Shalom my friends and God’s Blessings to one and all tonight.

This week has the real potential to be wild!

So I am aware that what I say tonight may well be ruined on the alter of speculation and major volatility.

So with that caveat in place,

Here we go!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We are hanging onto the lows of the session this evening after a quiet trade.
and It looks like we will have to wait another day for wave [ii] to begin.

I spoke about the different scenarios for wave ‘C’ blue on the weekend video.
And at the moment I am going with the larger extension idea.
This simply means the decline off wave ‘B’ is only wave [i] of ‘C’,
rather than wave [iii] of ‘C’ as I showed previously.

Tomorrow;
Its going to be hard to track the action over the next few days as the election will cause a knee jerk reaction in all markets I reckon.

If wave [ii] is coming our way this week,
then we can expect a three wave correction into about 1.1750.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at the possibility of a leading diagonal off the top of wave [b] today.
The overlapping pattern does not fit any other impulsive formation that I can see tonight.
If wave [i] is close to complete now,
then we can expect a further lower high in wave (ii) over the coming days,
before wave (iii) takes us down below 1.2600 later in the week.

Tomorrow;
Watch for wave (ii) to hold below 1.3170 at the upper end.
I suspect the previous wave ‘ii’ pink should offer resistance to any corrective rally.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Even though the pattern off the lows at wave (v) of [v] is in no way a perfect impulse wave.
I cant help but allow this pattern to develop a little further to allow it a chance to breath!

I will look much more favorably on this pattern if we get an acceleration above 105.05 again in a possible wave ‘iii’ of (i).

Tomorrow;
So far all we have is a three wave pattern higher off the low at 103.99.
Lets see if we can break above 105.05 as the first test of this rally.

I will not be turning bullish again until we get a five wave pattern higher in wave (i).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

It is hard to know if we have a full wave [ii] retracement in place at todays highs,
or if we have only wave (a) of [ii] done at todays high.

At this point it is a 50/50 toss up between these patterns,
and I will just have to wait and see if a larger three wave correction plays out over the coming few days.

As I mentioned earlier,
this week has the potential to go completely haywire in either direction!
I suspect a landslide victory in favor of President Trump.
will turn the algo’s up to 11 as they say,
and we could get another burst of speculation out above the recent decline.

I don’t mean this in terms of a the expectation for more deficit spending and its affect on the market.
Lets face it,
both candidates will spend until the cows come home no matter what!
I just mean the continuation of the status quo may be just the ticket for that alternate count.
We will see.

I still maintain though that this market in general is on a knife edge in terms of the larger pattern.
We still have a major decline waiting ahead of us in either wave [C] of ‘iv’.
Or a major decline in wave [A] of ‘iv’ if we get that new I mentioned.

There is no way out of the crash scenario in my book.
Only a slight variation on how we get there.

Tomorrow;
We should know by the end of tomorrow’s trade how this alternate count plays out.
A sharp move down below 26000 will rule out this alternate count I think.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is no change in my mind tonight regarding the outlook for gold.
I am still expecting a large third wave to bring us down below 1800 over the next week.

The rally off the recent low is still a corrective looking pattern within the larger downtrend in wave [iii].
I have changed the short term count tonight to show this correction higher as wave (ii) of [iii].
And this count calls for a sharp move lower this week in wave (iii) of [iii].

Tomorrow;
Watch for wave (ii) to complete very soon.
The price has hit this shelf line of resistance in the 1900 area.
And the action is looking weak to say the least.

Watch for a decline back below 1860 again to confirm wave (iii) of [iii].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has put in a strong day today and I have labelled this rally as wave (a) of [ii] now.
The rally in wave (a) today has retraced into the 38% fib level so far,
this suggests wave [ii] will retrace into at least the 50% level at about 37.80 in three waves.
The 62% retracement of wave [i] will carry us up to the 38.75 area again.
So there is a target band for wave [ii] between 37.80 and 38.75 now.
Once wave [ii] completes later this week,
we should see a sharp fall again into wave [iii].

Tomorrow;
Watch for wave (a) to complete overnight and wave (b) to fall back to a higher low above 33.80.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am stuck between a rock and a hard place in the S&P tonight.
The price action today is corrective in nature so far,
And the price has again dropped into the close.
So the option of a further decline in wave (v) of [iii] is very much on the table.

The alternate count is similar to the main count in the Dow this evening.
But I am not a convinced of this pattern in the S&P yet.
The internal subdivisions off the high are favoring one more low to complete this pattern.

So we are in a type of limbo at the moment regarding the short term pattern.

Do we fall rapidly from here and confirm wave [iii] down as the main count,
or do we create a larger three wave correction higher and trigger the alternate count.

Tomorrow;
Watch for todays high to hold and wave (v) down to push back below 3200 at a minimum.
This action would rule out the short term alternate.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Todays push to another slight new high has opened up another possibility for wave ‘5’ of (C).
this involves an ending diagonal wedge pattern in wave ‘5’.

As you can see the overlap that happened today has ruled out a straight five wave decline in wave [iii].
And now we can identify a series of three wave patterns off wave ‘4’,
and a narrowing price range,
all of which point to an ending diagonal.

The alternate count shown on the 1hr chart involves a triangle wave ‘4’ still churning away.
This pattern calls for another week of sideways action before falling again into wave ‘5’.

Tomorrow;
Watch for wave [v] of ‘5’ to fall once again in three waves to for a new low below 21.64 this week.