Good evening to you all, and may the Lord bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well we are not there yet for this reversal higher!
That nice spike higher yesterday has been corrected today again.
This market does not want to leave that 1.13 handle at all.

So far the decline today has only created another higher low above wave (b).
So I can call this wave ‘i’ and ‘ii’ of (c).
Another rally tomorrow will confirm wave ‘iii’ of (c) is underway.

Tomorrow;
Watch for wave ‘ii’ to hold above 1.1230.
Wave ‘iii’ will be confirmed with a break of 1.1380.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

It is taking so long for these cross rates to turn higher again that I am beginning to think that the next rally will be larger than anticipated.
at the moment 1.3500 is where I am looking.
But this level of oversold indicators might just force a larger snap rally when it does happen.

As for the hourly count.
There is no change here yet as the price is still holding above the recent low at 1.3161.
As long as that level holds I can look higher into a possible wave (a) up as shown.

Tomorrow;
I would like to see a break of 1.3262 at the wave ‘iv’ high to signal wave (a) has begun.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

At least USDJPY is making an effort at turning the tide today.
The price has now created a small lower high below wave [ii] at 113.95.
That level now becomes key to the beginning of wave (i) down.

I have labelled todays decline as waves ‘i’ and ‘ii’.
Wave ‘iii’ of (i) should fall into 112.50 again to confirm that the market has turned into wave [iii] down.

Tomorrow;
watch for wave [ii] to hold at 113.95.
Wave ‘iii’ down must continue lower into support as shown.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Of course many people think I am a fool for even suggesting that the stock market can top out here.
I will admit that the strength of the rally this week is impressive for sure.
But that does not negate reality at all.
The stock market is so foolishly overvalued and over trusted,
and the economy is so hyper-leveraged now,
that I cant see anything but a long hard road into oblivion dead ahead.

Market valuations are viewed with a type of reverence that can best be described as a religious now,
DO NOT QUESTION the faith in the all powerful STOCK MARKET!

This ‘faith’ in digits will be destroyed soon enough for sure.

Tomorrow;
Wave [ii] is now targeting the 78.6% retracement level.
If the market fails below this level and declines impulsively again,
that will be a good sign that wave (i) of [iii] has begun.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have switched to the alternate count in gold tonight.
The sideways action has gone on to log to view this as anything other than a triangle.
This count involves a triangle wave [b] which is close to done this evening.
And this should lead to a decline into wave [c] over the coming week as shown.

Tomorrow;
Watch for wave (e) of [b] to complete below 1793.
A break of 1762 again will signal wave [c] is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A small drop today in crude which is inline with the short term count,
but this is a start,
but not big enough yet to confirm wave ‘5’ has begun.

The key low for wave ‘5’ lies at the wave [b] low at 65.50.
A break of that level will be a good signal that the larger fifth wave has started.

Tomorrow;
For the moment I want to see the high at wave ‘4’ hold at 73.14.
Wave [i] and [ii] should create a bearish lower high below that level now.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A consolidation today suggests a small fourth wave correction in the works now.
wave ‘4’ should not drop impulsively from this point,
so I would like to see this correction end early tomorrow and then a rally begin again into wave ‘5’ of ‘v’.
The minimum target for wave ‘5’ lies at the previous high,
a simple break of that level will be enough to complete the pattern.
We will see after that if the market will push into that upper trend channel line at near 4800.

Tomorrow;
It is possible that wave ‘v’ can complete tomorrow if all we see is a small break to a new high before turning lower in an impulsive decline again.

Watch for wave ‘4’ to close out soon with a drop into the lower trend line near 4655 or so.
Then a spike higher off that low will signal wave ‘v’ up is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is really pushing the bounds of this count in wave [ii] now.
The price broke the initial support at 22.02 today and now the next level to watch is that low at 21.40.
A break of that level will rule out the bullish pattern completely.
And then I will be looking at the alternate count for wave [2] with a target down near 18.00 again.

Tomorrow;
Watch for wave ‘v’ of (c) of [ii] to stop above 21.40.
That is level must hold to stick with any bullish count in the short term.