Good evening folks, shalom to you all tonight.

Here is the weekend video in case you missed it.

Apart from that, there is not much else to do except dive into it!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD does not look like it will make it to the target at 1.1917 at all after todays action.
The price is stuck in a very tight band still sitting at a lower high below wave ‘a’.
this may well favor the idea of a running flat correction in wave (b) rather than an expanded flat as previously suggested.

In that case we will see a decline start immediately on Monday into wave (c) down.

Monday;
Watch for wave (c) to begin with a drop below 1.1737.
Wave (c) should continue below 1.1600 if wave (b) completes now.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable seems to be creating a small higher low above 1.2863 at wave (b) this evening.
This action suggests wave (c) is now underway,
and wave (c) should continue higher in five waves towards the upper trend channel line at 1.3122 early next week.

Monday;
Watch for wave (b) to hold at 1.2863.
Wave (c) will be confirmed with a break of 1.3008.

A break of the wave (b) low will signal that wave (b) is tracing out a larger pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY does not want to break that previous low at 104.19 today,
that level is acting as significant support right now.

Strangely enough,
that 104 handle has been a hard level to break.
The price has hit this level 6 times over the last 3 years.
And five of those times it provided a base to rally off.

I think we might see something similar this time also.

Monday;
Wave (v) of [v] is near after this weeks continued declines.

Wave [v] could drop as far as the lower trend channel line at 102.
But I dont think that will happen.

Watch for this decline to finish soon.
Any move back above 105 is an impulsive fashion will signal a turn is in place.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The dow is selling again this evening and sitting just above the 27450 low at wave (b).
This action does favor the bearish count right now,
but I cannot confirm it until we get a break of the 27180 lows at wave [i].

If this count is correct,
then we will see a sustained decline in wave [iii] next week.
Wave [iii] should reach the 26000 handle at a minimum,
this is where wave [iii] will reach 100% of wave [i].

Monday;
Watch for 28350 to continue to hold and a drop below 27180 to confirm wave [iii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is still sitting at a lower high off wave [b] this evening.
I have labelled this as waves (i) and (ii) of [iii] now underway.
And just like the stock market,
the action favors the bearish count but we need confirmation that wave (iii) of [c] is underway with a break of the 1905 level.

Monday;
the first sign that wave (iii) is underway is with a break of wave (i) and 1932.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has come off the boil today with wave [ii] now looking complete at the 41.70 highs.
The price spiked lower today off the highs at wave [ii],
I have labelled this as wave ‘i’ of (i) to the downside.
The price must now continue lower in wave ‘iii’ of (i) and break 38.65 again to confirm wave [iii] is underway.

Monday;
Watch for wave [ii] to hold.
Wave (i) down will be confirmed with a break of 39.63 at wave ‘iv’ pink.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has moved lower again today in quite a sharp fashion.
And I have moved the wave count up by one degree to account for this action.

The favored count right now labels this decline as the beginning of wave ‘iii’ of (iii) of [iii].
And if this is correct,
then we are looking at a sharp and sustained down week ahead of us.

Wave [iii] should fall into the 3130 level at a minimum,
as this is where wave [iii] and [i] will reach equality.

Monday;
Watch for wave (ii) to hold at 3375.
And wave (iii) down to continue lower in five waves.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is stubborn as a mule these days.
despite moving slightly lower off the wave [ii] high today,
the price has again failed to accelerate lower into wave [iii] as expected.

This lack of action has opened up the possibility that wave (B) is in-fact a triangle.
That would explain the continued sideways grind over the last while for sure.

Either way,
both scenarios should lead to an acceleration lower into wave (C) over the coming weeks.

Monday;
Watch for wave ‘2’ to hold at 27.63.
Wave [iii] down will begin with a break of 26.25.

That does it for the week!

May the LORD Bless you all with His peace and truth this weekend.

I will see you back again next Monday evening for another stab at this market.

Shalom,

enda.