Hi there everyone.
we have reached another Friday and I have recorded the video already.
Here it is for your viewing pleasure!
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD has created a small lower high below wave ‘b’ now.
The price is retreating again tonight also.
This action is viewed as small impulse wave lower to begin wave ‘c’.
The price should now continue lower and break the minimum target at 1.0725.
And we are looking at wave (c) completing early next week.
At this point I am willing to begin looking higher into wave [c].
The initial spike higher in wave [c] will happen next week,
and wave [c] has the potential to carry on up to 1.1200 again.
So it may well provide a nice tradable higher low.
Monday;
Watch for wave [b] to complete with a break of 1.0725.
I will be looking for wave [c] to begin early next week.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable is extending the losses today
and we now have a clean break of that main support at 1.2161 in place.
This action is in line with an acceleration lower in wave ‘iii’ of (iii),
but I do want to see this decline continue for most of next week to confirm the idea that wave [v] has begun.
That big alternate count is still sitting quietly on the daily chart.
And I can’t rule it out at all yet.
If the market rallies again and takes out 1.2339,
that will favor the alternate count and I will have to take that possibility much more serious at that point.
Monday;
Watch for a continuation lower in wave ‘iii’ of (iii) next week.
I want to see wave (iii) trace out a five wave decline ovet he next week,
and that should carry the price down into the 1.1800 area again.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY is struggling to lift off into wave (v) of [i] these days.
If we dont see a break above 107.77 again by Monday evening,
then I will have to reconsider the short term count again.
For the moment,
wave (iv) is holding at 106.65,
and wave (v) is expected to break out above 107.77 to complete a clear five wave pattern higiher.
Monday;
Wave (iv) must continue to hold at 106.65.
Wave [i] should be done by Tuesday and then we can look for a correction in wave [ii] by the end of next week.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
I am looking at a different arrangement for wave (ii) today.
The rally today seems to have gone too far in terms of the previous expanded flat idea for wave (ii).
This new count will allow for a larger zigzag correction,
and a more sideways trajectory over the next couple of sessions as shown.
And once wave (ii) is done,
wave (iii) of [iii] to the downside will be calling.
This wave will do most of the work in creating the larger wave ‘1’ blue.
And wave [iii] will likely carry us down towards the 21000 level again before completing.
For the moment we have a series of impulse waves lower in play,
and this should lead to a sharp decline in wave (iii) next week.
Monday;
Watch for wave ‘c’ of (ii) to complete with a break of 23760 at the wave ‘a’ high again.
I will be keeping one eye on that alternate count for wave (ii) also,
this will allow for a much faster decline into wave (iii).
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold pushed back above 1750 again today which is a good vote in favor of the main wave count.
If the price is now running higher in wave ‘iii’ of (iii) of [iii],
then we should see an even more impressive acceleration higher over the coming weeks.
The larger wave [iii] green could very easily carry us to a new all time high above 1920.
But we are some way from that point at the moment.
There are still a few viable alternate count on the cards.
The recent sideways move can be viewed as triangle in wave (iv) of [iii],
And in that case we are now rallying in wave (v) of [iii].
Even this count will allow for a sizable move higher in wave (v) of [iii].
So either way,
I think we are set for a good few weeks in the gold market.
Monday;
watch for wave ‘iii’ of (iii) to push higher over the coming week.
ideally the price will accelerate into this wave and make some serious gains.
Any correction that falls below 1700 again will trigger the alternate count.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude is approaching some serious resistance right now as we head towards the $30 handle again.
This is the price region of the previous fourth wave at one lower degree.
And this is a typical target for any corrective move.
I did not expect this rally in wave (4) to take hold and get this far!
But here we are.
And thats what you get when you completely financialise a market!
The main wave count is calling for another top to form soon in wave (4),
and another major decline to come in wave (5) over the next month or so.
I have switched to the triangle idea of wave [iv],
and now wave [v] is tracing out a five wave pattern higher.
Monday;
Next week looks like we will be topping out at a very high degree,
and wave (5) down will then be set to begin.
Watch for waves (iv) and (v) to close out by midweek,
I expect wave [i] down to begin by the end of the week.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
S&P rallied hard at the close last night and pushed last nights wave count to the limit.
It is still possible to call wave (ii) an expanded flat into todays highs,
but it is more likely that we are working with a zigzag correction.
In this case,
wave ‘c’ of (ii) is underway now and should be topping out soon actually.
The previous wave ‘iv’ high lies just below 2880.
This level now offers a reasonable target for wave (ii).
and if we see a reversal lower off that point and a break of 2800 again.
That will be a good sign wave (iii) down has begun.
So far we have seen a three wave decline off the highs at wave (B) red.
I want to see this decline now begin an acceleration phase lower.
Wave (iii) of [iii] of ‘1’ will do just that.
And that is what I am focusing on next week.
Tomorrow;
Watch for wave ‘i’ of (iii) to begin on Monday.
This first move lower should get close to breaking 2766 again.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver has rallied strongly today out of that recent corrective sideways move.
I am counting todays rally as wave (i) of [v] now in place.
Wave (i) has created a five wave pattern higher out of the triangle low at wave [iv].
So wave (ii) should correct again next week to create a higher low back towards the 15.80 level again.
The larger degree wave [v] is still expected to push up towards the larger resistance level at 18.90 over the next month or so.
Monday;
Watch for wave (i) to complete and wave (ii) to begin with a three wave decline into the 15.80 level.
God Bless all you fine folk.
Thanks for hanging on in there with me this week.
I pray you all have a wonderful weekend and I hope to see you back again on Monday evening.
Next week should be fun!
enda.