Shalom my friends and God’s Blessings to one and all tonight.

Firstly, I did not get to record a video today, you guessed it, the kids!

School is closed this week and that makes for one very noisy house even if I do lock myself into the office, I will see if I can get to it tomorrow morning instead!

IT was a very interesting week in regards to the wave counts and I am happy to say that we made some progress along the bearish road!

we got a ways to go yet though so without further adieu!

Here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

This week saw EURUSD finally come into line with the wave count to begin a decline into wave ‘C’ of (D).
And now that problem is out of the way,
We have the larger issue of where wave (D) will go from here.

If this is now wave ‘C’ of (D) underway.
Then I would expect a decline into the 1.1400 area where wave ‘C’ will reach equality with wave ‘A’.
The larger triangle trend line suggests a drop into the 1.1200 handle to complete.

Monday;
Wave ‘C’ will likely trace out five waves down.
So if wave [i] of ‘C’ is now done,
then we should expect a retracement towards 1.1750 in three waves.

Wave [i] should find support at the wave ‘A’ low of 1.1611.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable traced out another three wave pattern higher today
and I am looking at this as a small correction higher within wave ‘iii’ of (iii).
Wave ‘iii’ may well be in the process of creating an extension,
and in that case wave ‘iii’ of (iii) should easily brake 1.2674.

Monday;
The short term pattern is not as clear off the recent wave [b] high in comparison to the pattern in EURUSD.
So I want to see an acceleration lower on Monday to fill out that pattern in wave (iii).
The price must hold below 1.3078.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has traced out a three wave pattern higher off this weeks low so far.
This can easily be interpreted as only a correction higher within the previous decline.
At this point I cannot make a clear argument against that view,
so I am going to have to wait and see if we get a rally above 105.05 again to favor the bullish count.

From a longer term perspective,
I know we are closer to a large USD rally in general,
but USDJPY seems to be lagging in terms of creating a lasting turn higher off these lows.
Wait and see is the term du jour here!

Monday;
Lets see if wave (i) can push out above 105.05 again to setup a turn higher at least.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

There was a bounce today but it really was not that significant.
There is a good chance that we are seeing a series of 4th and 5th waves unfold now,
in that case we will have another drop into a fresh low on Monday.

The count that I am going with this evening involves a higher low forming in wave (b) of [ii].
If we see a break above 26630 again at the wave (a) high,
that will signal wave (c) is in force
and we can expect a rally back above the previous wave (iv) high at 26900 again.

Monday;
If we see a rejection at the previous wave (iv) high at 26890,
then we could be on for a decline in wave [iii] to begin early next week.

There is an argument to be made that we are already moving in wave [iii] of ‘3’,
In that case a shallow retracement next week could favor that count.
but even in that case,
we should be heading lower again towards midweek in a similar fashion to what I have shown.

On Monday watch for wave (c) to to push higher into at least 26630 or so.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has retraced higher today and I am labelling this move as wave ‘ii’ of (iii) of [iii].
It is very hard to know if wave ‘ii’ is complete yet,
but we have hit the wave (i) price area at the sessions high today,
and the price has declined again off that high.

The indications now are that wave ‘iii’ of (iii) should begin on Monday.
If wave (iii) is now in play,
then next week could see a decline into the 1800 handle again without much hassle.

There is one area that requires a little care,
the fact that we have not broken below the wave [i] low at 1848 yet.
A break of that level should confirm that wave [iii] is underway.

Monday;
Watch for wave ‘iii’ of (iii) to continue lower towards the 1800 area in five waves.

The price must hold below the wave (ii) high at 1911 as wave (iii) develops.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil seems to be correcting sideways today as the action has really slowed down and consolidated.
The price has chopped about in a three wave pattern today,
and that is viewed as a correction in wave ‘b’ of (iv) so far.
The price has spiked higher this evening again.
This rally should continue higher above 36.73 again in wave ‘c’ of (iv) to complete a three wave pattern.

At that point I will be looking for another drop into the lower trend channel line at a minimum in wave (v) of [iii].

Monday;
Watch for aw three wave correction in wave (iv) to complete as a flat pattern.
The price will hit that upper trend line at about 37.00 again.
And then we can look at wave (v) down on Tuesday.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

All in all it has been a pretty sideways trade today,
and I have viewed this action as a possible wave (iv) of [iii] still underway.

If wave ‘b’ of (iv) is completing this evening,
then we should see another push up above the high of wave ‘a’ at 3303,
in wave ‘c’ of (iv) on Monday.
Wave ‘c’ will hit the upper trend channel line at about 3320 or so.

And then once we have a three wave pattern in place in wave (iv),
I will be looking lower again in wave (v) of [iii] by the middle of next week.

Monday;
Watch for wave (iv) to complete and then turn lower again within that trend channel in wave (v).

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver looks to have completed a three wave pattern higher today in wave (iv) of [iii].
the price has backed off the high again this evening.
So wave (v) may already have started as I write.
If wave (v) is now underway then we should see a decline below the wave (iii) low at 22.57 again on Monday.

Monday;
The high of wave (iv) must hold below 24.07 at the wave (i) low.
Wave (v) of [iii] needs to get going early on Monday,
So watch for a break of 23.15 at wave ‘b’ to signal wave (v) is underway.

That wraps up another week of charts,
and a pretty exciting one too I might add!

I want to thank you all again for hanging around with me and listening to me waffle on every night!
As I try to piece this grand puzzle that we call a market,
and fit it together in a reasonably coherent manner!

On that note,
I pray the blessings of the Almighty God, and the Messiah of Israel on you all tonight.

Shalom to you all,
and good night from the west coast of Ireland.

enda.