Good evening to one and all,

God’s Blessings to you all tonight.

Here is the midweek update from this afternoon.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is turning higher this evening in a possible wave (iii) of [i] or [a].
It is impossible to know if wave ‘A’ will trace out five waves up or three,
so this rally could easily be viewed as wave [a] of ‘A’.

I do want to see a break of 1.1690 again to signal this market has turned up into wave (E) of the triangle.
So for the moment that level is the target for this initial move higher.

Tomorrow;
Watch for wave (iii) of [i] to continue higher.
Wave (iii) should hold above 1.1562.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price seems to be moving higher today in wave (iv) of [i].
And as long as the low of wave (i) holds at 1.3709,
then this impulsive pattern lower is valid.
A break of that level will be suspicious as that will break the current wave (i) low.

Tomorrow;
Watch for wave (v) of [i] to continue lower and break 1.3600 at a minimum.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

the wave ‘ii’ low at 113.44 continues to hold today which is a good sign.
But I am not convinced by the rise into wave ‘iii’ yet.
I did expect a sjarper rally in wave ‘iii’ of (v),
but so far we have been disappointed on that front.
As long as wave ‘ii’ holds then this count will remain valid.

Tomorrow;
the key level for the short term count lies at 113.24.
If that level breaks,
then I will be looking for that larger decline into wave ‘C’ to begin.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A small spike to a new high this evening is seen as a fifth wave forming in wave (v).
As I mentioned in the video earlier,
this particular pattern is closing out now.
So in this scenario, we are at the top.

Obviously there are other counts which call for different action over the coming months,
but I want the market to rule this count out first,
before moving onto the next most valid count.

On the 4hr chart I have shown the next iteration of the wave count.
If we correct lower from these highs,
that will suggest a different wave form is developing in wave [v].

Tomorrow;
Watch for wave (v) to top out and then fall in a five wave pattern to signal a top is forming again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold did drop into that 1760 target today and now we have a completed wedge pattern in place in wave ‘c’ of (ii).
Wave (ii) is classified as an expanded flat correction now,
and if this is the case,
we should see a new impulsive pattern build off these lows soon to begin wave (iii) up.

I will reiterate that the alternate count will not be ruled out until we see a break above 1835 again.

Tomorrow;
Watch for wave (ii) to final a low and complete.
Wave (iii) up should begin with a five wave rally to into that 1813 high again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Even after todays decline I do not think we are don with this crude rally just yet.
I have altered the wave count this evening to deal with this decline as a correction.

So far the decline is a clear three wave flat correction lower.
And This can be viewed as wave ‘4’ of (5).
This count calls for five wave rally in wave ‘5’ to begin soon.
And as long as the price holds above the 70.00 level,
then I think this count is valid.

I am the first to admit that the patterns are not ideal within the wave ‘3’ rally.
but we now have clarity in this correction,
and the next logical step is for wave ‘5’ to come in by next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

As far as the FED is concerned,
there is absolutely no reason for anyone to get worried here.
the economy is purring,
and the utterly unsustainable levels of debt and spending that have been built into the system over the last 5 years do not pose any threat at all.

That is my takeaway anyway!

It seems the market has taken the bit between its teeth again this evening,
so they are drinking the coolade at least.
If this wave (v) is correct here,
then the market will soon be vomiting it all out again as the hangover starts!

on the 4hr chart we can see that the price has now hit the upper trend channel line again.
So now we have a full trend channel and a full wave count.
We will know soon enough if the pattern is ready to give up and turn down again.

Tomorrow;
Watch for wave ‘v’ to close out and then reverse before the end of this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has spiked off a completed wave (c) decline this evening.
The price just broke the 50% retracement level of wave [i],
and now it seems wave [ii] is complete.
I am now looking for a rally to begin wave [iii] up over the coming days.

Tomorrow;
Watch for wave (i) of [iii] to rally in five waves back towards 24.80 again.