Good evening Folks.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
The price is close to finishing a five wave pattern off the highs into this evenings low in EURUSD.
This will bring us one step closer to a change of trend,
And if we see a three wave rise off the wave ‘i’ low,
that will create a bearish signal off the high ready for wave ‘iii’ down to begin next week.
The alternate count views the recent action as a flat correction in wave ‘iv’ pink.
This pattern will allow for a larger rally off this low in wave ‘v’ of (c).
Tomorrow;
both counts are pointing higher in at least a second wave correction.
Watch for wave ‘ii’ to push back above 1.1100 beginning tomorrow.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
The market continued to stagnate in cable today.
The price is has not yet dropped into wave ‘iii’ down.
And because of that,
I have shown a possible alternate count on the daily chart.
This involves a larger wave ‘2’ correction as a running flat or expanded flat.
With the current rally labelled as wave [C] of ‘2’.
Wave [c] of ‘2’ should create a five wave rally off the low at 1.1956.
For the moment,
the current count remains in force.
Tomorrow;
watch for wave ‘iii’ of (i) to begin with a break of 1.2786.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY has corrected off the high so far today in wave (iv) of [v] of ‘C’.
the low of the session so far has reached 108.81.
This level should now hold,
And wave (v) of [v] is expected to begin tomorrow.
I would like to see a break of 109.28 to complete the rally.
and then I will look lower again into wave ‘A’ down.
Tomorrow;
Watch for wave (v) to begin off the 108.81 low.
wave (v) should complete at or below 109.92.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
Wave ‘iv’ pink completed at todays low of 27406.
The correction is a clear three wave pattern into todays lows
and the price has rebounded off that level again this evening.
Wave ‘v’ of (v) will be confirmed with a break of 27560.
And the current target for wave (v) grey lies at about 27650.
Tomorrow;
watch for todays low to hold and a final rally into the target to begin.
Once that target area is hit,
I will look lower again for a five wave decline to begin.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
The action in gold over the last few months has been frustrating to say the least.
This seems to be the main objective of a correction in general.
So by that measure,
wave [iv] should be done!
The price has recovered today off the low at 1479,
the rise seems to be in three waves so far.
So I will have to wait and see how this develops tomorrow.
A break of 1520 again will signal the triangle in wave [iv] has completed and wave [v] has begun.
Tomorrow;
1474 is the level to watch from here.
this level must hold for this version of the triangle to remain valid.
A break of that level will mean that wave (ii) has completed as per the alternate count.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
The price pushed up into the Fibonacci resistance zone between the 50% and 62% retracement levels.
And despite that new high today in at 57.84,
the market could not hold that level for a minute!
Crude immediately sold off in a sharp move lower.
the price is now back down below the 57.00 level again.
I have labelled this decline as wave ‘i’ of (i).
And this decline should continue for the next few sessions
with wave (i) expected to break support at 53.74 before completing.
Tomorrow;
watch for wave ‘i’ to complete and wave ‘ii’ to correct higher in three waves.
Wave ‘ii’ should complete below 57.86.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
Both indeces are marching in lockstep at the moment.
The drop off Tuesdays high is in three waves so far.
the price has filled a trend channel into the sessions low.
And now the price is rising again as I write this evening.
If wave ‘iv’ is now complete,
then wave ‘v’ should carry higher and break 3087 again tomorrow.
I expect wave ‘v’ of (v) should complete in the area of 3100.
Tomorrow;
Watch for wave ‘v’ of (v) to rally one last time into the target area.
Wave (i) down will be confirmed with a break of 3000 again.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Wave (c) should now be complete at this mornings low of 17.38.
Wave ‘c’ of (c) traced out a clear five wave pattern,
and the price has rallied off that low again to begin wave (d) of [iv].
Wave (d) should continue higher in three waves over the coming days and complete below 18.31.
Tomorrow;
watch for wave (c) to hold at 17.38.
Wave ‘a’ of (d) should hit 18.00 again by Fridays close.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Bonds rallied off Tuesdays lows today to begin wave ‘ii’ of (iii).
The alternate count allows for a bigger rally in wave ‘c’ of (ii).
Both counts are calling for a rally to continue for tomorrow at least,
So wave ‘ii’ is likely to hit about 130.00 before dropping into wave ‘iii’ of (iii).
The wave ‘i’ low came in at 128.84,
so the next time the price breaks that level again,
it will signal that wave (iii) down is underway.
Tomorrow;
watch for wave ‘ii’ to complete a three wave rally at about 130.00 before heading lower into wave ‘iii’ down.