Good evening folks.

I pray God’s Blessings upon every single one of you again tonight.

Here is tonight’s video update for those of you who cant sleep later!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The market is holding flat today at another lower high to finish the week.

While the alternate count is still viable tonight,
I suspect we are closing out a second wave correction now because of the amount of overlapping moves that happened this week.
The action seems to fit with a correction rather than an impulse move into wave (c) right now.

Monday;
So,
where is wave (iii) then?

We cant confirm wave (iii) until we get a break of the 1.2050 level again I’m afraid.
But if we see the wave ‘ii’ high hold again on Monday,
then we can look for an move into wave ‘iii’ of (iii) early next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The bearish rising wedge pattern is finally moving into a climax now.
We have pattern that is very close to completion,
save a new high in wave ‘v’ of (v) to close out the ending diagonal.
I want to see a break of that high at 1.3757 before the turn comes,
that will simplify the pattern and top if off nicely.

Monday;
Watch for the final high in wave ‘v’ to come our way,
A drop back below 1.3500 again will signal the top is in,
while a break of 1.3300 will confirm it.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is definitely leading the way for a resurgent USD trend for sure.
So far we have three waves up off the low at 102.59.
I want to see a large five wave pattern higher in wave ‘1’ to be more certain of the long term trend change.
But this weeks action is a great step in the right direction.

It is hard to know if todays high is wave (i) completing,
or wave (iii) still underway.
I have shown the alternate count as a very viable option.
The action on Monday should be enough to settle on the most likely pattern.

Monday;
A small correction on Monday will favor the alternate count.

Watch for wave (ii) to fall back into 104.00 again to confirm the main count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The action this evening is a little concerning for the recent ending diagonal count I was tracking.
The market sold sharply and dropped to a double bottom with the previous wave (ii).
And that has ruled out last nights count.

This evenings count is not perfect for sure!
But the drop off the high can now be counted as an expanding wedge or expanding diagonal, wave [i].

This means we had wedge into the high,
and now a wedge out of the high!
I suppose the strange nature of the market would produce strange patterns!

The pattern off the high can also be viewed as a more conventional series of impulse waves lower,
but we should be able to discern where we stand on hat by Tuesday.

Monday;
If this is the final high now in place,
then we are moving into a very volatile period as the market cracks out of the bull run from last March.

I want to see a three wave correction to another lower high in wave [ii] by Wednesday next week.
Then we are game on for wave [iii] down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold threw a spanner in the works today with a very slight new high,
but I suppose this was getting more likely as the days went on this week.

The alternate count for wave [ii] is now in force,
and wave [ii] should be done at the high today.
Price has moved sharply lower this evening and I am looking at this as wave ‘i’ of (i) of [iii].

Monday;
The wave [ii] high must hold at 1875 and wave (i) must head lower into 1800 by Tuesday next week.
Watch for a break of 1830 to confirm wave (i) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Even though the triangle pattern is not ideal given the relative size between then sub waves in the pattern,
despite that objection,
a triangle is the best fit pattern at the moment.

Monday;
This pattern still suggests another run up to 54.00 to complete wave ‘v’.
A break out of the range of the correction at 51.40 will suggest that the top is finally in here.

Wave ‘v’ will be confirmed with a break of the upper trend line.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

With todays selloff in place it does seem to point to a definite weakening of the ending diagonal setup in wave [v].
For that reason I have shown the alternate count here as an impulsive wave moving into a third wave down now.
If the selloff continues next week and breaks the 3600 level at wave (ii),
then we can concentrate more fully on the bearish potential here.

For the moment I have an open mind on the main pattern!

Monday;
watch for wave (v) to take over and carry to a new high and complete the ending diagonal.

If we see further weakness to break below 3600 early next week,
then I will switch to full bearish mode again!

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has been pushed to a slight lower high below the wave (B) high at 27.90 today.
The price has failed to break this level so far,
but I cant be too confident that it will hold either!

I am still able to count a three wave correction higher in wave ‘2’ at the session high,
but 27.90 simply must hold now for this pattern to remain valid.

Monday;
The after market trade here will be interesting.
To see if we get any attempt to sell the spike.
WE should see that show up in the early session on Monday.