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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It looks like EURUSD is trying to make that final ascent to form a top in wave ‘5’ of ‘c’ today.
the wedge pattern for wave ‘c’ is still in play here,
and wave ‘5’ should top out near 1.06 in this scenario.

but after a slow session today,
the recent sideways action can also be viewed as a contracting triangle.
That will be followed by a final high near 1.0600 anyway.
It is just worth keeping that in mind.

Tomorrow;
WAtch for wave ‘c’ to complete the larger wave (iv) pattern near 1.0600 and then I will look for a turn lower into wave (v).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A small bounce today is labelled wave ‘b’ of ‘iv’ as this correction continues.
WAve ‘c’ should fall back in the 1.2600 level again to complete wave ‘iv’.
And from there I want to see a further rally in wave ‘v’ of (iii).
WAve ‘v’ should top out near the 1.2800 level at the 162% extension of wave ‘i’ pink.
even this is a weak enough performance for wave (iii).
But I will take it for now unless there is a sharp reversal to suggest that this count is incorrect.

Tomorrow;
Watch for wave ‘iv’ to complete a three wave move sideways and complete at 1.2600.
The price must hold above the wave ‘i’ high at 1.2550.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We are almost there in wave (c) of [ii] after a small drop again today.
Wave ‘v’ of (c) is almost complete with a drop to a new low below 148.85 today.
I am looking for a small five wave pattern to complete in wave ‘v’ pink,
and this requires one more drop into the 148.00 level to complete.
from there I will be looking higher to begin wave (i) of [iii].

Tomorrow;
Watch for a drop into 148.00 and then a rebound to begin wave (i) up.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market has tracked sideways in a channel over the last few sessions
and I am suggesting this is a small correction within a possible larger move lower in wave ‘iii’.
This is still early days for this pattern.
I want to see a drop into that lower channel line at 42800 to give this idea a boost.
And even then the market will be require another step lower in waves ‘iv’ and ‘v’ to complete five waves down off the top.
So there is a whole lot of work to do before I can begin to let mind wander again!

Tomorrow;
WAtch for the price to drop into the lower channel line at 42800 at a minimum in wave ‘iii’ down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am testing the waters in gold again today with a possible drop in wave ‘1’ of ‘i’ of (i).
The decline has not traced out a five wave pattern yet.
So this pattern is speculative at the moment,
although it does seem like the market is poised for at least a large corrective move lower now.
Lets give this a few more days to see if an impulsive move can begin in wave (i) of [c].

Tomorrow;
Watch for a drop into 2785 at the previous wave ‘iii’ high.
If this does trace out five waves down,
then I can begin to look at the potential for wave [c] again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude dropped again today in a fifth wave move to complete wave (i) down.
The price has broken to a new low below the wave [i] low again.
And now the larger wave [iii] green is a real possibility.

Tomorrow;
Watch for a rebound into a corrective lower high in wave (ii) of [iii] over the coming few days.
Wave (ii) should complete near 71.50 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is early days for the new pattern I suggested last night.
But,
The price action today is in line with a possible wave ‘i’ down as shown.
the market reached the 5900 support level at wave ‘iv’ and rebounded again.
This creates a full retracement of the wave ‘v’ rally.
And now I am looking for a lower high to form in wave ‘ii’ before the end of this week.
The market will need to accelerate lower into wave ‘iii’ down next week to give this idea a boost.
but one step at a time.

Tomorrow;
Watch for wave ‘i’ to complete and wave ‘ii’ to begin a corrective rally as shown.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver took a turn lower again today but the move is not larger enough yet to confirm wave (i) down.
Wave ‘iii’ of (i) has not completed yet either.
The internal pattern of wave ‘iii’ does not have a clear five wave form.
So I want to see a drop below 31.00 first to close out wave ‘iii’,
and then I can concentrate on the larger wave (i) pattern.

Tomorrow;
Watch for wave ‘iii’ down to complete a five wave pattern as shown with a break of below 31.00 again.