Good evening to one and all,

God’s Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A five wave rally into the high today has topped out wave (iv) of [v].
the price also came close to the previous wave ‘iv’ high at 1.1640 again.
that is a typical area for a fourth wave to target.
And now we have a small spike lower as we head into the close tonight.
So,
it is likely that we will see wave (v) take over tomorrow and then fall in five waves towards the 1.1500 target area.

Tomorrow;
Watch for wave (iv) to hold and for wave (v) down to continue in five waves.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price did continue higher in cable today and this can be viewed as the initial move higher in wave (iii).
This is the idea behind the main wave count now.
Wave (ii) completed a running flat and wave wave (iii) is underway.
Wave (iii) should push above 1.3800 at a minimum.

The only evidence against this view is the fact that there is a three wave rise in place into todays high.
If the price does not accelerate higher tomorrow in wave (iii),
then I will have to reconsider this count.

Tomorrow;
Wave (iii) must continue higher now.
Wave (ii) must hold at 1.3567.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is close to a reversal point now but we have not seen any impulsive move lower to begin that reversal yet.
The price is holding a very small lower high tonight,
If this decline builds momentum tomorrow,
then I will consider wave [i] down in play.
for the moment I am just waiting for that initial move off the high in an impulsive form to signal wave [i] of ‘C’ has begun.

Tomorrow;
Lets see if that move lower into wave [i] becomes more convincing.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow rallied back nice and strongly today and that has brought the main count close to invalidation now.
The count is still valid here,
but wave ‘ii’ must not break 34951 cash for this bearish count to remain valid.

The alternate count is for wave (c) of [ii] to break above 34960 again to complete the larger ending diagonal wave (c).
We will know very soon on this one,
possibly the after market trade will do the damage.

Tomorrow;
Even if the alternate count is triggered,
we still have a correction in wave [ii] at a lower high.
and the next major move should be a large decline into wave [iii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding the gains made in that spike higher yesterday.
This action is favorable to the main bullish count for sure.
And this does suggest wave (iii) is now underway.
If wave ‘iv’ of (iii) is complete at the early lows,
then wave ‘v’ should continue higher and trace out five waves up tomorrow.
I am looking at both the wave (i) high at 1781.
and the wave ‘i’ high at 1777 to offer support for wave (iii) now.
If the price breaks this support area,
that will damage the wave (iii) count for sure.
And it may even signal that wave (ii) is still underway.

Tomorrow;
Watch for wave 1781 to hold and wave ‘v’ of (iii) to head higher again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am watching this wave [iii] of ‘5’ develop now and so far the action is following the impulsive playbook.
We have another higher low this afternoon,
and this is labelled wave (ii) of [iii].
Wave (iii) of [iii] should accelerate higher again tomorrow in this case.
and we should see it top out around 85.00 again.

Tomorrow;
Watch for wave [ii] to hold at 78.90.
Wave (iii) of [iii] will be confirmed with a sharp move above 82.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P did break out of the previous wave count tonight by breaking above 4429 again.
This move has forced a rethink of wave [ii],
and that is what I present tonight.

The correction overall is tracing out a complex flat.
Three waves up in (a).
A triangle in wave (b) and now a five wave rally underway in wave (c).
The price has accelerated higher today within wave ‘iii’ of (c).
And now the target for wave [ii] to complete lies at 4482 again.

Tomorrow;
Watch for wave (c) to trace out a five wave rally to complete wave [ii].
A break below the wave (b) low at 4329 again will signal wave [iii] has begun.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has popped again today to complete five waves up in wave ‘i’ of (iii).
I am expecting a pullback into wave ‘ii’ soon,
And I suspect the rising trendline off the lows will hold that correction when it happens.
This of course will set up for a more sustained rally in wave ‘iii’ of (iii) early next week.
And I think wave (iii) will push up to the 25.00 area when complete.

The alternate count views todays rally as wave ‘iii’ of (iii) already underway,
but I just don’t like the relative size of wave ‘ii’ in this case.

Tomorrow;
Watch for wave (ii) to hold at 22.32.
wave ‘ii’ should begin a decline into the 22.80 area in three waves.