Good evening folks and the Lord’s blessings to you.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A small rethink of the pattern for wave (ii) to start tonight.
The price continues to move higher in a corrective manner today and it seems like three waves up will be in place tomorrow.
I have labelled this move as wave ‘a’ of (ii),
with a clear suggestion for a three wave pattern higher in wave ‘a’ pink.

The larger wave (ii) will probably take the rest of the week to get up towards the target area at the 5-% retracement level.

Tomorrow;
Watch for wave ‘c’ to complete three waves up in wave ‘a’ pink.
The price must then correct sideways and hold above the wave (i) low at 1.0763

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘3’ of ‘iii’ of (i) has not begun yet as the price continues to move within the range of wave ‘2’ black.

I am going to allow for one more move towards 1.30 to complete three waves up,
and from there we can look for a sharp and extended run lower into wave ‘3’ of ‘iii’.

Tomorrow;
Watch for wave ‘2’ to complete a three wave correction below the wave ‘ii’ high at 1.3072.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

If the current pattern in USDJPY is correct,
then we are heading into a longer sideways correction in wave (iv) blue.
I suspect this well take a few weeks if all goes to plan.

The low of wave (iv) must hold above the wave (i) high at 146.52.
If that level breaks then the larger pattern is invalid.
So that gives us the general direction to look for over the week ahead.

Tomorrow;
Watch for wave ‘a’ to turn lower and fall back into the 150.00 handle again over the coming days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well I did not get the follow through I was looking for today to break initial support at 41800.
That does not invalidated the pattern in wave ‘i’,
but I would love to see wave ‘i’ down take out a significant support to show some strength in the move.

So,
I am going to give this another chance for the next few days to see if the market can manage that support break.
I can work from there.
If that does not happen,
I will just be a little less worked up in my nightly updates!

Tomorrow;
Watch for wave ‘4’ to hold below the wave ‘1’ low at 42700.
Wave ‘5’ should break support to complete wave ‘i’ pink.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

No change in Gold tonight.
The correction in wave ‘iv’ is still in play here with a target in the area of wave (iii) support at 2685.
I am looking for one more drop in wave ‘c’ to complete wave ‘iv’.
and that should be underway now.
A break of 2708 will confirm the pattern here.

Tomorrow;
Watch for wave ‘iv’ to trace out three waves down as shown.
Wave ‘c’ must turn lower again tomorrow.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am of two minds on the action today.
Obviously the sharp drop has ruled out the idea of a large wave ‘2’ correction at the moment.
I am going with the most obvious idea on the main count.
That is,
wave ‘2’ is done, and wave ‘3’ blue is now underway.
I am showing wave [i] of ‘3’ all but complete at todays lows.
We will see how any rebound goes tomorrow.
the larger it is,
the more likely that alternate count for wave ‘2’ becomes.

Tomorrow;
The price must hold below that wave ‘2’ high at 72.28.
Wave [ii] green will likely retrace up to the 70.00 handle again in three waves.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A weak trade today is keeping the door open for an impulsive move lower this week.
I want to see a a move below 5760 tomorrow to bring some confidence to the table here.
I am not committed on the downside yet,
so I am going to leave the door open here until proven otherwise.

Tomorrow;
Watch for wave ‘i’ to turn lower towards support at 5670.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has been stuck in the mud also today without much in the way of confirming price action.
In fact we are witnessing the opposite I think.
Unless we see a sharp move up tomorrow towards a new high in wave ‘5’ of ‘iii’.
Then I think this market may be vulnerable of a pretty big pattern change.
I will not get too excited yet.
but if we get a break of that wave ‘i’ high at 32.69 again,
that could turn the price action in favor of the much larger alternate count on the daily chart.
I do think a lot will be revealed this week.

Tomorrow;
Watch for wave ‘4’ to hold at 33.08.
Wave ‘5’ must continue higher as suggested.