Good evening folks.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is rising off the 1.1000 lows registered earlier in the week.
this rise is labelled as a minor ‘c’ wave to complete wave ‘ii’ pink.
Wave ‘ii’ is tracing out an expanded flat correction,
and so the minimum target has been met with a break of 1.1043 today.
The price should continue higher and complete five waves up
and find resistance at 1.1091 on the upper end.
Then I will look for a turn down into wave ‘iii’ to begin.
Monday;
Watch for wave ‘ii’ to complete soon and then turn lower into wave ‘iii’ early next week.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable is inching higher rather than rallying at the moment!
The price has just pipped above the wave ‘i’ high at 1.2896 this evening.
This is a signal that wave ‘iii’ up has begun,
but I will need to see an acceleration higher on Monday
and a break of 1.3012 to confirm the count.
Monday;
Watch for 1.2762 to hold and wave ‘iii’ to continue higher.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY has rallied out of the wave [a] lows at 108.23 today.
This action is viewed as wave (a) of [b],
And the pattern suggests a three wave correction sideways
will form over the next few sessions to complete wave [b].
The key level for the short term count lies at 109.43,
this level should not break next week as wave [b] completes.
Monday;
Watch for wave (a) to top out early,
then wave (b) of [b] should fall to a higher low above 108.23.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The price is completing at a the highs of the session this evening in wave ‘iii’ of (v).
The pattern off the wave ‘ii’ low seems to be a five wave rally,
so wave ‘iii’ is near to completion now.
Wave ‘iv’ of (v) should begin on Monday,
and wave ‘iv’ must hold above 27840
in order that the pattern in wave (v) remains a clear five wave rally.
Monday;
If this short term count is correct,
then we should be nearing the end of the run for this rally.
Next week should do it for wave (v).
It looks like wave (v) will top out above the 28100 level,
once we reach that level,
and we have a clear five waves within wave (v).
I will switch focus to the downside in anticipation of wave (i) down.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
The short term count is looking reasonable good this evening.
The decline off the high labelled wave ‘i’ should trace out a three wave form by Monday evening.
And this will complete wave ‘ii’ pink at or near the 1459 support.
If the price then rallies back above 1474 again,
that should be enough to signal wave ‘iii’ up has begun.
Monday;
the aim of the next couple of weeks is simple,
to build a larger impulsive pattern in waves (i) and (ii) off the wave [iv] low at 1445.
This should set up for a larger bullish phase in wave (iii) of [v] towards the end of the year.
First things first,
watch for wave ‘ii’ to hold above 1445 next week.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
The recent action in crude has been awkward and labored to say the least.
In general terms,
this is the basic picture of a correction to the upside.
I have altered the short term count slightly this evening.
I have now shown a double combination wave to the upside.
Each sub-wave breaks into three clear waves.
And wave (c) is now ending with one final thrust higher to the 62% retracement level at 58.73.
This correction higher has gone on long enough now.
So we should see an end to it next week.
Monday;
Watch for wave ‘c’ of (c) to compelte a five wave pattern higher into the target over the next few sessions.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P is at the new all time high right now as the market closes.
This action will be seen by most as bullish,
but at this very moment the warning signs are flashing violently.
Momentum has turned lower,
and both sentiment and this wave pattern,
are extended to an extreme.
The turn lower into a very sharp selloff is days away now.
Wave (v) of [v] is nearing its end now after todays rally.
The internal pattern in wave ‘iii’ of (v) looks to be a complete five weaves also.
So next week I will expect a correction in wave ‘iv’
and then the final pop in wave ‘v’.
We might even get the initial turn down into wave (i) by the end of next week.
Tomorrow;
Watch for wave (v) to continue higher into its top by the middle of the week.
Wave (v) should top out between 3130 nad 3145 where wave (i) and (v) reach equality.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver dropped in three waves into this afternoons low at wave ‘ii’ pink.
The price is up off the low now this evening,
but as yet there is no sign that wave ‘iii’ is in force.
If we get a break of 17.10,
that will signal wave ‘iii’ has started.
Monday;
the short term action is looking good for now.
Watch for price to hold above 16.63 in wave ‘ii’ pink.
A rally in wave ‘iii’ pink should carry us back towards 18.00 again.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
The short term action suggests wave ‘ii’ is topping out now at initial resistance.
The price has fallen off the high this evening,
so it is possible that wave ‘iii’ down has begun off 129.42.
But only a break of 127.94 will confirm wave ‘iii’.
the alternate count has not been ruled out yet either,
although if we break 127.94,
that should be enough to rule that out.
Monday;
Watch for wave ‘iii’ of (iii) to push on lower again and break support at 127.94.
130.45 must hold.
That wraps up another week.
I wish you all a wonderful weekend of R&R!
Until Monday,
God Bless and God’s speed to you all.
Enda.