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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am sticking with the main count for EURUSD in wave (iv) blue tonight.
the main reason behind this idea is this;
even after the sharp drop off last night,
we have a plain three wave move lower into the wave ‘b’ lows.
I am not certain that wave ‘b’ has completed yet,
but I am still expecting a rally in wave ‘c’ of (iv) next week.

Tomorrow;
Lets see if the price can hold the small higher low and turn higher again to begin wave ‘c’ up.
A break above 1.0450 again will signal wave ‘c’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern in cable is developing rapidly this week and it is hard to keep up with it to be honest.
I am now looking at a possible ending diagonal pattern in wave (v) blue.
this seems to be the best fit pattern for the overlapping action off the wave (iv) high.
This pattern involves a series of five waves lower as usual,
but each internal wave breaks into three as shown.

We have a three wave move lower in wave ‘iii’ at todays lows,
and the price has reached support at the wave (iii) lows this evening.
I suspect we will see a correction higher in wave ‘iv’ starting tomorrow and then wave ‘v’ early next week.

Tomorrow;
watch for wave ‘iii’ to complete and then turn higher into wave ‘iv’ as shown.
the wave ‘i’ low at 1.26 will act as resistance for wave ‘iv’.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The action today has forced me to switch to the alternate count for wave (5) of [3] as shown on the daily chart.

The recent low at 139.52 is now labelled wave ‘2’ of (5).
And the price is now rallying in wave ‘3’ of (5).
this rally should continue into the new year at least if proven correct.

The 4hr chart shows the initial rally off the wave ‘2’ low as wave [i] and [ii] of ‘3’.
Wave [iii] of ‘3’ is now underway.
And this weeks rally is labelled as wave (i) of [iii] of ‘3’.
So there is potential for a longer run higher here in this scenario.

Tomorrow;
the hourly chart shows a possible five wave pattern into todays highs.
this should complete wave (i) of [iii],
and we should see a correction into wave (ii) as shown.

Watch for wave (ii) to begin with a drop below 155.00 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Ok,
I am giving it a go tonight!
A possible wave count off the top with an ongoing impulsive form.

the initial move lower off the top was very tight and difficult to label with certainty I will admit.
But,
the acceleration that happened last night can be viewed as a third wave down within wave (i).
This move did slice down through initial support at the previous wave ‘b’.
I did mention that I would treat the decline as an impulsive one if we saw that exact action.

If this is wave (i) down now developing.
then we should see a five wave pattern off the top.
And I suspect wave (i) will reach the next support at 41590 where wave (iv) blue lies.
So,
there is a possible reversal pattern building here in wave (i) down.

Tomorrow;
Watch for wave ‘iii’ to complete a five wave pattern before correcting higher into wave ‘iv’ of (i).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Overall, the action in gold can be viewed as wave (b) still developing here.
and that is the main count at the moment.

The low at 2583 is viewed as wave ‘b’ of (b),
and wave ‘c’ of (b) will turn higher from here as shown.

the price is creating a possible higher low today but it is very close to support at the moment,
so the rally has not been confirmed yet.
A sharp turn higher tomorrow will signal wave ‘c’ is underway.

Tomorrow;
Watch for a break of 2650 tomorrow to signal wave ‘c’ is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil is still moving sideways today and that action fits with a possible triangle correction building in wave ‘iv’ now.
That triangle will take another few sessions to complete if this is correct.
and after wave ‘iv’ completes,
then we can look higher into wave ‘v’ again to complete wave (c) of [ii].

Tomorrow;
watch for wave ‘iv’ of (c) to trace out a five wave move in a contracting triangle to complete near 69.50.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P went from zero to hero yesterday with a sharp drop off to hit initial support at 5832 again.
I am pushing the count I think by labelling the rebound today as wave ‘iv’ of (i).
but if we see another move lower tomorrow into wave ‘v’,
that will complete five waves down into wave (i) blue.
From there we can look for a corrective lower high in wave (ii).

Tomorrow;
Watch for a five wave pattern to complete below 5830 at the previous wave (iv) support.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver broke to a new low for the pattern again today,
and now we are closing the session below the previous wave (i) low at 29.65.

The internal pattern of this decline is not conclusive yet,
but I am showing a possible wave ‘iii’ of (iii) acceleration now underway here.
This count requires another sharp move lower over the coming days to confirm that wave ‘iii’ is actually in play.
and in this scenario,
wave (iii) blue will probably break the next lower support at wave [iv] at 26.40 again.

I am jumping ahead here,
but if that happens,
then we are on for a much bigger decline phase in the new year.

Tomorrow;
watch for wave ‘iii’ of (iii) to continue lower in five waves with target near the 28.00 level again.

The price should hold below 29.60 now while this pattern develops.
If that level breaks,
that will invalidate the wave ‘iii’ idea.