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Good evening to all.

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EURUSD.

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EURUSD 1hr.

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EURUSD has spent the day ranging around the 1.1100 is a very corrective manner.
The decline in wave ‘iii’ has failed to materialize yet,
so I have relabeled the short term count to allow for a larger wedge pattern off the high in wave ‘i’.
Off the wave ‘i’ low,
we have a nice three wave pattern up into this evenings highs.
this should be the end of wave ‘ii’ pink,
with wave ‘iii’ down still expected to begin tomorrow.
If wave ‘iii’ arrives tomorrow and breaks 1.0990,
that action will pretty much confirm that wave (i) is underway.

Tomorrow;
Watch for 1.1179 to hold,
and wave ‘iii’ down to begin with a break of 1.1073.

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GBPUSD

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GBPUSD 1hr.

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I am working with a similar pattern off the high in cable now.
The price has corrected sideways below the recent high at 1.3012.
This suggests a correction is now underway.
That correction is labelled wave ‘ii’ pink.
And wave ‘iii’ pink is set to begin with a drop below 1.2786 again.
Wave ‘iii’ down must be a clear five wave pattern,
and I expect a break of initial support at 1.2580 before wave ‘iv’ begins.

Tomorrow;
Watch for 1.3012 to hold
and wave ‘iii’ down to begin with a break of 1.2786.

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USDJPY.

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USDJPY 1hr.

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Momentum has really slowed to the upside in USDJPY these last few sessions.
With that in mind,
there are a few alternate counts which may a fit this action also.

The first alternate count allows for a final rally in wave [v] green as an ending diagonal,
this wave will most likely complete below 109.50 with one more rise to come tomorrow.

The second alternate count would allow for wave [iv] to create a larger triangle pattern.
In this case the price will continue to range sideways around 108.50 for the nest week or so,
and then wave [v] will rally again to complete the larger wave ‘C’ and (D).

Tomorrow;
The main wave count is still viable.
so watch for a rally up above 109.07 in wave ‘v’ of (iii).

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DOW JONES.

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DOW 1hr.

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The DOW is flat on the day with little advancement made in the pattern.
It is possible that wave ‘iv’ completed this morning.
The price fell in three waves off the wave ‘iii’ high into the low.
And off that low we have a small spike higher in place.
So;
If we see a rally above 27170 again,
that will signal wave ‘i’ of (iii) is underway.
And this wave should carry the market to a new all time high over the remainder of the week.

Tomorrow;
Watch for wave ‘iv’ to hold at 27020.
Wave ‘v’ should push above 27170 early tomorrow to confirm this pattern.

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GOLD

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GOLD 1hr.

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Gold has again failed to push higher into a third wave as expected.
This has forced a small rethink of the short term pattern for wave [iv].

I am sticking with the idea of a triangle for wave [iv],
although it is dragging on a little now.
The price continues to range tighter and tighter with every proceeding wave.
And we are now declining in the final move to complete the triangle.

The latest drop is labelled wave ‘a’ of (e) of [iv].
Waves ‘b’ and ‘c’ will take another few days to complete.
And wave (e) must complete above 1474 at the previous wave (c).

Tomorrow;
1474 must hold from here on.
Watch for a correction higher in wave ‘b’ of (e) to begin tomorrow.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude has dropped sharply off the high of wave [ii] over the last few sessions.
I view this decline as the first step lower in a larger impulsive wave (i) down.
The rebound higher this afternoon is labelled as wave ‘ii’.
And this has either completed at todays high,
or the price will continue sideways tomorrow to create a larger three wave pattern.
Wave ‘ii’ must complete below the 56.90 resistance.

Tomorrow;
Watch for wave ‘ii’ to complete by tomorrow evening at the latest.
Wave ‘iii’ down will be confirmed with a break of the wave ‘i’ low at 54.60.

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S&P 500.

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S&P 500 1hr

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The S&P is holding fairly well at its all time highs after sideways trade today.
This action is viewed as part of wave ‘iv’ of (iii).
With wave ‘v’ expected to rally again into the end of the week
to complete the larger wave (iii).

A push up to about 3060 will complete wave (iii).
And then wave (iv) should correct sideways again next week.

Tomorrow;
Watch for wave ‘iv’ to close out early tomorrow.
Wave ‘iv’ should hold above 3020 on the low end.
If we see a rally above 3040 again tomorrow,
that will signal wave ‘v’ of (iii) has begun.

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SILVER.

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SILVER 1hr

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I have changed to the larger wave [iv] idea in Silver also today.
The decline off last weeks high at 18.32 is in three waves so far.
So it is possible that Silver has completed wave (c) down already.

Wave (d) of [iv] should push back up towards 18.00 in three waves
and this should complete by the end of the week.

Tomorrow;
This new count suggests that Silver has now put in a very significant low at 17.60.
If this triangle holds from here,
then 17.60 will not be broken again.

Watch for wave (d) to rally up to 18.00 for the rest of the week.
Wave ‘a’ of (d) has begun this evening.
17.60 should now hold at the wave (c) low.

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U.S 10YR.

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US 10YR 1hr.

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Bonds have barely moved today which is in keeping with the short term count.
Today’s non-action can be viewed as a small fourth wave correction within wave ‘i’.
And this suggests wave ‘i’ has another drop to go before completing.

I have shown a possible alternate count also today.
This views the whole decline off the wave [ii] high as wave (i).
In this case wave (ii) will correct back to about the 130.00 level before wave (iii) down comes in strong.

Tomorrow;
watch for wave ‘i’ of (iii) to complete tomorrow with one more drop into support at 128.50.

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