible at the moment,
but I think even that correction higher should keep going about 1.1000.
Tomorrow;
watch for wave ‘iii’ of (c) to break 1.1027 in a five wave pattern.
1.0904 must hold.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable also created a higher low in wave ‘b’ this morning.
The market fell sharply but held above 1.2202 at the low.
It is hard to know if wave ‘b’ is complete at that low as shown,
or if we will see a larger three wave pattern unfold as per the alternate wave ‘b’.
The price should hold above 1.2202 in both cases anyway.
Wave ‘c’ of (ii) should continue higher again once wave ‘b’ is done.
Tomorrow;
Watch for wave (ii) to remain in force for the next few sessions.
the target for wave ‘c’ of (ii) lies at about 1.2411.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY is down hard again today in wave (iii) of [c].
Wave (iii) is not yet complete I think either.
The overnight session will likely see more selling
to push the price towards support at 106.75.
And then wave (iv) of [c] will correct higher again as shown.
It looks like we will be close to completing a five wave decline in wave [c] by the end of the week.
Tomorrow;
Watch for wave (iii) of [c] to find a low overnight and then tomorrow should see wave (iv) begin.
Wave (iv) should complete below 107.62.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
1000 points down in two days trading!
Now that is what I call a good example of a third wave down!
And I think that would qualify as a pretty serious rejection of the all time highs also.
So,
I have to say that the bearish options which I spoke about at length before,
are now all back on the table after the last few sessions.
The price broke clear through the initial support at 26400 today.
That ruled out the previous alternate count.
But I have shown one more alternate count this evening.
The current decline can also be viewed as the final move within a larger wave ‘4’ blue as shown.
This count is best viewed on the 4hr chart.
Tomorrow;
The decline phase in wave (i) should not be over just yet.
Wave ‘iii’ down will likely find support tomorrow above 25620.
Any correction higher in wave ‘iv’ from this point,
must hold below 27000.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold is now back above 1500 again after a nice rally today.
Wave ‘i’ can be viewed at two highs.
Either Tuesdays high or tonight’s high are valid interpretations.
If tonights high is actually the high of wave ‘i’,
then wave ‘ii’ will correct again tomorrow.
However,
if the rally continues tomorrow,
then we can view wave ‘iii’ as the correct interpretation.
Tomorrow;
Watch for wave (i) up to continue for the rest of the week.
A break of 1511 will confirm the current rally as wave ‘iii’ of (i).
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has broken the 52.79 low this evening.
this level formed the previous shoulder of support in wave (b) of [c].
Crude has hit a solid support area now,
so wave [i] should be almost done!
There is no sign of a reversal higher yet in wave [ii] yet.
But I think we should see wave (a) of [ii] begin before the end of the week.
A break above 54.00 again will signal wave [ii] has begun.
Tomorrow;
watch for the early signs of wave (a) by the end of tomorrows session.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
Todays trade was a big relief for the bearish outlook!
The market broke down through that initial support level at 2940
like a hot knife through butter today.
The price even broke 2890 at the previous wave ‘ii’.
so we are finally looking like wave ‘iii’ of (i) is underway.
I dont think wave ‘iii’ is done yet either.
given that the action went sideways for so long last week,
it is very possible that we will see a series of corrections and drops
to expand the pattern and complete wave (i).
As usual,
one step at a time.
Tomorrow;
watch for wave ‘iii’ down to complete tomorrow after a slight correction higher.
Price should hold before 2940 from here on as wave (i) completes.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has topped in wave ‘i’ of (i) this evening.
We should see a bullish higher low develop tomorrow in wave ‘ii’.
Wave ‘ii’ must complete above 16.89,
and then rally again in wave ‘iii’ of (i) by Friday.
The action so far is encouraging,
but I can’t confirm wave (i) has begun until we see a correction and further rally back above 18.00 again.
Tomorrow;
Watch for wave ‘ii’ to complete above 16.89 and then turn higher again.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Wave ‘c’ broke above 131.10 again today,
and the price is now within a stones throw of the upper trend channel line at 131.40.
Once we reach that level,
wave (ii) will have a completed flat correction pattern in place.
And I will be expecting a decline in wave (iii) to begin off that level.
So we could see that begin tomorrow.
The first sign that wave ‘i’ of (iii) is underway,
will be with a break of 129.63 at the wave ‘b’ low.
Tomorrow;
Watch for wave (ii) to complete at the upper trend channel line,
and wave ‘i’ of (iii) to begin with a drop off that high.