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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is not done with wave ‘i’ yet it seems.
the price stepped lower again this afternoon,
and now the pattern is extending in wave ‘5’ of ‘i’.
I have marked 1.0881 at the next lower degree fourth wave as the target now for wave ‘i’.
But at this point.
every pip lower than wave ‘iv’ is a bonus in confirmation the larger turn in trend.
Wave [c] is looking much more likely now after this weeks action,
so there is a long way down ahead in this scenario.

Tomorrow;
Watch for wave ‘5’ of ‘i’ to hit the next support at 1.0880.
a rebound from there will signal wave ‘ii’ has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is close to hitting the wave ‘iv’ low at 1.30 now after another turn lower today.
I am calling this move wave ‘5’ of ‘i’,
and we should find a low pretty soon to complete wave ‘i’ pink.

If we do break the wave ‘iv’ lows at 1.30,
that will give another a probability boost to the idea that a longer term decline is now underway in wave [c].
And just like EURUSD,
that leg down has major potential on the downside.

Tomorrow;
watch for wave ‘5’ of ‘i’ to close out with a break of 1.30 before turning higher into wave ‘ii’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am switching to that alternate count for wave ‘iv’ now with wave ‘v’ now underway.
The rally out of the wave ‘iv’ lows has created a higher low this evening.
This action suggests wave ‘v’ is now underway here,
and wave ‘1’ and ‘2’ are in place.
If this count is correct,
then wave ‘3’ of ‘v’ will continue higher as shown.
and we should continue above 150.00 to complete wave ‘v’ of (iii) next week.

Tomorrow;
Watch for wave ‘iv’ to hold at 147.33.
Wave ‘3’ of ‘v’ must continue higher over the coming week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding pretty flat today and this action is corrective.
I have labelled the small drop today as wave ‘4’ of ‘v’.
Wave ‘5’ of ‘v’ is left to push out to a new high if it can manage it at all!

Tomorrow;
We have one more session this week to test this theory.
so watch for that final fifth to break the high at wave ‘iii’ and complete five waves up in the larger wave (v) blue.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave ‘a’ seems complete at the session lows today.
The price has rebounded off the lows and I am suggesting that wave ‘b’ is now in play here.
The rally today is labelled wave ‘a’ of ‘b’,
and I suspect wave ‘b’ will taek the price more or less sideways over the coming week.

Tomorrow;
Watch for wave ‘a’ to trace out three waves up to reach back into the range of the previous wave ‘b’ triangle again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A solid rebound today puts the pattern to the test now.
The rally in wave [ii] has retraced to the 62% level already this evening.
And now the rebound must stop for this pattern to remain valid.
I am looking for a turn lower into wave [iii] of ‘3’,
and that requires a reversal and a sharp acceleration lower over the coming week.

Tomorrow;
Watch for wave [ii] to hold below the previous wave (2) high.
Wave [iii] of ‘1’ of (3) is now in play here.
a break below the wave [i] lows at 71.23 will signal wave [iii] has begun.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market is dead in the water here tonight with a possible wave ‘v’ rally still in play.
I am marking the previous wave (iii) high at 5655 as the initial signal level to indicate a turn is building,
so if that level breaks I will consider wave ‘v’ of (v) complete and wave (i) underway again.

Tomorrow;
Wave ‘3’ of ‘v’ pink must continue higher to confirm the pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver put in a reasonable effort at a rebound today,
but the rally is in three waves at the moment.
This action suggests that we have a correction higher in play,
and if that is correct,
wave ‘c’ of ‘ii’ has one more drop to complete the larger correction.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to drop back below 30.00 again to close out the pattern.
And then next week I will look for the rally in wave ‘iii’ to begin.