Good evening to you all.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is higher again today in wave ‘iii’ of (c).
The price has filled the trend channel off the low at the highs today,
and we have seen a stall in the rally this evening.
This could be a correction in wave ‘iv’ of (c).
Once this correction completes in wave ‘iv’,
wave ‘v’ should continue higher into the target at 1.1109.
I still can’t rule out the alternate count shown circled in red.
If this is the high of wave (ii),
then Monday will start with a sharp fall into 1.0940 to begin wave (iii).
Monday;
Watch for wave ‘iv’ to complete above 1.1000,
and rally to the target area in wave ‘v’ of (c).
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable spiked higher today and broke above the 1.2580 high.
This action ruled out the previous count for wave [ii],
and now this rally is viewed as wave (c) of [ii] into todays highs.
Wave [ii] is near to completing a larger three wave structure.
This is still a correction higher
and it will be retraced fully in wave [iii] over the coming months.
Monday;
The job next week is t identify the top for wave (c) and wave [ii].
And then look for a drop back towards 1.2100 again in wave (i) of [iii].
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
The rally in USDJPY continued today and has hit the minimum target for wave ‘C’ this evening.
The price broke above the highs of wave ‘A’ at 108.47,
which is the minimum expected target for wave ‘C’.
But I do expect the rally to continue towards 110.00 over the coming week.
This will bring wave ‘C’ up to the trend channel line and complete a more fitting three wave rally in wave (D).
Monday;
Watch for wave (iii) of [iii] to top out soon and then correct sideways in wave (iv) of (D).
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
Todays actoin in the stock market has dealt a fatal blow to the short term bearish count.
The alternate count is now in force.
This is best viewed on the 4hr chart,
and it involves a triangle wave ‘4’ which has held the price action in a sideways grind since last May.
And now wave ‘5’ blue should get underway to create a new all time high
in the regions of 28500 over the coming few weeks.
The price should be rallying in wave [iii] of ‘5’ now,
and this wave should carry the price out above resistance to a new all time high possibly next week.
Wave [iv] and [v] should follow in short order.
I noted in the video this evening how the rally off the lows is still in three waves,
so this can still be viewed as a correction higher.
If the price breaks 27280 on Monday that will confirm this rally as wave [iii] of ‘5’.
Monday;
watch for wave [iii] to hold above 26650 at the wave [i] high.
Wave [iii] should hit the new high by midweek at the latest.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Wave (ii) blue fell and broke 1486 today,
this completes a three wave decline and should lead to renewed rally in wave (iii) of [v] next week.
Wave ‘c’ has traced out a five wave pattern into todays lows at 1473,
so the overall pattern has a completed 3,3,5 flat correction.
Monday;
Wave (iii) up should come in strong next week.
The price must rally in wave ‘i’ of (iii) and push back above 1500 again early next week.
Watch for wave (ii) to hold at 1473 and wave ‘i’ to begin.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has completed a three wave pattern into the highs of the session now,
and price is just sitting below the target area of 55.00 this evening.
Wave (c) of [ii] has a pretty clear five wave pattern in place
so the overall pattern in wave [ii] is now complete.
Monday;
The next big move for crude oil should be to the downside as wave [iii] gets underway next week.
Watch for wave ‘i’ of (i) to begin with a drop back below 52.00 again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
Todays rally was a real lesson in swallowing pride!
The S&P has triggered the alternate count also today and wave ‘4’ is now shown as a triangle which formed over the summer.
The triangle completed at 2855 last week and the rally off that low should now begin wave ‘5’ up.
I have shown waves [i] and [ii] complete off the low,
with wave [iii] of ‘5’ now underway.
If this count is correct,
then wave [iii] should break to a new all time high above 3027 by the end of next week.
The rally off wave ‘4’ has completed a three wave rise so far,
so wave [iii] should rally again on Monday to rule out a correction higher off the wave ‘4’ low.
I will have to wait and see what happens there,
although it is more likely that this rally is part of wave [iii] of ‘5’.
Monday;
watch for wave [iii] to continue higher for the next week
and break out above resistance.
At this pace,
wave ‘5’ may not take that long to complete at all,
so I may well be looking for the first leg down in the new bear-market
to begin by the end of the month.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has held up well considering that gold broke to a new low today.
the price is still hovering above 17.25 today,
so this may be a running flat wave ‘ii’ or a small correction in wave ‘iii’.
I still think wave (i) of [v] is now underway,
but we need to see a renewed rally next week in wave ‘iii’ of (i) to confirm that view.
Monday;
Watch for wave ‘ii’ to hold above 16.89 and wave ‘iii’ up to begin.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
I have moved the wave count in the 10YR up by one degree today
to account for the action a little better.
Bonds sold off today to begin wave (i) down properly.
The decline gained pace in wave ‘iii’ of (i) early today
and the price is now holding just above the previous wave (b) low of 129.63.
This action all fits with a turn down into wave [iii] now beginning.
And if this is the case,
wave [iii] down should be a severe warning the financial markets in general.
A bear market in Bonds will impact every other market out there.
As interest rates spike,
this will be fuel to ignite a horrible bear market and very deep recession.
This will not be pretty at all!
Monday;
watch for wave (i) down to continue with waves ‘iv’ and ‘v’ reaching a new low below 129.63.
We should see five waves down in place by Wednesday at the latest.