Good evening to one and all,

God’s Blessings to you all tonight.

I’m Back home tonight and happy to be getting back into my own bed!

Thanks be to GOD!
I don’t know how the jet set lifestyle can possibly be anything but torture……..
Or maybe I’m just too much of a home bird!

On with the show.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD finally mad a jump in the right direction in wave (i) of [c].
The move higher today was almost vertical,
but now we need five waves up in wave [c] to develop over the coming days.
I am always a little hesitant when a move like this happens after a news dump from a central bank meeting.
But so far this move does confirm wave [c] is underway.

Tomorrow;
The target for wave [c] of ‘A’ lies in the region of 1.1800,
that will bring us back towards the previous fourth wave area on the 4hr chart.

Watch for wave [c] of ‘A’ to continue higher in five waves into next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is moving higher off that wave (iv) base today.
I am looking for a standard five wave pattern to build from here,
so the pink labels may change as the pattern develops.
1.3984 remains the minimum target for wave (v) of [c],
and that is where I have my eye on now.

Tomorrow;
watch for wave (iv) to hold at 1.3709.
Wave (v) will be confirmed with a break out above the wave (iii) high at 1.3832.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is moving lower today but without any strength in the move so far.
If this is wave ‘iii’ down developing,
then I would expect a more vigorous move to be honest.
I will just have to hold off on judgement here for a few sessions.
If the main thrust of the move continues to step lower over the coming days,
then I will be happy to stick with the idea that the top is in for wave ‘B’ and we are slowly building a turn into wave ‘C’.

Tomorrow;
Watch for wave ‘iii’ of (i) to fall into the 112.00 support area.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is slightly higher today and this action fits the idea of a ‘b’ wave lower high off the top.
I am looking for that three weave move lower to break the wave (i) high at the 35000 area when complete.
So there we need another turn lower again into wave ‘c’ of (iv) starting tomorrow for this wave count to remain valid.
A break of the wave (i) high is crucial for that ending diagonal pattern to remain valid.

Tomorrow;
Watch for wave (iv) down to continue to track lower and complete a three wave correction early next week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am going to concentrate on the alternate count on the daily chart tonight.
So I have shown this as the main chart this evening.
This pattern is too important to ignore until its too late!

The action has been overly corrective looking the last few weeks,
and I want to be prepared for the possibility that something different is happening here,
other than the straight forward wave (5) up scenario that I have concentrating on recently.

Ok.
The pattern in the alternate count allows for a triangle in wave ‘B’ which has been developing over the last 7 months now.
Overall the price has simply oscillated around that 1800 price line.
And as its stands this evening,
there is a real chance that wave [e] of ‘B’ is closing out this week.

If the price holds below 1834, at the wave [c] high, over the coming week,
that will really start to lean in favor of this alternate count.
And if the price then falls below 1721 again,
alarm bells will start to ring in my ears for this alternate count.

If this count is correct,
then we can easily see wave ‘C’ fall into the 1450 area before finding a low for wave (4).

Tomorrow;
Back to the main count again.
I am looking for wave (ii) to complete at 1760 again.
I am also watching that rising trend line which has protected this upward move over the last few weeks.

In terms of the bullish count,
that 1834 level is now the most important confirmation line.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude may be on the verge of completing five waves down.
The price corrected higher today and I am labelling this as wave (iv) of [i].
Wave (v) should fall again to complete five waves down as shown.

Tomorrow;
Ideally the price should hold below the 83.00 level at wave (i).
If it does,
and we see a drop again to a new low this week
that will complete five waves down and I will then be looking at a larger decline ahead in wave [iii] next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is possible that wave ‘iv’ of (v) is complete at todays lows.
The decline off the recent highs is in three waves for sure,
the only issue is the relative size in comparison to wave ‘ii’ which is not a deal breaker really.
So I will run with this count until proven otherwise.
If wave ‘v’ of (v) of [v] is now in play,
then we are again approaching a decision point in the pattern.
A top at this degree deserves a serious initial decline to get things started.
Septembers decline is a good model,
but now I will be looking for a clean five down to get awaken the bear again.

Tomorrow;
There is a chance for wave ‘v’ of (v) to top out even tomorrow actually.
So lets see how this pattern develops.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a larger pattern for wave (iv) now after another lackluster days trade.
The price action has basically moved sideways in a clearly corrective fashion this week.
And now this move takes the wave ‘b’ label within wave (iv).
The price will fall again into wave ‘c’ of (iv) starting tomorrow.
And wave ‘c’ must hold above 23.20 again.

Tomorrow;
Watch for wave (iv) to drop once more to complete a downside flat correction.
Wave (v) may even begin tomorrow after wave ‘c’ of (iv) completes.