Good evening folks, and may the Almighty Lord bless you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is moving into the third wave down within wave [i] today.
The price may even be beginning wave ‘iii’ of (iii) as we have seen a further step lower into this evenings lows.
In this scenario Monday will be another down day,
with wave (iii) pushing below 1.2023 at the wave [b] low.
and that level should then become the point where wave (iv) corrects sideways.

Monday;
the top at 1.2182 must hold.
Wave (iii) of [i] should push into support.
And wave [i] will trace out five waves down by midweek.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable as retraced into initial support this evening.
And so far I have counted four waves complete off the high.
Wave ‘iv’ should give way to wave ‘v’ on Monday,
and I would like to see wave (i) complete below 1.38.
This will break the previous wave ‘b’ low and shift the moment to the downside at least in the short term.
The real test comes with the retracement higher in wave (ii) next week.
that must remain below the highs at 1.4240.

Monday;
Watch for wave (i) down to complete by Monday evening.
When wave (i) is complete wave (ii) will likely retrace above 1.4050.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY took another step higher today with a push into the upper trend channel line again.
This will complete wave [i] of ‘3’.
And wave [ii] should correct off that upper trend line again by Monday evening.
This pattern is on the verge of a rally in wave [iii] of ‘3’.
And that acceleration could easily appear before the end of next week.

Tomorrow;
Watch for wave [ii] to trace out a three wave correction lower beginning on Monday.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The decline in the Dow is beginning to look more interesting now after a few sessions of impulsive action off the high.
I have labelled this decline as wave (i) of [i].
The decline has completed above the lower trend line today.
but wave [i] green should break out of the rising wedge and push towards 29660 again at the lower support.
If this pattern is correct,
then we should see a consolidation on Monday in wave (ii),
and once that completes,
wave (iii) of [i] will drop sharply out of the wedge by midweek.

Tomorrow;
Watch for waves (i) and (ii) to complete by Tuesday evening.
And then we should see the initial moves into wave (iii) by midweek.

The bearish count all depends on that all time higher holding from here on out!

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Well I think we got confirmation of that alternate count today alright.
Gold took a hit and broke to a nerw 9mth low today.
I think this acceleration lower counts well as a third of a third in wave ‘iii’ of (iii).
But I do think the larger wave [iii] has a little further to go before completing.
Wave [iii] will likely break the 1700 level before we see a correction into wave [iv] again.

Monday;
Watch for wave (iii) to compelte with another drop into support again.
Wave (iii) should take at least another day to complete.
And then wave (iv) must hold below 1760 at the very upper end.

Wave [iii] may well be complete by the end of next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has been the one market that has held on for dear life this week.
It will give in soon enough for sure,
but I do want to see a clear impulsive wave lower completed off the highs next week before I go jumping into a major wave count!
I suspect this decline will develop into wave (i) down,
and then a correction to a lower high will be in wave (ii).
If this is the case,
then oil will join in with the declines to a larger extend later next week in wave (iii) of [i].

Monday;
The highs must hold again and wave (i) down should complete five waves down.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P did break to a slight new low after correcting sideways early in the session.
The overall pattern off the high is in three waves,
so I want to see further declines next week to really develop a bearish pattern.

This all depends on the ‘buy the dip’ crowd getting worried about the action now,
along with everything else going on in the world.
So I cant really hold my breath on that one!

If this bearish count is correct,
then we should finish next week much lower.
With the main target for wave [i] down at 3666 where the previous wave [iv] lies.
A break of that level will be a pretty serious hit to the bullish thesis.

Monday;
The wave (ii) lower high must hold.
An early decline back below wave ‘i’ pink will suggest that wave (iii) is underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver took a step in the right direction today with a solid push down into support again.
This decline is labelled wave (iii) of [i].
So I want to see wave [i] break support next week and complete below 25.00 again.

Monday;
Five waves down is where we are going now,
so next week is crucial for the larger pattern in wave ‘3’ of (C).

Wave (iv) and (v) should complete by Tuesday evening.