Good evening and God’s Blessings to one and all tonight.

Here is tonights update.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

After another day stuck within a range I cannot yet rule out the alternate count for wave (iv) of [c].
this count will be triggered if the price rallies above 1.1863 again.

The main count on the short term chart calls for wave (iii) of [i] to accelerate lower for the next few sessions.
Once we see a break of 1.1786 that should be enough to confirm the bearish count in wave [i] of ‘C’ of (D).

Tomorrow;
Watch for wave ‘iii’ of (iii) to fall back below 1.1786 and continue towards the 1.17 handle to complete.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at another count for the recent action off the wave [b] high tonight.
It is possible to read this initial decline as a leading diagonal in wave (i) of [c].
And the corrective action off Mondays lows as wave (ii) now underway.
Wave (ii) must complete below 1.3059.
And now we simply must see a drop again into wave (iii) beginning tomorrow.

Tomorrow;
Watch for wave ‘i’ of (iii) to push below 1.2990 and begin a larger decline into wave (iii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is no good news to report today after USDJPY suffered another sharp spike lower.
This action has pretty much ruled out last nights count.
And the pattern in wave (c) of [ii] is now closer to a five wave decline as shown.
We do not have a new low in place below 104.33 yet,
but I suspect we will get that overnight.

Tomorrow;
I am still looking for the price to hold above the low at 104.00 to complete wave [ii].
Wave (i) of [iii] will have to wait for another day.
Lets see if we can complete that wave (c) decline overnight and begin wave (i) again tomorrow.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

If the bearish count is correct,
then todays relief rally was part, or all, of wave ‘iv’ pink as shown.
It is possible that wave ‘iv’ builds a larger structure but in the end,
wave ‘iv’ pink must hold below 28000 to complete.

If the price continues lower tomorrow and hits the 27150 area,
then I will look for wave (iii) to complete and a correction in wave (iv) to begin.

The short term count is tracking a developing wave [i] down off the high.
And I would like to see this pattern complete below the end of the week with a break below 27000 again.

Tomorrow;
It is all to play for now in wave [i] down!

Watch for wave ‘iv’ to complete and wave ‘v’ of (iii) push into support at 27150 again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is really holding fire in wave ‘ii’ for longer than I expected,
but even though the acceleration lower into wave ‘iii’ has not started,
that scenario is still the most likely outcome.

The pattern over the last few sessions is very corrective looking
and is best described as a three wave move higher off wave ‘i’ pink.

The price has turned down slightly this evening off the session high,
so I am again looking for the initial spike lower to begin wave ‘iii’ of (iii).

Tomorrow;
Watch for wave ‘iii’ of (iii) pink to break 1890 and confirm the count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude rebounded higher today and the high of the session broke above the previous wave (i) low,
as you can see on the short term count.
This action complicates the short term pattern somewhat,
as we should not see an overlap of wave (i) and (iv) in a conventional impulsive decline.
So,
there are two patterns that now fit the action in the bearish scenario.

One is a series of 1,2 waves off the high.
And the next is shown tonight,
that involves an ongoing leading diagonal wave [i].
If we see a drop back below 38.35 again that will complete five waves down in a leading diagonal.

Tomorrow;
a drop below 39.00 again should indicate wave (v) is underway.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We have a different scenario in the S&P to the Dow at the moment.
The rebound off Mondays lows has overlapped the wave ‘i’ low as you can see.

This rules out the idea that todays rally wave wave ‘iv’ of (iii).
And that leaves us with an extension within wave ‘iii’ still underway.
The short term count requires that wave ‘iii’ continues lower soon and most likely into the close of the week.
Because we need to see another five wave pattern trace out within wave ‘iii’.

Tomorrow;
If the price drops out of the trend channel tomorrow,
that will increase the probability that wave ‘iii’ is in force.

A break of 3470 again will rule out this bearish count.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have shown a slightly different count this evening for wave (i) and (ii) off the high.
This count involves another leading diagonal off the high!
IT is possible for sure,
and I do like the fact that the action today looks pretty corrective so far.
So this takes the wave (ii) label.

We now need a sharp move lower in wave (iii) of [iii] over the next few days.
A break of 24.00 again will signal wave (iii) is underway.

Tomorrow;
Watch for wave (iii) to begin and push down through 23.55 with ease.
25.27 must hold at wave [ii].