Good evening to one and all,

God’s Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Wave ‘iv’ completed quicker than expected this morning and was followed by a pretty sharp drop.
This decline is viewed as wave (v) of [v] today,
but it is not possible to tell if wave (v) s complete yet.

The price did bounce again this afternoon,
so it is possible that a bottom is forming now in wave [v],
but we will have to wait and see if this will turn into a rally on Monday to begin wave (E).

Monday;
There is a clear five wave pattern now complete in wave [v],
so I will be looking for a reversal pattern to begin on Monday.
A break above 1.1375 again will signal a possible turn is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have switched to the alternate count of the corrective action this week.
The price created a higher low early today,
and now the price is holding above the low of the session which could be the beginning of wave (c) up.
The action off the wave [i] low is still corrective in nature for sure,
but we need a third wave up to complete that correction and then open the door for wave [iii] down to begin.

Monday;
Watch for wave (c) up to continue towards 1.36 again.
That will create a 50% retracement in wave [ii].
When that’s done, I will look for wave [iii] to begin.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

So far we have a three wave decline in place off the high in USDJPY.
I still favor the idea that a top is in for wave ‘B’ at 114.97.
And now the price is building a series of impulsive patterns off the high to begin wave ‘C’.
The price action did correct higher again off the session lows,
and I have labelled this as waves ‘i’ and ‘ii’ of (iii).
This pattern suggests wave ‘iii’ of (iii) should begin on Monday.

Monday;
Watch for wave (ii) to hold at 114.53.
The price should turn lower again into wave ‘iii’ over the coming days.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I will admit this tonight,
it is getting harder to classify the action this week as a simple correction off the highs.
It is still the base case scenario that wave (iv) is forming here,
but todays action has introduced a possible bearish alternate impulsive structure that has merit also.

The sharp decline into the session lows today happened after a second lower high in a row.
This could be viewed as an acceleration into a third wave down.
If that is true,
then next week will get very interesting to the downside!

I am going to allow the main pattern to play out until it becomes impossible that this is a correction lower in wave (iv).
I will not that the price has reached the previous fourth wave low at 35650 again,
so this is a perfect area to bottom out the correction and turn higher again.

Monday;
Watch for wave (iv) to complete very soon.
only a break of 34500 will rule out this correction pattern for sure.
So at the moment wave (iv) is safe enough.
A rally above 36320 again will confirm wave (v) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Another day where the pattern has just not cleared up enough to confirm or deny the alternate!
At this point I am willing to allow for a decline into a lower low in wave ‘ii’.
The price moved lower out of that triangle pattern today,
and this action can be explained by both wave ‘ii’ and wave ‘iv’.
It is safe to say that we will see a correction to a higher low end soon enough in either wave ‘iv’ of ‘ii’.
But I can’t tell which it will be right now!

Monday;
Watch for wave ‘ii’ to fall into the 1820 area to complete the main pattern.
I will then look for a bullish reversal to begin wave ‘iii’ of (iii).

A rally on Monday that breaks above 1876 will trigger the alternate count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I think I can label the decline this week as a wedge pattern in wave [c].
So the main count remains the most likely,
that is a correction in wave ‘4’ is now complete,
and a rally into wave ‘5’ is expected over the coming weeks to carry the price back towards the 90.00 area again.

This rally should begin on Monday if the bullish pattern is to hold here.
Wave (i) of [i] should break above 79.34 to signal the turn is underway.

Monday;
watch for wave [c] of ‘4’ to find that final low and then turn higher into a five wave rally in wave (i).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is inching higher off the lows today and as long as the price is moving higher within this channel,
then I can stick with the idea that wave ‘v’ will carry prices to a new high.
Wave ‘2’ of ‘v’ lies at 4671,
and that level should hold.
If we see a break to a new high on Monday that will signal wave ‘3’ of ‘v’ is underway.

Monday;
watch for wave ‘3’ up to continue to a new high.
I can say that if this pattern for wave ‘v’ breaks down early next week,
then I will be switching to a bearish outlook quicker than I expected.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is moving lower this evening after a pretty messy setup in waves ‘a’ and ‘b’ over the last few days.
The decline this evening looks cleaner,
so I am confident enough that wave ‘c’ is underway.
the target for wave (ii) remains at the 50% retracement of wave (i),
that level lies at 24.10.
If we do get a decline into that area by Tuesday,
then I will begin to look for a rally to begin in wave (iii) of [iii] later next week.

Monday;
watch for wave ‘c’ to fall into that 50% retracement level at 24.20 again.
That will complete a bullish impulsive wave at wave (ii),
and create a setup into a rally in wave (iii).