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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has made an attempt to move up out of the recent ranging correction today.
the move is a reasonable start to wave (c),
so at least this is a hint that wave (c) is now in force.
but the rally failed to break up above the wave (a) high at 1.1382.
And we need to see a break of that level to confirm wave (c).

Tomorrow;
Watch for that confirmation of wave (c) to come with a break above the wave (a) high at 1.1382.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable hit that initial target level for wave (a) today by just pipping above 1.3371.
In an ideal world wave ‘c’ would push out above the level again to complete a clear five wave pattern.
A drop back below the wave ‘a’ high at 1.3276 again will signal wave (b) is underway.

Tomorrow;
Its not an absolute necessity but, watch for wave (a) to complete with another pop above 1.3371,
and then a decline into wave (B) should begin.
Wave (b) should create a higher low next week as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY Has dropped off the high of wave [ii] and I view this drop as wave ‘i’ of (i).
This action is not confirmation that wave (i) is underway,
But it is a good hint in that direction.

I want to see a five wave pattern lower as usual now and a break of the wave (b) low at 113.20 to signal wave (i) is in play.

tomorrow;
Watch for wave ‘ii’ to create a lower high below 114.27.
Wave ‘iii’ down should break 113.20.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another challenge of the weekly high today,
and that is enough to rule out the decline on as wave ‘iv’.
the top today now takes the wave ‘v’ label,
and with a bit of luck,
todays decline will break below the 35380 low to signal a possible wave ‘i’ decline as shown.

Obviously the longer the market hangs onto these highs,
then it is more likely that a break to a new high will be made and I will have to swallow my pride again!

Tomorrow;
Lets see if wave (i) will make another attempt at a five wave decline tomorrow.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold broke out above the previous wave [b] triangle pattern today and ruled that idea out.
I have now shown another interpretation of wave [b] as an expanded flat.
I dont think todays action changed anything regarding the target for wave [c] of ‘C’ at 1700.
The decline into wave ‘C’ needs three waves down,
and that requires another decline as shown.

Tomorrow;
If this is an expanded flat wave [b],
then wave (c) of [b] has already reached its minimum expected target with a break of the wave (a) high at 1793.

Watch for wave [c] to turn lower again tomorrow.
A break of 1750 is the minimum target for wave [c].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Todays action has caused me to rethink the pattern for wave ‘B’.
The rally off this weeks low is more impulsive looking,
and with that it is possible that wave ‘B’ is done at the low of 69.22.
Todays spike higher is now labelled wave [i] of ‘C’.
and wave ‘C’ should continue higher next week.
I am looking at the 79.00 area to complete three waves up in wave ‘C’.

Tomorrow;
Watch for wave [ii] of ‘c’ to hold above the wave ‘B’ low at 69.22.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Well todays new high actually ties up the pattern a little nicer than before!
Now I am not working with a failed fifth wave in wave ‘v’ pink.
and the decline this evening is quite impulsive looking again,
so the chances are that wave ‘v’ is now done and this reversal has a good chance of extending lower in another impulsive manner.

Tomorrow;
I am watching for this decline to drop below 4606 again at the wave ‘4’ low to open up the possibility for more downside next week.
The main level to watch for next week lies at the wave ‘iv’ low of 4494.
A break of that level will increase the probability that a reversal is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has pushed up into initial resistance at 22.40 again today.
This is a positive move,
however it does not guarantee that wave (i) has begun yet.
I want to see five waves to complete near 24.00 again and then a solid higher low in wave (ii) next week.
This will give a welcome boost to the bullish pattern.
It is still critical that the low at 21.40 hold from now on.