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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A sharp move lower today put an end to any further rise into wave (ii).
wave (ii) only managed a 38% retracement of wave (i) at the highs,
and now we have a good signal that wave (iii) has begun.

Todays drop off is labelled as wave ‘i’ of (iii),
wave ‘ii’ is underway.
The pattern calls for further declines into wave ‘iii’ of (iii) beginning soon,
possibly by Fridays even.

Tomorrow;
Watch for wave ‘ii’ to complete a lower high as shown and wave ‘iii’ should be ready to begin on Friday.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern had a similar reversal in cable today which cut short the correction in wave (ii) blue.
That correction topped out just above the previous wave ‘iv’ high yesterday,
and then a sharp drop off today begin wave ‘i’ of (iii).

Wave (iii) is now underway and should trace out five waves down.
the action this afternoon has moved along into wave ‘ii’ quite well,
and that correction should be over tomorrow.
Wave ‘iii’ of (iii) will then be set for further declines into next week.

Tomorrow;
Watch for wave ‘ii’ of (iii) to complete a lower high and near 1.2950,
and then the price should turn down into wave ‘iii’ of (iii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is another market where the correction got cut short today.
The pair rallied out above the wave (iii) high at 153.88,
and that begins wave (v) up.
Wave ‘i’ of (v) is complete at the early highs,
and wave ‘ii’ is now underway.
I think this is an expanded flat wave ‘ii’,
with that choppy action marking wave ‘b’ of ‘ii’.
Wave ‘c’ of ‘ii’ is expected to drop into a higher low above 151.28 tomorrow.
And then wave ‘iii’ of (v) can begin from there.

Tomorrow;
Watch for a higher low to build in wave ‘ii’ as shown.
151.28 must hold.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well that didn’t come outta nowhere,
but it definitely had a big impact!

Lets start on the 4hr chart first tonight to put this move into context.

the price rallied hard today but the action is still within the rising wedge pattern on the 4hr chart.
In fact,
the market has just tagged the upper trend line tonight which may even have completed this new pattern for wave [v].

The day is now done and the knee jerk reactions should be over with.
The pattern in play here is still a big wave (B) top.
and that has not changed one bit.
It will be interesting to see a reaction off that upper trend line at the current highs.

Tomorrow;
Lets see if the market will settle down and reverse after a wild reactive days trade.
A sharp drop will be very interesting in that scenario.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold jumped ahead in its pattern also today.
the price sold off pretty well throughout the session.
And I am taking this action as a signal that wave (i) or (a) down is now underway.

So far we have three waves down in place at todays lows.
I have labelled this as wave ‘iii’ of (i),
with wave ‘iv’ and ‘v’ left to complete the initial move into the larger pattern.

The first major support here lies at 2600 at wave (iv) blue.
A break of that level will give this count a boost.

Tomorrow;
Watch for wave (i) down to trace out five waves down overall.
this will require two more steps down as shown.
Wave ‘5’ of ‘iii’ should drop again tomorrow as shown.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Another choppy trade today has postponed the wave [i] decline that I was suggesting.
but I don’t think the overall pattern has changed for wave ‘2’ and ‘3’ down.

Wave ‘3’ down will take another few days to restart I suspect.
but so far the action suggests wave ‘2’ is holding a the highs of the week,
and if we see another drop into the 69.00 level again that will signal wave [i] of ‘3’ has begun.

Tomorrow;
Watch for wave ‘2’ to close out and the price to drop back into the range of wave ‘2’.
A break of 69.00 again will signal wave [i] of ‘3’ is underway again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

My fears confirmed today,
and the pattern drops back to the alternate count on the 4hr chart.

I am showing a straight forward five wave rally overall for wave [v] green.
todays rally takes the wave (v) label.
the pattern in wave (v) blue is very tight and difficult to break out into five waves yet.
but we have a new high today and the price has broken above one upper channel line as shown.
the smaller channel is allowing some more upside before the market hits that channel line.
So we will see how this pattern closes out pretty quickly I think.

Tomorrow;
Watch for wave (v) blue to complete wave [v] green near that upper channel line.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The bullish count shown on the hourly chart is so very close to breaking now after a sharp drop into support.
the wave ‘ii’ level lies at 30.11,
and if that level is broken,
then we will be looking at a much different pattern developing here.

I want to draw your attention to that alternate count on the 4hr chart again tonight.
you can see a five wave pattern complete in wave [v] green at the upper trend line high.
And from there we now have a possible five wave pattern lower into todays lows.

This is the pattern that I am worried about.
the daily chart shows how the alternate count will develop from here if this decline is proved as impulsive.
A break of the wave [iv] low is the confirmation level at 26.42.

Tomorrow;
Watch for wave ‘ii’ to hold at 30.11.
A break of that level will signal that a bigger change is happening here.