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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD does not not want to rebound into wave ‘c’ of ‘ii’ at all it seems!
The price is holding below 1.09 this evening,
and I am still viewing this low as wave ‘b’ of ‘ii’ for now.
The expanded flat pattern still fits at the moment,
the price is very slow moving without any momentum to speak of.

but if the price declines further tomorrow I will be forced to reconsider this count.

Tomorrow;
Watch for a rise back above 1.0950 to signal wave ‘c’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has made some upside progress today but the pattern has only managed a very small three wave move.
This is not enough to confirm wave ‘ii’ is underway.
It seems like the price is flirting with a break of the 1.30 level before turning into wave ‘ii’,
so,
I will wait and see if there is more progress tomorrow to clarify the pattern.

Tomorrow;
Watch for wave ‘ii’ to begin with a break of 1.3113 at the wave ‘4’ high.
Wave ‘ii’ should progress towards 1.3250 to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am going to give the alternate count for wave ‘iv’ a try after todays action.
The price dropped off the overnight highs again today,
and this is signaling a possible turn into wave ‘c’ of ‘iv’ here.
I am going to allow for a decline into the wave ‘a’ lows at 147.30 to complete an expanded flat correction in wave ‘iv’ now.
And then I will look for wave ‘v’ to turn higher again by the end of this week.

Tomorrow;
Watch for wave ‘c’ of ‘iv’ to fall into 147.33 to complete the pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW took a turn lower off a possible wave ‘v’ high today.
The action is in line with a top in wave ‘v’ now but I need a whole lot of confirming price action to be able to run with that idea again!
So the task for this week is to see if wave ‘i’ can take hold and carry the price back below the wave ‘iv’ lows at 41800 again.
If we can manage that,
then we have a candidate for a top that we can work with.

Tomorrow;
Watch for the current highs to hold and for a five wave decline to take hold and fall back below the wave ‘iv’ lows again at 41800.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am calling my own bluff here and switching to the alternate count for wave (iv) blue.
The smaller pattern is not as satisfactory in terms of relative size to wave (ii) blue,
but the rally into the highs again is now a better fit as a five wave pattern,
rather than a three wave pattern that I showed last night.

This new pattern calls for wave ‘i’ of (v) to complete soon.
Wave ‘ii’ will then build a higher low as shown.
and wave ‘iii’ can then run out to a new high again later in the week if this new pattern holds.

Tomorrow;
Watch for wave ‘i’ and ‘ii’ to build a higher low as shown over the coming days.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude took quite a tumble today and that action is in line with the current wave count overall.
the sharp decline today is labelled as wave (iii) of [iii] of ‘1’.
The price has bounced off the session lows this evening and this may well be wave (iv) underway.
Wave (v) of [iii] will turn lower again by tomorrow evening if the pattern holds.

Tomorrow;
Wave ‘1’ blue has more work to do in order to confirm the larger wave count.
But todays action is a nice step in that direction.
Watch for wave (iv) to close out at the previous wave [i] lows.
Wave (v) can then make its way lower again to complete wave [iii].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The drop off today is viewed as wave ‘4’ of ‘v’ with one more step higher left to close out wave ‘v’ pink.
Wave ‘i’ down will be confirmed with a break of the wave ‘iv’ lows at 5678,
so if that happens before making a new high as shown,
then I can concentrate on that wave ‘i’ reversal with a larger turn down in play.

For the moment,
I will allow for one more rally back above 5970 to complete wave ‘v’.
A break of the wave ‘iii’ high again at 5770 could flip the count in favor of wave ‘i’ pink.
but lets see how tomorrow goes first.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A spike higher today suggests wave ‘1’ of ‘iii’ is in fact underway here.
The pattern has not completed five waves up just yet.
I am looking at a top for wave ‘1’ near the upper channel at 32.15.
Then wave ‘2’ can begin off that level.
Wave ‘2’ is expected to fall back below 31.00 again to complete the bullish higher low later this week.

Tomorrow;
Watch for wave ‘1’ to complete at the upper channel line near 32.15.
A turn lower into wave ‘2’ can then begin.