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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

the correction in wave ‘4’ moved higher but remains within the the trend channel.
The overall pattern in wave ‘iii’ pink remains intact,
and I still expect wave ‘5’ of ‘iii’ to turn lower again to complete the standard five waves down overall.
And ideally a break of the 1.0400 level will complete wave ‘iii’.

Tomorrow;
Watch for wave ‘4’ to hold below 1.0680.
And then return lower in wave ‘5’ into support at 1.0400.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable turned higher today and the expanded flat correction in wave ‘iv’ is holding.
Wave ‘c’ of ‘iv’ is expected to hit the wave ‘a’ higher at 1.2721 as the minimum target.
That should bring to a close the correction in wave ‘iv’,
and then we can look lower again into wave ‘v’ of (iii).

Tomorrow;
watch for wave ‘c’ of ‘iv’ to hit 1.2721 to complete an expanded flat correction.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has created a lower high today and I have labelled that as wave ‘ii’ of (i).
The pattern suggests wave (i) will continue lower in a five wave pattern to break 152.00.
If that happens,
it will give a boost to the idea of a larger reversal building here into wave ‘C’.

A decline in wave ‘C’ red will trace out five waves down with a target in the area of 136.00 or so.
Wave ‘C’ will complete three waves down in wave (A) blue as shown on the daily chart.
So there is a whole lot of work ahead of us here if this pattern is correct.

Tomorrow;
Watch for wave (i) down to fall back in five waves this week with a target at the support of wave (iv) at 152.00.
Wave ‘iii’ of ‘iii’ of (i) to turn lower again tomorrow to confirm the short term pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The dow continues to hold in that trend channel and at the wave (iii) high.
The market has retraced just below the 50% Fib level of wave (v),
so if this is a correction,
then the market will rally off this area towards a new high.
as I mentioned last week,
the only level of interest on the downside is at wave (iv),
so the market must completely retrace the wave (v) rally in order to give hope of a larger reversal building.

Tomorrow;
we still only have three waves down here and that is just not enough to perk my interest yet.
another step lower to create five waves down and a break of support is the key.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave ‘a’ of (b) has traced out three waves up into this evenings highs.
The this is perfect pattern for wave ‘a’,
so I am now looking for a corrective move sideways into wave ‘b’ as shown.
This should build a higher low at about 2570 if all goes well over the next few sessions,
and then wave ‘a’ will turn higher again later in the week.
There is enough time this week to complete wave (b).
And from there we can look lower again into wave (c).

Tomorrow;
Watch for wave (b) to trace out three waves up towards the 2650 level for the rest of this week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude pushed sharply higher today and now we have a three wave pattern in place off wave [i].
The pattern in wave [ii] is an expanded flat correction as expected,
and the rally today completes wave (c) of [ii].

The high of the session this evening has reached the minimum target for wave [ii],
and even if there is a little more to go here,
I am now switching focus to wave [iii] down to begin this week.

Tomorrow;
Watch for wave (c) of [ii] to top out close to 70.00 and then wave (i) of [iii] should turn lower again and fall back towards 67.00 in five waves.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action today seems to have traced out three waves up in a channel so far.
If this is correct,
then we have a correction higher in place off Fridays lows,
and the market should turn lower again towards support at wave (iv).

Tomorrow;
Lets see if the market confirms a correction higher today by turning lower again.
So far we have three waves down off the high,
A five wave decline into support will increase the probability that a top has formed off wave (B).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver turned higher today again and this rally is viewed as wave ‘c’ of (ii).
The price has traced out three waves up off the lows of wave (i).
and I am looking for a top to form in wave (ii) at or below 32.26.
This level marks the 50% retracement level of wave (i).
And from there wave (iii) down should begin later this week.

Tomorrow;
Watch for wave ‘c’ of (ii) to complete soon near the target level.
Then I will look for wave ‘i’ of (iii) to turn lower again.