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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A decline today in EURUSD favors the idea that wave (iv) has now topped out at 1.0597.
The high of wave (iv) topped just below the previous wave ‘iv’ high at 1.0609.
This is close enough to the typical target area for a fourth wave to consider that correction complete.

So now we must look lower into wave (v) blue.
I am looking for wave ‘i’ of (v) to break the wave ‘b’ low at 1.0424,
with an impulsive patter off the top of wave (iv).
So far the action fits this idea.
And I will be looking for a significant lower high to build at wave ‘ii’ by midweek this week.

Tomorrow;
Watch for wave ‘i’ down to break 1.0424 and then wave ‘ii’ should correct higher.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A similar story in cable is developing today with the action suggesting that wave (iv) blue is done,
and wave (v) down is now underway.

the price has dropped again this session into wave ‘i’ of (v).
and I am now tracking a possible five wave pattern in wave ‘i’ pink as shown.
Todays step lower is labelled wave ‘3’ of ‘i’ and we should see five waves down complete in wave ‘i’ pretty soon.

Cable should trace out a lower high in wave ‘ii’ by midweek also.
and then wave ‘iii’ will continue the downside later on in the week.

Tomorrow;
watch for wave ‘i’ pink to complete five waves down near the wave ‘b’ low at 1.2524.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is close to closing out wave (iii) down now,
with a five wave pattern in place for wave ‘v’ of (iii) at the session lows.

I am looking for a turn higher in a corrective pattern in wave (iv) to begin very soon,
and the initial target for wave (iv) lies at 151.96 at the previous wave ‘iv’ high.

the larger wave [i] green is still underway here with another step lower needed to complete its pattern.
And once we have that wave in place,
then we should see a larger bounce into wave [ii] green.

Tomorrow;
Watch for a turn higher to begin in wave ‘a’ of (iv).
A break of 150.00 again will signal that wave (iv) has begun.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A very quiet day in the markets sets the stage for a possible topping pattern again this week.
Wave ‘c’ of (v) is drawing very near to a top now.
And the internal momentum of the rally in wave ‘c’ is almost dead at this point which indicates an end is close for this pattern.
It is hard to judge the action today as a turn off the top to complete wave ‘5’ of ‘c’,
so I am allowing for another pop tomorrow to complete wave ‘5’ and then I we will see if this pattern will complete.

Tomorrow;
A end to this three wave rally in wave [v] green is close at hand.
Watch for wave ‘c’ of (v) to complete and then turn lower again into a new impulsive wave down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is still holding below the wave ‘ii’ lower high created on Friday at 2666.
The pattern suggests that wave ‘iii’ of (c) is now underway here.
A break below 2600 again will confirm this idea.

I am expecting wave ‘iii’ to break 2537 again before correcting sideways later this week.

Tomorrow;
Watch for wave ‘ii’ to continue to hold at 2666.
Wave ‘iii’ down must now continue lower towards that wave ‘a’ low at 2537 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The price has traced out three waves down off that wave (ii) corrective high so far.
I want the price to continue lower in five waves as shown.
And a break of 66.50 again will confirm the pattern in wave (iii) is underway.
for the moment,
wave (iii) is possible but undecided.
So I need more downside action to confirm the pattern.

Tomorrow;
watch for wave ‘iii’ of (iii) to drop below 66.50 again to confirm the larger pattern in wave [i] down.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is sleepwalking higher today showing the same very weak momentum signs overall.
The rally in wave (v) has lost power in a big way over the last few days,
which is consistent with a late stage pattern.

Tomorrow;
I have not changed the pattern at all tonight.
the top of wave ‘v’ is within spitting distance now,
so there is very reason to believe that we will see a solid decline off the top of wave (v) this week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am still open to a rally above 31.53 in wave ‘c’ of (ii) after todays action.
But,
I have shown a different interpretation for the wave (i) pattern into the lows at 29.65.
The rally off that low is now labelled wave ‘a’,
wave ‘b’ is complete at todays lows,
and wave ‘c’ will come over the next few sessions to complete wave (ii) between 31.53 and 32.26 at the 50% retracement level.

Tomorrow;
Watch for three waves up to complete by midweek and then I will look lower into wave (iii) for the second half of the week.