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

The market will be closed on Wednesday so there won’t be an update tomorrow night.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price moved against the previous pattern for wave (iv) today and I am forced to switch pattern again!

We have a possible move lower today into wave (v) blue now.
and if this new idea is correct,
then we are very close to the end of this wave [c] decline.
That will complete wave ‘2’ and from there we can look higher into a possible wave ‘3’.

we will cross that bridge when we get to it.

Thursday;
Watch for wave ‘v’ to hit a final low below 1.0300 and then I will look for the end of this wave ‘2’ correction.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I haven’t quite abandoned the wave (iv) pattern in cable yet even though the price dropped today.
We still have a possible ‘1’ ‘2’ pattern in place to begin wave ‘c’ up.
But if the price falls again to break 1.2475
then I will have to rethink the pattern again.

Thursday;
Watch for wave ‘b’ to hold,
wave ‘c’ of (iv) must turn higher to break 1.2613 to confirm the pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY almost hit a double bottom with the wave ‘a’ low at 155.95 today.
that bounce leaves us with a running flat wave (ii).
and now a new rally should begin into wave (iii) blue.

this correction is not ideal for a second wave to be honest.
A running flat usually happens in a fourth wave position.
so I am going to hold this wave count lightly just incase we have another reversal back into wave (ii) again.

Thursday;
Watch for wave ‘i’ of (iii) to rally from here in five waves.
wave ‘i’ should hit the 159.00 level again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am looking at a possible wave ‘2’ of ‘v’ correction today after a very small three wave decline.
Wave ‘v’ is still expected to fall in five waves overall,
but I think we might see a small bounce on Thursday if this is correct to complete wave ‘2’,
and then a decline into wave ‘3’ of ‘v’ from there.

Thursday;
watch for wave ‘v’ to continue lower and hit a new low to complete wave (i) down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has failed to rally into wave ‘c’ this week,
but on the other hand,
the price has failed to do anything in either direction.
So I am back at square one really.
Until we see a break of the wave ‘b’ low at 2583 then the main count remains valid.
So I will have to wait until the market decides where this pattern is going.

Thursday;
Watch for a break above 2650 to favor the main count.
2853 must hold.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A small climb higher today has actually broken the wave (a) high now,
so the overall three wave pattern for wave [ii] is now complete.
That brings the next problem,
wave [ii] must hold below the previous high at wave ‘2’ blue at 72.59.
A break of that level will rule out this pattern,
and I will have to rethink the larger wave count for wave ‘2’ blue.

Thursday;
Watch for wave (c) of [ii] to hold below the wave ‘2’ high and then turn down sharply into wave (i) of ‘3’.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A three wave drop into a double bottom with wave ‘i’ today suggests wave ‘ii’ is still in play here.
I am looking for a flat correction in wave ‘ii’ now,
That should bring a small rally on Thursday,
followed by a possible decline coming again into wave ‘iii’ of (iii) on Friday.

Thursday;
Watch for the market to complete three waves up in wave ‘ii’ near 5950.
and then Fridays should bring a turn lower to begin wave ‘iii’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am showing a possible five wave pattern underway in wave ‘v’ pink this evening.
This pattern calls for a new low near 28.50 in wave ‘5’ of ‘v’ of (i).
and once that completes I will look for a rally to begin into wave (ii) blue as shown.

Thursday;
watch for wave ‘5’ of ‘v’ to fall again to complete the pattern in wave (i) blue.
Fridays should bring a turn higher into a correction in wave (ii).