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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The move into wave (ii) has been slow but steady this week.
Wave ‘a’ is now marked as complete,
wave ‘b’ should fall back into the 1.0800 level in three waves to form that long awaited higher low.
We will have to wait until later next week for wave ‘c’ of (ii) to reach up towards the 50% retracement level at 1.0988.

Tomorrow;
Watch for wave ‘b’ to hold above 1.0763 at the lower end.
Tomorrows session may be enough to close out wave ‘b’ of (ii).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

well that move lower was enough to convince me that wave ‘iii’ is underway here.
But if this count is correct here,
then we aught to see a larger extension to the downside in wave ‘iii’ pink.

I have changed tin wave count for wave ‘i’ pink,
and that wave dropped 530 points,
wave ‘iii’ should manage the same drop if the count is correct.
That gives a target at 1.2500 to complete wave ‘iii’ pink.
So there is much work to do here!

Tomorrow;
watch for wave ‘ii’ to hold at 1.3040.
Wave ‘iii’ down should trace out five waves down overall.
and wave ‘3’ black is expected to drop into the 1.2800 level.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is getting closer to a possible wave ‘a’ low after a small decline again today.
I am looking at the previous wave ‘4’ low as a target for wave ‘a’ pink.
That level is 151.40.
If we break that level I will begin to look for a turn higher into wave ‘b’ again.

Tomorrow;
Watch for wave ‘a’ pink to complete three wavs down near 151.00.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Now we have five waves down off the top to break the wave ‘iv’ support at 41800.
This is the level I have been talking about over and over again!
Now the market has the correct pattern,
and a break of support.
The probability of a larger turn lower just got a nice boost again.

The market should now correct higher into wave ‘ii’ pink over the coming week.
And I want a clear three wave pattern to top out near the 50% retracement level at 42560.
When that happens,
I will be looking for an acceleration lower into wave ‘iii’ of (i) as shown.

Tomorrow;
Watch for wave ‘a’ of ‘ii’ to turn higher in three waves towards 42300.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold hit that short term target at 2790 and today the market just dropped like a stone.
That move is a hint of a possible wave ‘3’ top now in place.
And if that is correct,
we should see a drop into wave ‘4’ red over the coming months,
and this will be a pretty painful move if the larger pattern is correct.
The daily chart suggests wave ‘4’ red could hit 2200 again in that scenario.
We will see in time.

Back to the short term pattern.

Tomorrow;
The top at wave ‘3’ must now hold obviously.
The more progress lower that happens in the next few days,
then more likely this pattern is correct.

Wave ‘i’ should complete and then watch for wave ‘ii’ to correct higher and complete near 2760.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The rally off that wave [i] low has already reached the 62% retracement level of wave [i] here.
So I am open to the idea that wave [ii] is already done at this high.

There is also the idea that wave ‘2’ blue is still in play,
A break above 72.28 again will trigger that count.

We will see soon enough which counts fits best.

Tomorrow;
Watch for wave (b) of [ii] to turn lower in three waves and hit the 68.00 level again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The pattern in the S&P is just not as clear cut off the top.
Todays move does give a boost to the idea of an impulsive decline building here into wave ‘i’.
But so far we only have three waves down here.
the price broke through the lower channel line this afternoon.
and now the test comes.

If this move breaks the corrective low of wave ‘iv’ at 5678,
then we have a chance at an bigger pattern building to the downside.
But I will remain cautious here,
because this move can still be viewed as corrective at the moment.

Tomorrow;
Watch for this drop to continue and break below the wave ‘iv’ low at 5678 at a minimum.
From there we will work towards a solid five wave pattern down off the top.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am going to allow for another high in wave ‘5’ of ‘iii’ even after todays large drop.
The price has not broken the wave ‘1’ high as I write tonight.
If we see a break of 32.00 again then we could have a bigger reversal on our hands,
tomorrows trade will be the test.
A rally out of the low of wave ‘4’ will confirm wave ‘5’ is underway.
And a break below 32.00 will force me to change pattern.

So this is an important point in the pattern.

Tomorrow;
Watch for wave ‘4’ of ‘iii’ to hold above 32.17.
Wave ‘5’ should rally out to 35.00 again if this count holds.