Good evening to you folks.

God’s blessings to you all tonight.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has traced out three waves up off the wave (ii) low so far.
While this is a move in favor of the main count,
which calls for a rally into wave ‘iii’.
I am still a little wary given the fact that we only have three waves up,
and no break through resistance yet.
I am cautiously optimistic here that wave (iii) is getting started here.
But I will be much happier when we see a break to a new high above 1.00 again.

Tomorrow;
Watch for wave (ii) to hold at 0.9631.
Wave ‘iii’ of (iii) must continue higher and break parity again pretty soon if this count is valid.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has posted a rally today out of the wave (ii) low at 1.1152.
this is a vote in favor of the main count in wave (iii) of [c] of ‘A’.
But we need to see the action continue higher over the coming days to rule out the alternate count for wave [b].

Tomorrow;
Watch for wave ‘ii’ of (iii) to hold above 1.1152.
Wave ‘iii’ must break 1.1493 to confirm the pattern in wave (iii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is sitting at the highs today without much else to report here.
The pattern in wave (v) and wave [v] is filled out quite substantially now.
I don’t think there is much room in the main count for anymore upside to be honest.
So if we do see a rally resuming in USDJPY,
then I will be forced of rethink the wave count completely.

Tomorrow;
I am really stuck for words until we get some action off the highs to begin wave (i) down.
I do think a failure to reverse this week will call into question the main wave count that I am working with.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW put in a rally today but not to a new high as yet.
As long as the market is holding lower highs,
then I think the most bearish wave count will remain my favored count as this week progresses.

I know I have been calling for a major acceleration lower to get going into wave (iii) of [iii].
So far the market has failed to do that.
In saying that,
I am still reasonably satisfied that the downside where the risk lies here.
And the action last week which formed a large correction in wave ‘ii’ is still pointing to that acceleration lower into wave ‘iii’.

We will know for certain this week if I am proved wrong on this outlook or not.

Tomorrow;
Wave ‘ii’ could allow for another break of 30466 to complete wave ‘c’ again.
Even if that does happen,
the market should fall hard into wave ‘1’ of ‘iii’ by midweek at the latest.
Wave ‘1’ should challenge for a new low below 28600 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The wave count in gold is now stretched close to the limits tonight.
The price is again falling into the lows of wave [ii] at 1640.
A break of that level will force me to rethink my bullish count Im afraid.
I may have to turn back to the idea that wave (4) is still underway.
And in that case we will see a break of 1615 and possible lower again.

Right now the bullish count still stands here.
So I will continue to look for wave (i) of [iii] to push higher until I am proved wrong.

Tomorrow;
Watch for wave [ii] to hold at 1640.
If we see a rally back above the high at 1683 again that will relieve the pressure on the bullish count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding near Fridays lows again this evening.
The action was quite corrective today so I think it is still a reasonable idea that wave ‘iii’ of (i) is in play here.
If we see another drop to break the 80.00 handle again this week,
that will pretty much confirm the bearish count in wave (i) of [iii].
And then we can expect to see further declines into wave [iii] as the weeks go on.
If this count is correct here,
then it matches up quite well with the idea that the financial markets are about to fall off a cliff here.
So at the moment it does seem that this count is in sync with that idea.

Tomorrow;
Watch for wave ‘iii’ of (i) of [iii] to continue and break 82.60 at a minimum.
The wave ‘ii’ high at 88.60 should hold from here on.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market rallied today in a reasonably impulsive form here.
So far the price has failed to break to a new high above wave ‘a’ at 3720.
A break of that level will confirm wave ‘c’ of (ii) is underway.
And then wave ‘c’ should continue higher into the 3800 level at the previous fourth wave as shown.

This count is allowing for a little more upside this week to complete this correction.
and once complete,
I think the risk of a major decline in wave (iii) will be substantial to say the least.
I suspect that decline will begin before the end of the week.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete above 3722 at a minimum.
Look for wave ‘c’ to top out near 3806 and then break down again to begin wave ‘i’ of (iii) down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver topped out today below 19.00 and is falling again in wave (b) this evening.
Wave (b) should fall in three waves and hold above 18.08 at the lows of wave [i].
Wave (c) will complete the correction in wave [ii] above 19.07 later this week.
We may even see the decline into wave [iii] begin before the end of the week if wave [ii] completes quicker than expected.

Tomorrow;
watch for wave (b) to complete a higher low above 18.08 by tomorrow evening.