Good evening to one and all,

God’s Blessings to you all tonight.

Its midterm break over here in Ireland
and the kids are off school.
so we have gone away to the north of the country for three nights – don’t ask me why!

Six hours in the car is enough for anyone with three kids,
are we there yet,
are we there yet,
Im hungry,
I need the toilet,
are we there yet……………

Now,
I’m not complaining, just explaining!

I am going to keep the updates going every night
unless the whole schedule falls apart and its just not possible.
I am trying to type as the kids run around me, jumping on the beds,
so I am asking for your forgiveness if the writing is a little shorter than usual!.
Back to normal on Thursday night again.

Ok, here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD broke out of the triangle pattern for wave [b] today.
The action in general still looks corrective in wave [b] of ‘A’.
The price dropped to break the 50% retracement of wave [a].
there has been a small bounce this evening,
so we may be looking at the beginning of wave [c] now.

Tomorrow;
The low at wave (D) must hold at 1.1524.
Watch for wave [c] to be confirmed with a break above 1.1670 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is still caught between two channels today.
the corrective channel in wave (iv) is holding the price again,
but the rising channel has not been broken either.
I am expecting this action to be resolved to the upside in wave (v) of [c] with a target at 1.3990.

Tomorrow;
The wave (i) high must hold at 1.3649.
Wave (v) should begin tomorrow with a break above 1.3830.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

It was a very slow and tedious trade in USDJPY today with very little to show for it.
The action can be viewed as a developing five wave pattern lower in wave (i).
And a possible wave ‘iii’ of (i) beginning today.
The price must continue lower tomorrow for this reversal pattern to hold.

Tomorrow;
Watch for the price to hold below 1.1420 at that wave ‘ii’ high.
Wave ‘iii’ must continue lower in five waves.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is holding the new highs today albeit with very little vigor in the trade.
It almost seems like the market knows its not supposed to be here!

I have gone all in with the ending diagonal pattern tonight.
In this scenario the price will drop again into a correction in wave (iv)
which should break the wave (i) high.
And then a three wave rally again in wave (v) to complete the wedge at a new high.

Lets just see how this goes over the next few days.
It really seems like there is a disbelief in the trade here.
And I can see that as trait that fits well within the ending diagonal pattern.

Tomorrow;
Watch for wave (iii) to top out as a three wave pattern.
Wave (iv) should turn lower again to break 35000 in three waves over the coming days.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding below that extended high created last Friday.
The pattern for wave (ii) is viewed as an expanded flat so far,
and as such we should see another drop into that 1760 low again to complete the pattern.

If we look at the 4hr chart again.
I have noticed a price range contraction on that chart for the last few weeks.
I have to draw attention to that because of the possibility of an alternate count for wave ‘B’ as shown.
It is possible that we have a triangle pattern underway here and that would explain this ranging action.
We will see soon enough if this alternate count is a threat.
A break above 1835 will rule this count out.

Tomorrow;
Watch for wave ‘c’ of (ii) to turn lower again and break 1760 this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude rallied into the upper trend line today and then turned lower immediately after touching the line.
I was watching an ending diagonal pattern in wave ‘5’,
and that pattern called for a three wave rally into the trend line.
Now we have exactly that with a spike lower off that top.

The next step here is for an impulsive five wave decline to develop off the high in wave [i] green.

Tomorrow;
Watch for that five wave decline to continue with a drop below the 80.00 level again at wave [iv].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Here is a variation of the previous count which may well explain the action over the last few weeks a little better.
This involves a complex combination wave (iv) blue.
That pattern completed with a triangle.

Now we are tracking higher in wave (v) blue this week in a standard five wave impulsive wave.
Wave ‘iii’ is now topping out and wave ‘iv’ will take over in a day or so.
Wave ‘iv’ should complete close to 4482.
And wave ‘v’ will push out to a new high again at 4600.

Tomorrow;
Watch for wave ‘iii’ to top out and then drop into wave ‘iv’ by midweek.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is moving lower in three waves as part of wave (iv) this week.
Wave ‘b’ of (iv) is holding at a lower high below the wave (iii) high.
I want to see another drop in wave ‘c’ of (iv) to complete a three wave correction by midweek.

Tomorrow;
Watch for wave ‘c’ to turn lower again and drop below the 24.00 level again.