EURUSD

30 min

4 Hours

Daily

My Bias: long term bearish

Wave Structure: downward impulse wave
Long term wave count: lower in wave (3) red
Important risk events: EUR: N/A. USD: CPI m/m, FOMC Member Kaplan Speaks, FOMC Member Kashkari Speaks.

Good evening everyone, today is one of those days where the larger theme of a turn into chaos, is beginning to materialize in market prices.
Let's start with EUR/USD as usual.

Five waves have completed to the downside off the recent high. This is labeled wave 'i' pink. Wave 'ii' was expected today and so far the correction has completed wave 'a' and 'b' with wave 'c' underway as we speak. Wave 'c' will meet the upper trend line at about 1.1800, The 50% retracement level lies at 1.1799.

For tomorrow; Watch for a reaction of the upper trendline in an impulsive form. If the price declines below 1.1687, That will signal that wave 'iii' has begun.

DOW JONES INDUSTRIALS

30 min

4 Hours

Daily

My Bias: market topping process ongoing

Wave Structure: Impulsive 5 wave structure, possibly topping in an all time high.
Long term wave count: Topping in wave (5)
Important risk events: USD: CPI m/m, FOMC Member Kaplan Speaks, FOMC Member Kashkari Speaks.

The DOW dropped again in an impulsive fashion today. It is possible that wave 'ii' is complete and the price is now declining in wave 'iii' pink.

So far the decline has complete a three wave structure off the high, this must develop into a five wave form in order to complete a bearish Elliott wave signal.

It is possible that we are seeing a series of 1,2 waves to the downside, which I have shown on the chart. If so, the current rise should trace out a wave form and complete below the high of wave 'ii' pink

For tomorrow; Watch for a three wave rally to complete below 22057, wave 'iii' is projected to 21752, where it will reach 161.8% of wave 'i'.

GOLD

30 min

4 Hours

Daily

My Bias: Long towards 1550

Wave Structure: ZigZag correction to the upside.
Long term wave count: Topping in wave (B) at 1550
Important risk events: USD: CPI m/m, FOMC Member Kaplan Speaks, FOMC Member Kashkari Speaks.

GOLD continued its rally in wave 'i' brown today. I was looking for another push into 1280, and today high reached 1287.94.

I have shown a completed five wave structure off the low at wave (ii) blue. Wave 'ii' brown is expected to begin presently. This should occur in three waves and the initial support lies at 1271, this is the level of the previous wave 'b', which also marks a clear shelf of support in the price structure.

Once wave 'ii' brown completes, we will have another Elliott wave signal in place of the low. For tomorrow; watch for signs of an initial decline in wave 'a' of 'ii'.