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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well we have a reasonable move higher today into wave ‘i’ of (iii).
the rally has not confirmed the wave (iii) pattern yet,
but the move is impulsive in nature which fits with the pattern.
The price has filled the gap created in wave ‘c’ of (ii),
but,
I want to see wave ‘i’ retrace back above 1.0467 at the wave ‘b’ high.

Tomorrow;
the price action should create a bullish higher low in wave ‘i’ and ‘ii’ to kick off wave (iii) this week.
Lets see if wave ‘i’ can reach 1.0467 and then correct lower into wave ‘ii’.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

the rally in cable is close to completely retracing the decline into wave (ii) now.
A break of the wave (i) high at 1.2525 will confirm that wave (iii) is underway,
Wave ‘i’ is not required to break above that resistance level,
but it would be a help if that happens.

Tomorrow;
Watch for a higher low to build in wave ‘ii’ later today and then wave ‘iii’ of (iii) will be setup to turn higher before the end of this week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am not convinced by the action in USDJPY this week.
The price is failing the test to turn higher into wave ‘i’ of (iii).
And again today the price is barely holding above the wave (ii) low at 153.70.

I have not changed the wave count this evening,
mainly because the price action has not invalidated it yet.
So I am going to give this pattern one more day before going back to the drawing board.

tomorrow;
Watch for wave ‘i’ to push higher to break above 157.90 at the wave (i) high.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

the Dow is holding a lower high again today at wave ‘2’ of ‘i’.
But there has been a real lack of follow through today which leaves me in limbo to be honest.
The door is open for wave ‘i’ of (iii) to take the market lower this week.
And in that scenario we will see a drop into the area around 42500 again.
So it’s ‘do or die’ time again.

Tomorrow;
Lets see if the price will hold below the wave (ii) highs,
and then turn lower again into wave ‘i’ of (iii).

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is stepping out on the ledge and reaching to the sky this week,
and I fear that the market will lose its footing sooner rather than later.
This rally is happening at the very end of wave (c) of [b].
and the price is set to turn down into wave [c] of ‘4’ pretty soon in this scenario.
The pattern for wave ‘4’ red is now counted as an expanded flat,
and that suggests wave [c] will complete well below the wave [a] low at 2540 area.
A likely target is near 2290 at the previous wave [iv] lows.

Tomorrow;
Lets see if we hit a top in wave ‘v’ of (c) of [b] over the next few sessions,
there is no immediate target for wave (c),
but the rally in wave (c) looks quite extended as it stands.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude turned lower again today into the wave ‘v’ of (i)
and now we have a completed five wave pattern lower off that wave [ii] high.
the market rebounded off the lows at wave (i) today,
and now I am tracking a possible three wave pattern higher into wave (ii).
This pattern must complete a lower higher below the wave [ii] top,
and from there I will be looking for wave (iii) of [iii] to begin maybe by Friday.

Tomorrow;
Wave (ii) must trace out three waves up s shown and complete below the wave [ii] high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is still working on a second wave lower high this evening.
the price action today is creeping higher again,
but there is a possible three wave pattern in play here.
If the market does complete three waves up near 6060,
and then drop sharply from there,
that move will definitely favor the the short term count.

tomorrow;
Watch for wave ‘2’ to for a lower high as shown and then turn lower into wave ‘3’ of ‘iii’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

If we start on the 4hr chart tonight I can put todays action into perspective.
The previous count for wave (ii) blue has now been invalidated.
I am now back working with the higher degree pattern for wave [i] and [ii] green.
this current correction is viewed as wave [ii] green again.

the price has now hit the previous high at wave (iv) blue.
This level also marks the may 2024 high at wave [iii] green.
The action since then has formed a nice head and shoulders pattern around the October highs from last year.
Wave [iii] down will be the next step in that pattern.

Tomorrow;
watch for wave [ii] to show signs of topping out after an extended rally in wave (c) of [ii].