Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has now dropped in a clear three wave pattern today and now it is time to look for that bullish hgiher low to build in wave (ii).
Wave ‘c’ of (ii) has dropped into the previous fourth wave territory today,
while not quite making the 50% retracement of wave (i).
A the moment it is hard to argue with this count!
So I am hopeful that we will see a bullish higher low form in wave (ii) tomorrow and then a possible spike higher into wave (iii) maybe even by tomorrow evening.

Tomorrow;
Watch for wave (ii) to complete early in the session near 0.9768 again.
A break above 1.00 even again will signal wave ‘i’ of (iii) has begun.

0.9535 must hold from here on out.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has dropped in three waves also today and so far the price is holding above the wave [a] high at 1.0929.
The count for wave [iv] is still the favored interpretation here,
and I am looking for wave [v] of ‘A’ to rally from a nearby low to break above 1.1500 again to complete the first step in the pattern higher into wave (2).

I have placed an alternate count for this rally at the high of wave ‘A’.
It is possible that the rally off that recent low can be viewed at one degree lower that I have labelled it.
It does not change the outcome here,
but the alternate count will allow for much more subdivision in the structure over the coming weeks.
We will see how the rally develops over the next week before making a call on the better fit pattern.

Tomorrow;
Watch for wave [iv] to hold above 1.0929.
A break of that level will alter the wave count slightly.
Wave [v] of ‘A’ should begin by tomorrow evening.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is still holding below the highs at 145.30 but we are getting a little too close for comfort.
I have not ruled out the main count yet,
but I really can’t make a judgement on wave (iii) down until we see a more substantial reversal here.
A break of the high at 145.30 will force me back to the drawing board here,
but again,
I will just have to wait for another session to see if that is the outcome!
We are officially in limbo here!

Tomorrow;
Watch for wave (iii) down to be confirmed with a break of 143.51.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The momentum reversal is underway off the top of the rally this week.
But the market has not fallen enough to call this count complete in wave ‘ii’ pink.
The only real confirmation will come with a break of the wave ‘b’ low at 28588.
I know that seems a long way down from here,
especially since the rally is wave ‘c’ was quite powerful.
So I will have to allow another day or so to see if this market does indeed reverse lower.
And if it does we may be looking at another opportunity for wave ‘iii’ of (iii) to take over next week.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to hold below that 50% retracement level and finally show signs that the rally has topped out.
At this point I can only look for a decline into wave ‘1’ of ‘iii’ to break 28588 to confirm this pattern.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

A correction seems to be underway in gold also tonight.
Waves ‘a’ and ‘b’ have created a lower high below the wave (iii) high at 172974.
And wave ‘c’ is now expected to fall again to complete three waves down by tomorrow evening if all goes well.
I am expecting wave (iv) to find a low near the 1688 level,
this level coincides with the previous wave (i) and (iv) pivot of the recent decline.
And if that happens,
it will create a nice inverse H&S pattern off the lows.

Tomorrow;
Watch for wave ‘c’ of (iv) to fall into that 1688 area and complete the correction.
The wave (i) high at 1663 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding at the highs of the week this evening and it does seem that wave ‘iii’ is yet to complete.
The short declines that we have seen today are just too small to consider as wave ‘iv’.
I would like to see a similar size decline as the wave ‘ii’ correction last week.
So I expect wave (iv) will fall in three waves towards 85.00 again,
and then wave ‘v’ will be set for a rally into the 90.00 area to complete an expanded flat correction in wave [ii] next week.

Tomorrow;
Watch for wave ‘iv’ to begin and fall in three waves into the 85.00 over the next few sessions.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The decline today is not large enough yet to call a top of wave ‘iv’ of (i).
I don’t think we can confirm wave ‘v’ has begun until we see a break of 3600 again at the wave ‘iii’ lows.
So,
like many of the markets tonight,
the pattern has not been revealed yet.
So it is a waiting game from here to see if wave ‘v’ can get underway.

As for the alternate count,
if the market does begin a decline phase again over the next few sessions,
the size of that decline will determine which count is correct here,
either wave ‘v’ of (i),
or wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘iv’ to hold at todays highs.
A break of 3600 again will signal wave ‘v’ is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has created a small higher low above the wave (iv) low at 19.93 today.
I am calling this wave’s ‘i’ and ‘ii’ of the next leg up in wave (v).
Wave ‘iii’ of (v) should push out above the highs at 21.23 by tomorrow evening if this count holds up.
And then we should see an end to this rally in wave [c] of ‘4’ by the middle of next week I suspect.

Tomorrow;
Five waves up in wave (v) of [c] is what se should see over the next few sessions.
If the price fails below the recent high and falls again back below 19.00,
that will suggest wave [i] of ‘5’ has already begun.