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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price is not accelerating into wave ‘iii’ as you might expect today,
so I am keeping a close eye on this count for a possible invalidation.

A small three wave correction topped out early today.
This is labelled wave ‘2’ of ‘iii’,
if this count is correct,
then wave ‘3’ of ‘iii’ must continue lower as shown.

I have marked the wave ‘2’ high at 1.0651 as a short term invalidation level.
A break of that level will push this count back into wave ‘2’ again.

Tomorrow;
If the price continues lower as shown,
that will confirm wave ‘3’ of ‘iii’ is underway.
Wave ‘2’ must hold at 1.0651.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

We have a possible five wave pattern in place for wave ‘iii’ at todays lows.
I was hoping for a little more downside in wave ‘iii’ pink to be honest,
but I will let the price action call the shots to see where we stand.

Wave ‘iv’ will turn higher in a corrective manner over the next few days if this count is correct,
and then wave ‘v’ can extend the pattern in wave (iii) early next week.
Lets see how it plays out.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to hit a low early in the session and then a correction into wave ‘iv’ will begin.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Another step higher in USDJPY today and that should begin wave ‘3’ of ‘iii’ of (v).
the rally in wave ‘iii’ should reach up towards the 158.00 area ideally.
So I want that wave ‘2’ low to hold and wave ‘3’ up to continue higher to confirm this pattern tomorrow.

Tomorrow;
Watch for wave ‘iii’ to make further progress higher for the rest of this week.
wave ‘3’ of ‘iii’ is expected to hit 157.00 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW fell back into the trend channel and is holding under the channel line this evening.
It is a long way down to 41650 at the wave (iv) low.
I’m sure you are sick of me saying here that I cant read anything into the moves,
until the market actually retraces below the nearest support.
And the recent rally was so vertical,
that it will take a large drop to break wave (iv) in order to wake up some potential to the downside again.

Tomorrow;
euphoria does seem to be wearing off in the stock market now,
so there is a chance for reversal patter to build again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is not getting a break from the declines this week.
The price has now broken back below the October lows again this evening with sharp drop below 2600 again.
That is a solid take out of the wave (iv) lows which adds weight to the current wave count for sure.

The next lower support lies at 2484 at the previous wave (i) high.
I was marking that area for a potential low of wave [a] in green.
We are getting quite close to that level already.
So I may have to rethink the larger wave count if we hit that level without any attempt at a corrective rally.

For the moment I can stick with the main pattern for wave (a) of [a].

Tomorrow;
Watch for wave ‘v’ of (a) to find a low soon.
A push back above 2600 again will signal wave ‘a’ of (b) is in play.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We have a potential low in place for wave [i] green after todays early spike below 67.00 again.
Five waves down off that wave ‘2’ top is a strong signal that wave ‘3’ is in fact underway now.

The price did rebound off that support low at 66.60.
And I have labelled that wave (a) of [ii].
We should see a three wave rally towards 70.00 again which marks an approximate 50% retracement of wave [i].

Tomorrow;
watch for the price to complete a higher low at wave (b) by the end of this weeks trade on Friday.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is lingering just below the top again today which suggests wave ‘iv’ is still in play here.
So we have a possible triangle which will extend sideways for another day,
before hitting a new high in wave ‘v’ of (v) either Friday or early next week.

Tomorrow;
Watch for a tighter trade to complete the triangle and then a pop above the trend channel line to complete the pattern.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is making another attempt to break the 30.11 level again today in wave ‘v’.
if this happens it will give a boost to the idea that wave (i) down is correct here,
and then we can look for a correction higher into wave (ii) early next week.

this pattern is hanging in the balance here until we get a clear break of initial support at 30.11.
So lets give this another day before thinking about a rally again even in wave (ii).

Tomorrow;
initial support lies at 30.11,
and the next lower support lies at 27.67 at wave (ii).
If the first breaks,
then we may even see a challenge of the lower level.

Lets see if this count will be confirmed with a break of 30.11 first.