As I begin writing tonight,
the election results are not in yet.
And it seems to be too close to call right now.
so who knows what will happen when this is all done later tonight or tomorrow.
It might be a case of waiting for Godot if I hang around any longer,
so I may as well get on with it!

As was to be expected the markets went haywire for a while today and that has caused some shift in the short term counts.
And has also opened another very interesting possibility for stocks.

Here it goes.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD saw some wild gyrations today and although the pattern was tested,
The idea for a wave [ii] correction is still in play tonight.

The price dropped sharply in wave (b) to a new low,
and now we see a rally again to a lower high so far in wave (c).

Wave [ii] can be complete now as a running flat with an almost 50% retracement of the wave [i] decline.
I am allowing for a larger wave (c) to break above wave (a).
But that does not have to happen.

Tomorrow;
Lets see if wave [ii] will complete with a push into 1.1780 and then turn down into wave [iii].

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is really pushing the limits of short term count this evening.
The rally cam in hard here also today,
and there is only one way to view this in the context of a (i) (ii) pattern to the downside
That is;
Todays rally formed wave ‘c’ of (ii),
and now wave (iii) must push lower for the rest of the week.

Tomorrow;
Watch for 1.3170 to hold and wave (iii) to break 1.2853 again to confirm the turn down into wave [c].

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The bullish alternate count in USDJPY has been rendered almost obsolete today.
The decline off the wave (iv) high is looking impulsive so far.
And this should continue lower to break 103.99 at a minimum.
Wave (v) of [v] is subdividing into a nice three wave pattern so far also.
This suggests one more decline in wave ‘c’ of (v) tomorrow to complete the ending diagonal pattern.

Tomorrow;
Watch for wave ‘c’ of (v) to complete with a break of 103.99.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The stock market rally today cannot be brushed aside as simply a corrective knee jerk reaction, even by me!
It could turn out that this is simply a correction in wave [ii],
but I have to take into account the alternate count for waves ‘4’ and ‘5’ blue that I have on the 4hr chart.

Wave ‘4’ alternate count be a straight flat correction into last weeks lows.
that would suggest this rally as wave [i] of ‘5’ nearing completion now,
and a correction in wave [ii] green is expected in this case.

The main count is not blown out of the water just yet though.

If we return lower tomorrow with a fresh impulsive decline in five waves,
then we are still on for an acceleration into wave [iii].

Tomorrow;
The decline off this rally is now critical.
If we decline correctively – that will trigger the alternate count.

Only a straight forward acceleration lower to break 26000 again will signal wave [iii] of ‘3’ is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have shown the larger alternate count for gold this evening on the hourly chart.
This involves an extended wave ‘B’ triangle.
And there is a good chance that wave [e] of that triangle is near to completion right now.

of course the main wave count has not been invalidated just yet either,
so I will continue working on that count for now.

The price spiked lower early in the session today,
and off the lows we see a three wave recovery to another lower high.
This action is labelled as wave ‘i’ and ‘ii’ of (iii).

Another sharp move lower to break 1859 tomorrow will signal wave ‘iii’ is underway.

Tomorrow;
Watch for wave ‘iii’ of (iii) to break 1874 first and then continue lower for the rest of the week.
The price must hold below 1915.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It has been quite a rally this week for sure,
and this will obviously call into question my call for a second wave rally here.

The price action must begin to break down into an overall three wave pattern off this evenings highs now.
In order that the integrity of the short term count remains intact.

I have shown a possible expanded flat correction now in play for wave (b).
And then a rally into wave (c) off that low to complete three waves up.
This pattern suggests a top in wave [ii] at about the 40.00 handle again.

Tomorrow;
Watch for a decline in wave ‘c’ of (b) overnight to break 37.40 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

There is a new alternate count opening up as a possibility now after this weeks action so far.

The rally today is still viewed as a three wave correction higher in wave [ii] green.
This count calls for a serious drop to begin in wave [iii] right away.
So we must see a sharp down day tomorrow for this interpretation to stay relevant now.

The new alternate count for the S&P us best viewed on the 4hr chart.
This involves a large triangle wave ‘4’ in blue.
And the triangle is drawing to a close right now.
Another drop in wave [e] will complete that pattern.

And then wave ‘5’ of (5) will be ready to rally off that wave ‘4’ base over the coming weeks.

The market really is hanging in the balance this week.
And there is a real chance that this alternate count could take over from here.

Tomorrow;
I need to see a serious down move develop tomorrow and for the rest of the wee really,
in order to stick with this bearish count.

Watch for wave (i) of [iii] to begin with a drop below 3320 again at the wave (b) low.

A break of the 3210 low again will rule out this alternate triangle.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Another triangle on the table in silver!

The price moved lower today to begin wave [d] of ‘4’.
Wave [d] should fall in three waves and complete above 22.56 at the wave [b] low.
And wave (c) of [d] seems to be underway this evening.
The price must hold below 24.49 as wave [d] completes.
And the wave [e] will form another lower high late Friday or early next week.

Tomorrow;
Watch for wave (c) of [d] to fall again into the lower trend line at about 23.00 to complete.