Good evening folks, and may GOD Almighty Bless you tonight.

Here is the weekend update from earlier today.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD made a sharp move lower this afternoon after posting the video.
The price broke the wave ‘i’ of (iii) low at 1.2103 this evening.
This action has signaled that wave ‘iii’ down is now underway, the drop today definitely has the right look at least!
If wave ‘iii’ of (iii) is now underway,
then we should see a continuation lower on Monday and a five wave pattern should trace out to complete wave (iii) by midweek.

Monday;
Watch for wave ‘iii’ of (iii) to push into the 1.2000 area to complete.
Wave ‘iv’ of (iii) should complete below 1.2103.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable took a rapid turn lower today also to begin wave (iii) down.
We do not have a break of support yet at 1.4080, the wave (i) low,
but this should happen quickly enough if wave ‘iii’ down is now in control.

I would like to see wave ‘i’ of (iii) break below the wave ‘b’ low at 1.4072.
this will increase the level of confidence that the market has in fact turned into wave (iii) down now.

Tomorrow;
Watch for wave (iii) down to continue and fall into the lower support area at 1.3800 by midweek.
1.4185 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is quietly inching higher this week in line with a possible wave (iii) rally coming our way.
The rise today can still be viewed within the context of wave ‘i’ up.
The pattern needs to develop further to confirm this idea.
I think if we see a break of the wave ‘b’ high at 110.32 that should be enough to call wave ‘i’ of (iii) now in force.

Monday;
Watch for wave ‘i’ to continue higher towards 110.32.
The price must hold above 109.18 at the wave (ii) low.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market is moving lower again today without any confirmation of an emerging third wave just yet.
I am watching that wave [i] low at 33280 to confirm a third wave down,
and that is a long way below us at the moment,
So while this is a welcome development today – the further we fall the better,
I am going to reserve judgement for the moment and allow this pattern to develop and see if we do get another five wave pattern lower in wave (i).

Monday;
Watch for wave ‘iii’ of (i) of [iii] to continue falling for at least Monday and Tuesday to trace out a five wave pattern lower off the wave [ii] high.
34741 must hold at the wave ‘ii’ high.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold moved lower today also in a reasonably impulsive manner.
This action does not confirm the turn,
but it is a nod in favor of the idea of a toping pattern here.

1869 marks the wave ‘b’ low from earlier this week,
and this level marks initial support for the developing wave (iii).
The low at wave (i) at 1855 is more significant for sure,
and a break of that level will signal wave (iii) is underway.
Although I do expect a much larger decline in wave (iii).
The next low of the previous rally lies at 1808,
and I think that would be a good target for wave (iii) to aim for.

Monday;
Watch for wave ‘i’ of (iii) to break the wave ‘b’ low at 1869.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude managed to push higher throughout the day and now we have a new high as we hit the close this evening.
The action suggests that wave (v) is now underway with todays move coming in wave ‘iii’ of (v).

So far the main target for wave (v) lies with a break of 72.00 and a touch of the upper trend line of the wedge.
The trend channel surrounding wave [c] suggests we will hit above the 73 handle to complete.
But at the very least there is a cluster of target levels now emerging to close out this expanding wedge pattern.

Monday;
next week will be more than enough time to call a halt to wave [c] of ‘5’.
Lets see if wave (v) can trace out five waves up by Monday evening.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

We have a stalling rally at the all time highs this evening.
The pattern is really moving into that wedge quite well over the last week.
We have a complete death of the previous momentum seen in wave ‘iii’,
and the as the price moves into the wedge,
we should hit a complete stall to top in wave ‘v’.
And then the way will be clear for a trap door to open again.

The time is drawing near for the real thing to begin.
And this wedge pattern in wave (v) will not go on for much longer.

Monday;
Watch for wave ‘v’ of (v) to close out with a touch of the upper trend line.
The end of the road for this pattern is near at hand.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

silver has not see the same impulsive move off the high as gold did today.
The price has completed a three wave correction higher in wave (ii) this week.
So my best estimate calls for a decline into wave (iii) to begin now.
The drop off the highs at wave (ii) is not very inspiring just yet,
we will see on Monday if wave (iii) will get going with a drop below 27.42 in wave ‘i’ of (iii).

Monday;
Watch for 28.27 to hold at wave (ii).
Wave (iii) down is expected to begin next week.