Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The action off the wave ‘i’ low has continued higher today although the price is still holding a lower high below wave (iv).
At the moment I am still calling this rally wave ‘ii’ of (v).
And tonight wave ‘ii’ is sitting at the 62% retracement level of wave ‘i’.

So the main wave count holds,
and the pattern off the wave ‘i’ low is still corrective.

Tomorrow;
Watch for wave ‘ii’ of (v) to close out below 1.0694 at the very extreme.
Wave ‘iii’ down should begin tomorrow,
and wave ‘iii’ of (v) will be confirmed with a break below 1.0521 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar situation in cable tonight with an ongoing corrective pattern underway to form a lower high.
Wave ‘ii’ of (iii) is developing within a trend channel as expected,
and the price has completed a larger three wave pattern higher into tonight’s high.

Wave ‘ii’ is about to hit the 50% retracement level of wave ‘i’ this evening.
And this is a good area to see a top form in this correction.
Wave ‘iii’ of (iii) down should not be far away now.

Tomorrow;
the high at wave (ii) at 1.2289 must hold.
Wave ‘iii’ of (iii) will be signaled with a break below 1.2068 again.
A break of the wave (i) low at 1.2036 will pretty mush confirm this pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Five waves down into wave ‘i’ is complete now with that sharp move lower this afternoon.
The low of the session hit that target level I was suggesting for wave ‘i’ at 148.80.
That level marks the previous wave ‘2’ low.
And so far that level is acting as support.

We will know early tomorrow if wave ‘ii’ pink can continue higher off that support level.
I am marking the previous internal high at wave ‘4’ as the target level for wave ‘ii’ now.
That level lies at 149.85.
And it also marks the area of the 50% retracement level.
So we will see if wave ‘ii’ can correct higher in three waves towards that area starting tomorrow.

Tomorrow;
Watch for wave ‘i’ to hold near the session low at 148.80.
Wave ‘ii’ should trace out three waves up from here.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

So the expected rally came today right on que!
I suppose it was easy enough predict a relief rally off an extreme momentum low like last Fridays.
So,
no prizes for flipping a coin on that one I’m afraid!

the big question lies ahead.
That is wave (iv) and (v) to complete the first leg down in wave [i] of ‘3’.

And wave ‘3’ blue to the downside is where the BIG meat of this next decline phase is at.
An acceleration lower in wave [iii] of ‘3’ later this year can easily take this market back below 25000,
If that happens,
then the larger bear market is on for sure.

Those are all longer term thoughts and don’t quite help us for the week ahead though!

A correction higher in wave (iv) of [i] of ‘3’ is what we are looking at this week.
I am suggesting that todays rally is wave ‘a’ of (iv).
And we should see a correction lower beginning tomorrow in wave ‘b’ of (iv) as shown.

The main wave count is looking for a three wave correction higher towards 33500 or so over the course of this week.
The alternate triangle count for wave (iv) could drag on for some time more than that.
So we will see how it goes.

Tomorrow;
Watch for wave ‘a’ of (iv) to top out and then reverse into wave ‘b’ by the end of Tuesdays session.
Wave ‘b’ should correct lower towards the 32600 area and hold above the wave (iii) low.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold put in another top for wave (v) of [i] today and I am still not sure of this wave is complete yet.
Last weeks decline proved to be a correction at a lower degree,
rather than the expected decline into wave [ii] green.
Wave [ii] is still coming and I am looking for a three wave decline to the 1850 level in that correction.
But I am going to wait and see how this pattern develops over the next few sessions to see if we can make that turn down into wave (a) of [ii].

Tomorrow;
I am looking for a break below 1950 again to signal wave (a) of [ii] is in force.
Lets see if the price action will bring some more downside to get that wave going tomorrow.
Its a wait and see moment in this pattern now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The main count I have for crude oil suggests that wave (ii) is already complete at 85.64.
That level came close to hitting the 50% retracement level of wave (i).
And there is a solid three wave pattern in place for wave (ii).
Todays action has backed up that wave count.
And now we have an impulsive decline off the wave (ii) high to begin wave (iii).
I am labelling todays lows as wave ‘i’ of (iii).
and if this count is correct,
then we are in for a hammering in wave (iii) later this week.

I am also watching a possible alternate count for wave (ii) this evening.
And that idea allows for a larger expanded flat correction to play out in wave (ii),
before wave (iii) turns lower later in the week.

Tomorrow;
WAve (ii) must hold at 85.64.

WAtch for wave ‘i’ and ‘ii’ to of (iii) to complete a lower high as shown.
Wave ‘iii’ of (iii) will come later this week.
But first we should get that correction out of the way in wave ‘ii’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has turned higher off Fridays lows at wave (iii) and with that we can now look for a correction to play out in wave (iv) over the coming days.
WAve (iv) is shown in the same way as the DOW at the moment.
I dont konw what pattern will develop here for this correction in wave (iv).
So I will show a few options this week until the price action favors one over the other!

The first option for wave (iv) is the simple one.
A three wave pattern higher to hit the 4275 area over the next few days.

Todays rally is labelled as the beginning of wave ‘a’ of (iv).
Wave ‘b’ should turn lower to form a higher low around midweek.
And then wave ‘c’ will complete the pattern by Friday if all goes to plan.

We will take each day as it comes.

Tomorrow;
Watch for wave ‘a’ of (iv) to continue higher in three waves to hit the 4200 area.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Another step higher today in silver is stretching the wave count for wave (ii) now.
the price is still holding a lower high in wave ‘b’ of (ii) this evening.
And wave ‘c’ is expected to fall again in five waves towards the 22.00 area later this week.
The price did fall back off the spike high this evening,
so that is a vote in favor of the short term count.
And it allows some breathing room for wave ‘c’ to begin again tomorrow.

Tomorrow;
Watch for wave ‘c’ to trace out five waves down this week.
A break below 22.91 again will signal wave ‘1 of ‘c’ is underway.