Good evening folks, and may the Lords Blessings be with you today.

Funny how corporate America counts its profits in USD,
and even if those dollars are projected to fall in value forever more,
the stock market valuation of the corporations goes higher????

Another one of the ever growing Orwellian double think standards that I am supposed to swallow these days.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD pipped to a new high today above 1.2150,
and with that we have postponed the wave [b] decline that is on the cards for a while.
The pattern off the wave ‘A’ low is now labelled as a larger wave wave rally in wave [a] of ‘B’.
And wave [b] should come in next week.

There is a possibility that this rally even into todays highs is all of wave ‘B’ at one higher degree.
The price has surely retraced enough of the previous wave ‘A’ decline to suggest that.

Monday;
the 78.6% retracement level comes in at 1.2210.
Watch for wave (v) of [a] to hit that area and then reverse into wave [b].

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has not completely ruled out the possibility of a triangle in wave [b],
but the rise today was enough to invalidate last nights patter at least.

I have reverted to a three wave pattern for wave [b] now.
and given that todays rally is quite impulsive looking,
I am counting this as wave ‘iii’ of (c) with wave ‘iv’ and ‘v’ yet to come.

The price has approached the 625 retracement level again tonight,
so this level could still act as resistance here.

Monday;
Watch for wave ‘iii’ up to to break above the 1.4008 high at wave (a).
The 78.6% retracement level comes in at 1.4116.
That is the next target level for wave (c) to complete.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY took a dive this morning as the jobs data was released.
The price broke below the lower target line at 108.43 and then rebounded into the close this evening.
We have a three wave correction in place now in wave [ii],
but wave (c) is still left to be decided, as I am not sure if todays low has completed a full five wave decline in wave (c).
We will see soon enough on Monday if that low at 108.33 holds.

Interestingly enough,
todays low also coincides with the 62% retracement level of wave [i].

Tomorrow;
Watch for wave (c) of [ii] to close out.
If 108.33 holds on Monday then we might be in the clear here.

A rally back above 109.40 will signal wave (i) of [iii] has begin.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays is one of those head scratching days when you think – ‘now I have seen it all’ but we all know that there is even more madness to come.
The jobs data had one of the biggest misses in history,
and the market rallied on to a new all time high nonetheless.
Why not eh!

the continue rally this week has opened up another interpretation for wave [v].
This still involves a three wave pattern as part of that ending diagonal.
But the sideways correction over last week now takes the wave (b) label.
Wave (c) is in force this week.
And todays rally is now viewed as wave ‘iii’ of (c) of [v].

If you take a look at the 4hr chart,
you will see the rising wedge of this ending diagonal pattern in full view.
The price is racing higher in an ever tightening wedge this week,
with the price reaching the upper trend channel line today.
This pattern is a noose around the neck of this market,
and it is tightening day by day.

Monday;
watch for wave (c) to continue higher in this scenario early next week.
We will see a five wave pattern complete next week to complete wave (c) and wave [v].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold is holding the pattern for wave ‘v’ of (c) today.
Wave ‘3’ of ‘v’ hit the upper trend channel line and came off the high to begin wave ‘4’ of ‘v’.
Wave ‘v’ of (c) is set to complete early next week.
That will complete three waves up in wave [b].
And then I will look for wave [c] down to begin with a push back below 1755 again.

Monday;
Watch for wave ‘4’ of ‘v’ to hold above 1798 at the wave ‘1’ high.
A break of that level will signal wave ‘v’ is done.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

This weeks drop in crude has taken the form of a wedge pattern for wave ‘i’.
Wave ‘ii’ should correct higher in three waves on Monday.
And then we can look for wave ‘iii’ down to begin off that lower high.
The initial support level of wave ‘iv’ pink lies at 62.93.
A break below that level will signal wave ‘iii’ is underway.

Monday;
Watch for wave ‘ii’ to hold below this weeks high at 66.67.
Wave ‘iii’ down should begin

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Todays rally has actually traced out a five wave pattern off the low created at Thursdays close.
This is interesting because The whole sideways move over the last week can now be counted as a contracting triangle pattern.
And with a five wave move higher out of a triangle,
that does suggest we have a completed pattern here in wave (c).

Also,
with todays rally the higher Fibonacci target for wave (c) is coming into focus.
4282 is where wave (c) will hit 162% of wave (a).
That really is a stretch goal for wave (c),
and it suggests that the market is very overextended here in terms of this pattern.

I would not be surprised to see a whiplash type move lower next week to counteract the extension in wave (c) that we have just seen.

Monday;
Watch for wave ‘v’ to complete with that Fibonacci target in mind at 4282.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Wave (v) has reached the upper trend channel line again today.
The pattern in wave (v) has also completed a five wave rally.
So,
we now have a full pattern in wave [c] and wave ‘B’.
And along with closing out a pattern,
todays rally has brought wave ‘B’ to the 62% retracement level of wave ‘A’.
This market is now ripe for a reversal into wave ‘C’.
And that is where I will be looking next week.

Monday;
Watch for the trend channel to act as a resistance to any further advance.
The previous fourth wave low at wave (iv) lies at 26.15.
That is the first level of interest for a reversal pattern off the high to target.