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

Now that was a day to remember!

We got a serious move in the direction of the larger bearish counts in a few markets today and while there is more left to go here, I can at least work with a little more confidence in the bearish outcome!

On with the show.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD took a step down into wave (iii) today with a solid acceleration in wave ‘iii’ of (iii).
The rebound this evening is viewed as wave ‘iv’ of (iii) so far,
and that should lead to another drop into wave ‘v’ before the end of the week.
I would like to see wave (iii) push into support at 1.16.87 before completing.

Tomorrow;
Watch for wave ‘iv’ to complete a consolidation below 1.1786 and then turn lower again Friday.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable dropped towards the wave (b) low at 1.2911 today,
while support was not broken today,
we did get a little closer to confirming the bearish wave count in wave [c].

Todays low is viewed as wave ‘i’ of (iii).
Once wave ‘ii’ completes early tomorrow we should see another sharp decline below 1.2800 again in wave ‘iii’ pink.

The larger wave (iii) should push into the lower support at 1.2674 before completing.

Tomorrow;
Watch for wave ‘ii’ to complete below 1.3078 and return lower then into wave ‘iii’ of (iii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is close to invalidating the main wave count this evening and if that happens tomorrow I will switch to the count on the 4hr chart.
Only a sharp rally above 105.05 again will save this short term count so I suspect that is beyond us now.

Tomorrow;
Watch for a break of 104.00 to confirm the alternate count on the 4hr chart.
I’m afraid that is just a wait and see moment now.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has posted another 1000 point down day today
and at last the action is in line with the wave count I am following.

It has taken a while to come about for sure,
but we should see the completion of a five wave pattern in wave [i] early next week,
and that will firmly set the trend change back in focus again.

Todays decline is viewed as wave ‘v’ of (iii) of [i].
I think wave (iii) is pretty much done now as it already looks extended,
and we are now sitting at support at wave ‘1’ blue.

Tomorrow;
Watch for wave (iv) to begin soon with a three wave correction back above 27155 at the previous wave [b].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is on the move down again today and the decline is sharp enough to fit with a wave ‘iii’ as shown.
Wave ‘iii’ of (iii) has gotten off to a good start,
but there is much more downside left in it to get towards that lower target levels in the area of 1800.
So I am looking for these declines to continue for the remainder of the week in wave (iii).
And I would like to see wave ‘iii’ of (iii) break below the 1848 low at wave (i) blue.

The 4hr chart actually shows the wave count at one higher degree in wave (4) blue.
So I think I will be moving the 1hr wave count up by one degree tomorrow.
A this point I think we have seen enough action to call this correction wave (4) rather than wave ‘A’ of (4).

Tomorrow;
Watch for wave ‘iii’ to push lower again in another sharp move.
Wave ‘iii’ should push below 1848 at a minimum.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After todays sharp move lower, we now have a five wave pattern in place off the high at wave ‘2’.
I am viewing this decline as wave (v) of [i] of ‘3’ of (5) if you can figure that out!

Wave [i] is viewed as a leading diagonal pattern.
This is where the internal wave (i) and (iv) overlap.
It is not ideal as I mentioned yesterday but it fits the action,
and that count predicted todays decline.
so if the shoe fits, wear it as they say!

Tomorrow;
I expect we will see a correction higher in wave [ii] beginning soon enough.
Watch for wave (v) of [i] to complete tomorrow and then wave [ii] should begin by Friday.
Wave [ii] will push back towards the $40 handle again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P took a heavy hit today also in a third of a third decline.
The price broke below the lower trend channel line early in the session and then never looked back

I am not sure if wave ‘iii’ is complete yet either,
it may take another correction and drop to create a clear five wave pattern off the wave ‘ii’ high.

I have shown a slightly different interpretation of the action this evening also.
I think it accounts for Tuesdays lower high labelled wave ‘ii’ pink a little better now.

Tomorrow;
Watch for wave ‘iii’ of (iii) to complete early tomorrow.
Wave ‘iv’ must then correct higher in three waves and hold below the wave ‘i’ low at 3364.

If this count is correct,
we should be ending the week with another down wave in wave ‘v’ of (iii).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Third of a third is the story of the day today!

Wave (iii) of [iii] came in strong in silver today with an almost vertical move lower into the 23 handle again.
The price has rebounded off the low this evening,
but so far I think this is a small wave ‘iv’ correction within wave (iii),
and this should lead to another drop in wave ‘v’ of (iii) tomorrow evening.
I would like to see wave (iii) break the previous wave [b] low at 22.83 before completing.

Tomorrow;
watch for wave ‘v’ of (iii) to drop once more and break support at 22.83.