Good evening to one and all.

The LORD’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD never made a new high in wave ‘iii’ today,
the price stopped short of breaking the wave [a] high at 1.009
and the rest of the session has been all downhill from there.
I have labelled this drop as wave ‘4’ of ‘iii’,
so the expectation is that wave ‘5’ of ‘iii’ will turn higher tomorrow to complete five waves up in wave ‘iii’ as shown.

Tomorrow;
Wave ‘4’ must hold above the wave ‘1’ high at 0.9898.
A break of that level will favor the alternate count for wave ‘c’ of (ii).

Watch for wave ‘5’ of ‘iii’ to turn higher and break the 1.00 level again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The corrective action today does not seem complete just yet.
I am counting this as wave ‘iv’ of (iii) of [c] at the moment.
So I expect another move higher tomorrow to complete five waves up in wave (iii).
If this count continues to hold,
then we should see a clear five wave pattern in wave [c] to complete wave ‘A’ by midweek next week.

Once wave ‘A’ completes, I will turn my focus lower into the coming correction in wave ‘B’.

Tomorrow;
Watch for the high at wave (i) to hold at 1.1441.
Wave ‘iv’ should complete early tomorrow and then turn higher into wave ‘v’ of (iii) before the end of the day.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have switched to a possible alternate count in wave ‘A’ today.
the price is making its way lower in a steady fashion,
but I am not convinced this decline will manage five waves down in wave ‘A’ given that downside momentum is already slowing.

This count is still calling for a five wave pattern to complete in wave [c] of ‘A’ as shown.
So we should continue to this pattern develop lower over the coming days.
The minimum target for wave [c] lies at 143.14.

Tomorrow;
Watch for wave (iii) of [c] to break below 144.00 again to complete the pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another day another minor new high and an even bigger momentum divergence in play here.
The hourly chart shows a very weak trade today with the pattern overlapping numerous times as this wave tops out.
The hourly momentum reversal very close at hand.

The 4hr chart is showing how extended this correction really is.
With an extreme registered in momentum which is about to reverse in a big way.
As far as I can see,
the 62% retracement level is holding this rally in wave (ii),
and the evidence is really starting to pile up on the negative side here pointing to wave (iii) down on the way.

We can see the big name stocks get hammered today as the reality of a declining economy is beginning to appear on their balance sheets.
Is this the straw that will break the camels back?
The bull market was built on those big name stocks,
and now we see these ‘fangs’ falling like rocks, one by one,
how in the world will this bubble stay inflated with those deadweights turning over.

This may be a ‘canary in the coalmine’ moment.

Tomorrow;
no reversal pattern yet to speak of.
So I will just have to wait and see how tomorrows trade closes out this week.
A small five wave pattern lower is what we need to signal a turn s beginning.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is correcting lower today that much is clear.
I have labelled this as wave ‘2’ of ‘iii’.
and if this count is correct,
then wave ‘ii’ pink will hold at 1638,
and wave ‘iii’ will rally again to break out above the 1700 level over the coming days.
I cannot rule out the alternate count again today,
so that remains a possibility until we see a rally in wave ‘3’ of ‘iii’.

Tomorrow;
Watch for wave ‘ii’ to hold at 1638.
Wave ‘iii’ must continue higher as shown and break above 1675 again to confirm this pattern.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave ‘iii’ has a clear five wave pattern in place this evening and the trade has flattened off this evening.
I still expect further upside in wave (iii) of [c] over the coming days.
But if this count continues to track well with the action,
then it looks likely that wave ‘iv’ of (iii) will correct lower beginning tomorrow.
The wave (i) high at 87.00 should provide enough support to hold that correction and then wave ‘v’ of (iii) is expected to push back above the 90.00 level to complete.

Tomorrow;
Wave ‘iv’ is on the cards now for tomorrow.
watch for a three wave correction lower to find support near the 87.00 area again

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is weakening below the 50% retracement level over the last few days,
and we can see a small head and shoulders pattern formed around the top of wave ‘c’ today.
I can’t say that this is a sure thing for a top in wave (c),
but the right signals are appearing in the right place now.

And if we see a sharp drop come in tomorrow,
and a break below the wave ‘a’ top at 3765 again,
then we can start to think seriously about this market falling into wave (iii) over the coming week.

Tomorrow;
Watch for wave (ii) to hold at todays highs.
Wave ‘i’ of (iii) should fall in five waves and retrace back below the wave ‘b’ low at a minimum.
That gives us an initial target for wave ‘i’ at 3630.
Lets see how that goes.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have switched to another alternate count for wave (c) of [ii] tonight.
This involves a pretty wild ending diagonal pattern.
Wave ‘i’ of (c) is extended for sure,
but the rest of the pattern in wave (c) is standard and coming to a close pretty soon if this count is correct.

Tomorrow;
Watch for wave ‘v’ of (c) to top out with a final three wave move to a new high above 17.69.
A break of the wave ‘ii’ low again at 18.77 will signal wave (i) is underway.