Good evening to you all and may the Lord Bless you all. Monday is memorial day in the great United States. The markets are closed so we will be back at it again on Tuesday night.

Off we go into the weeds tonight!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

We are ending the week with a possible impulsive wave building off the recent high at wave ‘B’.
The low of the session broke below the previous wave ‘iv’ low at 1.2159,
which raises the prospect of a larger decline building here.
If wave ‘ii’ completes a three wave correction on Tuesday,
then we can look for a return lower into wave ‘iii’ of (iii) before the end of next week.

Tuesday.
watch for wave ‘ii’ to complete below 1.2265 and wave ‘iii’ to return lower again off that correction.

GBPUSD

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GBPUSD daily.

Wave (v) of [v] of ‘C’ has now completed a small impulsive wave above the wave (iv) low at 1.4089 today.
Wave ‘ii’ of (v) fell in three waves today to a higher low.
And now this evening the price is moving higher again in wave ‘iii’ of (v).
Wave (v) should break above 1.4380 at a minimum to complete wave [v] of ‘C’.

Tuesday;
Watch for the price to hold above 1.4089 at wave (iv).
And wave ‘iii’ to push towards resistance.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The price has now completed five waves up in wave ‘iii’ of (i) of [iii] today.
And now we have a decline in wave ‘iv’ underway.
WAve ‘iv’ must hold above wave ‘i’ at 109.06 at wave ‘i’.
If that level breaks I will have to abandon this bullish count for the short term at least.

WAve ‘iv’ should find a low early next week and wave ‘v’ is expected to push higher again towards 110.40 again to complete wave (i).

Tuesday;
Watch for wave ‘iv’ to complete by Tuesday evening
and wave ‘v’ to rally again on Wednesday.

DOW JONES.

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DOW daily.

Stocks are flat again today with the possibility that wave ‘v’ of (c) is now done.
If this bearish impulse wave is now complete at wave [ii],
then wave [iii] down should begin next week.

The 78.6% retracement of wave [i] is holding so far.
It is a deep retracement in wave [ii] but the pattern is near perfect off the high as an impulse wave lower.
And the current rally is a three wave correction to a lower high.
At this point it would be hard to read this pattern as anything other than a trend change in process.

And now I really want the market to reverse course soon to signal wave [iii] has begun.

Tuesday;
Watch for wave ‘i’ of (i) to fall below 34200 at wave ‘iv’ again to signal wave (i) has begun.

GOLD

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GOLD daily.

Gold is completing the week only slightly off the highs at 1912.
The decline is not impulsive to the downside yet,
and I suspect that we will see another break to a new high early next week given the rally this afternoon.

I am all but convinced we are going to see a large decline beginning soon.
I am looking at the possibility of wave [c] down into the 1600 area to complete wave (4).
but even the alternate count will allow for a decline into the 1750 area in wave ‘2’ of (5).

I can only wait and see if the short term action comes into line with the long term count next week.

Tuesday;
watch for wave ‘i’ of (i) to fall below 1851 to signal the turn is in.

CRUDE OIL.

CRUDE OIL 1hr.

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CRUDE OIL daily.

Close but no cigar for crude oil this evening.
The price has failed to break the 100% retracement level of wave [i] at 67.86 again today.
The price did push above the previous high though,
and that forced a rethink of the action in wave [ii].
The rally in five waves this week is now viewed as wave (c) of [ii].

The price is falling again this evening to begin wave ‘i’ down.
If we see a break below the wave ‘iv’ low at 65.20 on Tuesday,
that will signal wave ‘i’ of (i) is in force.

Tuesday;
Watch for wave ‘i’ of (i) to continue lower and break 65.20.

S&P 500.

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S&P 500 daily.

The rally in wave ‘c’ this week has brought us to within 30 points of a new all time high.
The pattern is still best described as a three wave correction higher into wave (ii),
but I just can’t deny the possibility of another break out to rule out this pattern.

There is coming a time when the market will trace out a bearish lower high that will turn into a complete market catastrophe.
This pattern could be the one!
But I await confirmation on that.

Tuesday;
Watch for wave ‘i’ down to come in strong and decline in a five wave pattern again.
The all time high must hold!

SILVER.

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SILVER daily.

I have shown a slightly different pattern in operation this evening.
the price has spiked higher this evening in a possible wave ‘ii’ lower high.
This leaves us with a series of 1,2 patterns off the high.
And if this is the case,
then wave ‘iii’ of (iii) should begin on Tuesday.

Tuesday;
Watch for wave ‘ii’ to hold below 28.20 and then wave ‘iii’ down should begin by Wednesday.

That completes another week in the trench’s for us.
I pray you all have a blessed week end.
Until Tuesday again.

Shalom and good evening from this little corner of the world to yours.

enda.