Good evening all you fine people.

God Bless you all tonight.

Lets wrap up the charts this week.

Firstly here is the weekend video;

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is now correcting off the highs as todays move is only a three wave consolidation.
It seems we will have another pop early Monday to complete wave ‘c’ of (v).
And then I will be looking down in a big way.
given the extreme sentiment and positioning here,
it is very likely that the move off the high will be sharp to begin with.

Monday;
Watch for wave ‘c’ for complete three waves up and close out the larger wave (v) grey.
1.2056 is the initial level to watch to indicate a turn is on the cards.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is falling today after touching the small trend line forming the wedge pattern into the high.
The decline is much too small yet to confirm anything.
But we have a turn off the meeting of two trendlines,
This is at least not insignificant!

We will have to wait and see if wave (a) down can take over early next week.

Monday;
Watch for the high to hold at 1.3622.
1.3135 is the first major support and signal level for this market to turn.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY almost reached the lower trend line today and reversed higher in a promising fashion.
As with the other USDX markets,
I wont be able to be bullish on this until we see a break above the previous fourth wave at 104.56.

On the positive side;
This could be a small impulse wave developing off that 102.87 low.
So that level must hold at least as this pattern develops.

Monday;
Watch for a further rally to push up above the previous high at 104.56.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Maybe baby??

The market dropped without breaking above the upper trend line and creating a throw over to complete wave (v).
I was expecting a throw over in wave (v) to be honest,
so I am skeptical that wave (v) has topped here.
We will soon find out for sure.

It is still possible that we get the larger wave ‘b’ pattern that I wrote about earlier in the week.
This is shown as the alternate count now.
in this case we get a drop back into 29830 again and then a rally out to complete wave ‘c’.

If the price falls back below 29700 again that will rule out the alternate count
and then raise the probability that we have wave (i) in play.

Monday;
The real test of the downside potential is if we fall into the 29000 level again in five waves.
That size of decline will retrace all of wave [v] green,
and bring into focus the bearish count.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has held on well to the weeks rally today.
The price looks to be consolidating now but this may well develop into a larger decline next week.
I am expecting a reaction to this weeks rise in either wave (ii) of [iii].
Or the alternate wave (c) of [ii].

As I mentioned earlier in the week.
The main wave count is viable but falls down on the relative size of wave (c) of [ii].
This wave is much too small as it stands.
So I am leaving the door open for a larger corrective pattern to develop.

Tomorrow;
Watch for wave (ii) to carry the price lower early in the week.
I am looking at 1844 as initial support for wave (ii) to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil completed a thrust from a triangle today as shown on the hourly chart.
This small spike works well as a throw-over in a fifth wave.

This move is also very interesting in that it usually spells the end of a larger pattern.
So if the price turns lower next week and breaks the 45.80 level,
that will be a sign that the pattern is doe in wave (4),
and turning lower into wave (5).

Monday;
Watch for a decline back below 46.00 to begin wave [i] down.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We have a small decline in place off the high today.
The market managed to make a new all time high in wave ‘c’
and then dropped with an impulsive spike lower this afternoon.

Again this move is too small to count as a signal that we have topped,
but it is something to work with at least.

The rally this week reached the 3722 level that I was looking at,
where wave [i] and wave [v] hit equality.
That also is an interesting way point to hit and then reverse off!
In that light,
I wont just discount todays decline.
But I will wait for something bigger to begin from here.

Monday;
Watch for wave (v) to show signs that it is done.
A drop below 3620 again will favor the idea that we are topping here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A full trend channel after a three wave move higher is really ringing the alarm bells in my head today.
This pattern is suggesting that wave (B) has extended into a complex flat.
And now we should at least prepare for the possibility that wave (C) could retrace all of the latest rally.

Monday;
If this new pattern is correct,
then we should get underway in wave (C) down pretty soon next week.
23.57 is the confirmation level that wave (C) has begun.