Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We got a sharp rally this afternoon which ruled out the short term count from last Friday.
There is a simple fall back here that seems to fit.
A three wave rally into that upper channel in wave (iv) blue.
the price spiked into that upper channel level this evening.
I think that completes a five wave rally in wave ‘c’ of (ii).
And I am suggesting that this rally will be reversed tomorrow as we begin wave (v) again.

Tomorrow;
Wave (iv) has been a complex affair alright.
but we do have a solid pattern in place here for that correction again.
Watch for wave ‘c’ to top and turn lower into wave ‘i’ of (v) again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable saw the the very same spike rally this evening and that put a stop to last weeks pattern again.
The action last week was difficult to figure out in general.
the amount of overlap in there made any pattern hard to fit in.

Todays actoin has opened up another possibility for wave (ii) though.
Last weeks sideways mess is now labelled as a triangle in wave ‘b’ of (ii).

And that spike rally is wave ‘c’ of (ii).
Wave (ii) has now retraced into the 62% Fib level as I write.
So,
we have another completed pattern for wave (ii) again.
And I am looking for the beginning of wave (iii) down again.

Tomorrow;
Watch for wave ‘c’ of (ii) to stop pretty quickly in the morning trade.
A break back below 1.2122 again will signal wave (iii) has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY seems to have woken out of its slumber this evening.
The price turned down off that lower high wave ‘b’ level and I am suggesting that wave ‘i’ of (c) may now be in play here.
Wave ‘i’ should break below 148.80 at a minimum to signal that wave (c) is underway.

Tomorrow;
Lets see if the price action can confirm the beginning of wave (c) blue.
Wave ‘i’ and ‘ii’ should form a lower high below 149.99 again by midweek if this pattern is correct.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow managed a small rally off the lows of the session today and I have labelled this rebound as wave ‘4’ of ‘v’ of (iii).
this count still suggests a new low is coming in wave ‘5’ of ‘v’ this week.
And the fact is,
we must break below the wave ‘iii’ low at 32800 again at the very least,
in order to hit the minimum target for wave ‘v’.

The ideal target for wave ‘v’ lies at 32400 as I have mentioned numerous times.
I suppose I am an idealist,
so that level is still very attractive to me as a target for wave (iii) to complete.

Tomorrow;
Watch for wave ‘v’ to continue lower over the next few days to complete five waves down as shown.
The minimum target is just below now at 32800.
So lets see if we can break that level first before closing out the larger pattern in wave (iii) blue.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding that lower high today below last weeks blow out top at wave [i] green.
The reversal off the top has not confirmed wave [ii] yet,
but I am looking for that initial drop into wave (a) of [ii] to trace out three waves down over the next few days.
If that happens,
then we will have something to work with in order to make some predictions for the larger pattern.

Tomorrow;
Watch for wave (a) to fall in three waves as shown.
The wave (iii) high at 1932 is a good target area for wave (a) to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil turned lower today, and the price action looks impulsive again.
I am calling this wave ‘iii’ of (i) at the moment.
Todays decline broke the wave (a) top at 86.00 also.
So that is another vote in favor of corrective rally idea for wave [ii] green.
This wave count is at a critical point now.
We need to see a follow through to the downside to complete five waves down in wave (i) blue over the next few sessions.
Wave (i) and (ii) should form a bearish lower high this week.
And then wave (iii) of [iii] to the downside should break the 80.00 level again sometime next week if all goes well.
We got some wiork to do before we get there though.

Tomorrow;
Watch for wave (i) to complete five waves down near the 83.00 level again over the next few days.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P had the same relief rally off the lows created on Friday.
that rally gets the wave ‘4’ label today although I will admit the action in wave ‘4’ is quite impulsive looking.
There is a chance that wave ‘4’ is still underway here and we will see a larger three wave holding pattern develop tomorrow.
I will have to wait and see on that one.

For the moment,
the market has turned lower off the session high and I am suggesting that wave ‘5’ is now underway here.

It would be great to see wave ‘5’ of ‘v’ hit the 4100 level but I am not depending on that target being hit in this pattern.
If we get below 4150 again in wave ‘v’,
I will then look for the pattern in wave (iii) to close out.

I have said a few times over the last week,
the lower we get here, the better the argument I can make for the major bearish patterns.
So every point counts.

Tomorrow;
Watch for wave ‘5’ of ‘v’ to fall back to a new low near 4150.
The lower target at 4100 is possible,
but I am not banking on it!

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver remained weak today as a counter weight to last weeks constant rally in wave ‘v’ of (i).
I am looking for a large three wave decline into wave (ii) over the course of this weeks trade.
And the initial target area for wave (ii) is at the 50% retracement level at 22.18.

the first leg down into wave ‘a’ of (ii) should break 22.63 at the wave ‘4’ low again.
And I am looking for a three wave decline into that wave ‘a’ low.
We will se how things develop from there.

tomorrow;
Watch for wave ‘a’ of (ii) to drop in three waves to break 22.63 at a minimum.