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

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The rally yesterday broke above the upper trend line of that wave (iv) channel.
The top of the session created a ‘throw-over’ above the line,
and then today we see a very sharp retracement back into the middle of the corrective action again.

This action is a strong hint that the top is now in for wave (iv),
and wave (v) down should now continue lower again.
Wave (v) of [c] should break below 1.0447 at a minimum.
but if wave (v) fills the larger trend channel again,
that would give a target near 1.0300 again to complete wave [c].

Tomorrow;
Wave ‘i’ and ‘ii’ of (v) should create a bearish lower high as shown.
And then later this week,
wave ‘iii’ of (v) is expected to break below the wave (iii) low again at 1.0447.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A very tricky pattern in wave (ii) blue was completed at yesterdays highs.
And now we see a solid reversal off that high to begin wave (iii) down again.

I am calling this decline wave ‘i’ of (iii),
wave ‘i’ has retraced most of the rally in wave ‘c’ today.
And if we get a break of that wave ‘b’ low at 1.2140 again that will give a boost to the main pattern.

Wave ‘i’ and ‘ii’ should complete a bearish lower high again maybe by tomorrow evening.
And wave ‘iii’ of (iii) should do the bulk of the work by falling into the 1,20 area by the end of the week if all goes well.

Tomorrow;
Watch for wave ‘iii’ to complete a corrective rally near 1.2250 at the wave (ii) high.
Wave ‘iii’ down should begin off that lower high.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I might be pushing against the wind in USDJPY tonight as I have been looking for this wave (c) decline to come for over a week now!
The small decline off the recent top was promising earlier today,
but now that decline has been retraced almost completely.
I do not have a good explanation of this action other than the main wave count.
So I am going to give this market until tomorrow evening before reworking the main count.

Tomorrow;
If the price turns lower again into wave ‘iii’ to break 148.80,
then we are on for a more sustained decline.
Lets see how the session goes.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding above the previous wave ‘iii’ low again today.
I am suggesting again that wave ‘4’ is complete at todays highs,
but the pattern of wave ‘iv’ remains unclear at the moment.
The action over the last few sessions could be working towards a triangle in wave ‘4’ black,
and in that case we will have another few sideways sessions ahead to complete that triangle.

If todays top has completed wave ‘4’ already,
then wave ‘5’ must continue lower tomorrow to break 32800 at a minimum.
And in that case the ideal target low for wave ‘5’ of ‘v’ of (iii) will be back on the table.

Tomorrow;
Watch for the session high at wave ‘4’ to hold.
wave ‘5’ of ‘v’ should break 32800 at a minimum.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

WE have a three wave pattern complete off the top in wave ‘a’ of (a) today.
The price has rebounded quite well off the session low,
and I am calling this wave ‘b’ of (a).
Wave ‘b’ can get more complex from here and the pattern may just go sideways for another day or so in that case.
We will know that wave ‘b’ is complete and wave ‘c’ is underway once the price breaks below 1953 again.

Tomorrow;
Lets see how wave ‘b’ develops from here.
If the price holds above 1953 tomorrow, then we can expect a larger wave ‘b’ pattern to play out.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has completed a five wave pattern off the wave [ii] top today.
The decline in wave (i) has not fully retraced that rally in wave (c) yet.
But that is not a complete necessity for wave (i).

At this point I am looking for wave (i) to close out,
and then we should see a corrective rally develop in wave (ii) over the coming days.
I think wave (ii) will trace out three waves up to hit that 86.00 level again.
that level marks the previous wave (a) high,
so that would be a nice pivot level to hit in wave (ii).

Tomorrow;
WAve ‘v’ of (i) should complete pretty soon.
Watch for wave ‘a’ of (ii) to turn higher and hit the 85.00 level and then hold above the lows of wave (i).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I mentioned last night that the S&P has already broken the previous lows at wave ‘iii’.
And that is the minimum requirement for wave ‘v’ to complete.
I just want to keep that in mind as this week goes on.

The action off that low remains corrective so far.
We have a three wave pattern underway off the wave ‘3’ low.
That pattern is still developing it seems.
And wave ‘4’ should complete at about 4280.

I would like wave ‘4’ to stop sooner rather than later,
because f the price pushes much higher than 4280 again,
that will bring the market close to the invalidation level at wave ‘1’ again.
That level lies at 4310.

Tomorrow;
Watch for wave ‘4’ of ‘v’ to complete a three wave rally near 4280.
Wave ‘5’ down should turn lower from there again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver hit the previous wave ‘4’ low at 22.63 today,
and I have marked that low as wave ‘a’ of (ii) now complete.
The rebound off that low is wave ‘b’ of (ii).
and we should see that rally trace out three waves up to hit the 23.15 level I suspect.
I am still looking for a more sustained decline into wave ‘c’ of (ii) later this week and the initial target lies at 22.18 at the 50% retracement level.

Tomorrow;
Watch for wave ‘b’ to complete a corrective rise in three waves to hit 23.15 again.