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Good evening to all you fine people.

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EURUSD.

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EURUSD 1hr.

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The shallow and labored action today is interesting,
it suggests that todays decline is a small correction lower within wave ‘ii’ pink.
if this is correct,
then wave ‘ii’ pink is an expanded flat correction,
and todays drop should be followed by a rally to complete the correction.

the alternate count is very close to being ruled out by todays drop.
If 1.1000 is broken that should favor the bearish count.

Tomorrow;
The high at 1.1093 should act as resistance now.
and wave ‘ii’ should complete below that level.

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GBPUSD

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GBPUSD 1hr.

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The price fell in three waves today off Mondays high at 1.2896.
This action fits the idea of a correction in wave ‘ii’ pink as shown.
But we are very close to the previous low at 1.2762 now,
that level must hold for the short term count to remain valid.

Tomorrow;
So far the price has risen again off todays lows.
Watch for that rise to continue tomorrow and break 1.2896 at wave ‘i’ to signal wave ‘iii’ of (v) has begun.
The price should continue to use the rising trend line as support.

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USDJPY.

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USDJPY 1hr.

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The pattern in USDJPY is complex to say the least.
But I have shown a possible wave count to explain the recent short term action.

The decline off the high is unclear,
but it could be a leading diagonal wave (a) of [a].
This count suggests a three wave decline for the larger wave ‘A’.
Initial support lies at 108.63,
so if that level breaks tomorrow,
we can be a more confident that the top is in for wave (D).

Tomorrow;
It is possible that wave (b) will trace out a larger three wave sideways pattern before dropping into wave (c),
So watch for a top to form in wave (b) and a drop below 108.63 to confirm wave (c).

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DOW JONES.

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DOW 1hr.

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Todays high in the DOW reached 27771,
this is mere 3 points below the top at at 27774 registered last week.
At the moment the action suggests a fourth wave correction is ongoing off the high.
And todays lower high completes wave ‘b’ of (iv).
Wave ‘c’ down should fall into the wave ‘a’ low at 27517 to complete a three wave correction.
If that action plays out as I expect,
then can look for a five wave rally to a final new high in wave (v) next week sometime.
That new high will complete a pretty clear five wave rally in wave [v] green.
And then I will be turning my attention to the downside again for another stab at the bear-market beginning!

Tomorrow;
Price is declining again this evening which may be the beginning of wave ‘c’.
Watch for wave ‘c’ to fall in five waves to hit 27517 at a minimum.

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GOLD

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GOLD 1hr.

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Although the whole market is very bearish on gold at the moment,
after the recent drop to a new three month low.

I, on the other hand,
am looking at another completed correction almost in place in wave [iv]
and I am now switching into full bull mode!

I do understand how hard it is to look up when everyone else is looking down,
it’s almost unnatural,
but I can’t help think that we are building for a huge rally once wave [iv] is done.

this evenings action brought another small spike to a new low at 1445.70.
The price has reacted off that low and risen $14 this evening.
This action is surely fitting with a turn higher into wave ‘i’ of (i).
We will see soon enough.

Tomorrow;
Watch for 1445.70 to hold and as the low of wave (c) of [iv].
Lets see if we can push back above 1460 tomorrow.

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CRUDE OIL.

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CRUDE OIL 1hr.

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Crude continued sideways today in a possible fourth wave correction.
I am concerned about one aspect of the current short term count.
That is the size of this triangle in relation to the size of wave ‘ii’ pink.
there is no reason to change the triangle count yet,
so the short term count is still pointing to a possible top at the 62% retracement level at 58.70.
As long as the low at 55.73 holds,
then wave ‘v’ of (c) is still in play.

Tomorrow;
watch for wave ‘iv’ of (c) to conclude and a break of 57.56 to confirm wave ‘v’.

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S&P 500.

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S&P 500 1hr

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I have shown a slight variation of last nights count this evening.

Todays high reached 3102.58.
The price rallied out of a completed triangle in five waves to created this new all time high.
And off that high we have a pretty sharp move lower into the close this evening.

There is nothing written in stone just yet,
but this evenings drop comes at the right time within the structure.
And this could be the beginning of a much bigger turning point.

Tomorrow;
If the top is in for wave (v) of [v] at 3102,
and wave (i) down is underway.
Then we should see an impulsive decline off the high
to break 3047 at a minimum over the coming days.

Watch for wave (i) down to continue lower in five waves from here.

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SILVER.

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SILVER 1hr

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Silver is looking more like a correction is over after every passing day.
There was a very small new low this evening at 16.64.
This could be the final low of wave ‘v’,
but I am allowing for more downside to complete wave ‘v’ until the pattern proves otherwise.

Even if there is another small drop in wave ‘v’ yet to come,
I don’t think it will last long.
Wave (c) is drawing to a close now and the next major move is to the upside in wave (i) of [v].

Tomorrow;
Watch for wave ‘v’ to find a final low soon.
A move back above 17.00 again will signal wave ‘i’ of (i) has begun.

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U.S 10YR.

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US 10YR 1hr.

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Bonds are grinding along at the lows again today.
The price seems to be stuck within a correction in wave ‘ii’ still.
And I suspect the price has another high left to complete wave ‘ii’.
The trend channel off the low at wave ‘i’ suggests wave ‘ii’ will hit a high at 128.90.
This will complete a three wave correction,
and we can look lower again into wave ‘iii’ of (iii).

Tomorrow;
watch for wave ‘iii’ to fill the trend channel at 128.90.
Wave ‘iii’ will begin with a break of 127.94.

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