Good evening ladies and gentlemen,

may the Lord shower His blessings on you all tonight.

Here’s the video from earlier this morning.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well finally I have something to work with to the upside!
The rise off this weeks low is a three wave pattern so far.
I am counting this as an impulse wave though.
and todays top is viewed as wave ‘iii’ of (i) or (a).
The rally must continue on Monday and trace out five waves up to stick with this view.

Wave ‘C’ of (D) seems to have bottomed at the 162% extension of wave ‘A’
So there is another hint that we have a completed pattern in wave (D).

Monday;
Watch for a five wave pattern higher to continue and break above the wave (iv) high at 1.1375 at a minimum.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

No such luck in cable tonight.
And I have changed the wave count slightly this evening to reflect this weeks action.
I am looking for a simple three wave correction higher in wave [ii] now,
rather than an expanded flat correction from earlier this week.

The price is holding above the lows at 1.3277 this evening.
But there is not enough evidence yet to confirm that wave [ii] is underway.

Monday;
Watch for a five wave rise in wave (a) of [ii] to target the 1.3500 level at at the previous wave (iv) high.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I think we can call wave ‘B’ done now after todays sharp move lower.
The price has not quite reached the previous wave (iv) low at 112.72 yet,
if we do break that level it will confirm wave ‘C’ is underway.
but I am pretty confident now that the price will continue lower next week and make real progress into wave ‘C’ as shown.

Monday;
I am looking for an impulsive lower high to build early next week in wave [i] and [ii].
And I would like to see wave [i] break that 112.72 low also.

Watch for wave [i] to complete and then a three wave correction higher in wave [ii] to begin.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

This has been a real ‘I wonder if’ week to be honest,
and maybe todays action is an answer to that question.
I wonder if something bigger is going on here, well maybe so.
At the very least we can watch for a five wave pattern lower off the top to complete now.

Todays rapid selloff has not met any rebound at all even as we approach the close tonight.
I think I am correct in my assumption that this is a third wave down now.
And if so,
then we do have a larger impulse wave building now,
as todays acceleration is viewed as wave ‘iii’ of (iii) of [i].
The price has not broken that trigger level I spoke of at 34490 at wave (i) yet.
But the session is not over yet!

If the price is tracing out a five wave pattern lower in wave (iii) now,
then we should see a weak correction on Monday in wave ‘iv’,
followed by another spike lower in wave ‘v’ of (iii) by midweek.

Monday;
Watch for wave ‘iv’ of (iii) to consolidate below 35400.
A break of that level will complicate matters for the impulse wave lower in wave [i].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The selloff carried over into gold today and my fears are on the verge of confirmation now.
The price has not broken the 1758 low yet,
but the price only managed a three wave recovery,
and that rally has been all but retraced this evening again.

Because of this action I have shown the alternate count on the hourly chart this evening.
I think it is worth at least considering this pattern for a triangle wave ‘B’.
If this is correct,
we will see further consolidation around 1800 over the next few weeks,
and then a large move lower again into wave ‘C’ of (4) later in December.

Monday;
As for the bullish count.
It is not completely ruled out yet,
so I will allow some more time for a third wave rally to develop here.
I will admit though,
this is looking less likely by the day now.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude was hit with a similar down draught today and this action has ruled out the previous pattern.
It is now much more likely that a top is in for wave ‘5’ of (5 of [C].
and this decline is now viewed as a five wave pattern building in wave (1) down.
Todays sharp decline is viewed as wave [iii] of ‘3’.

If this pattern is correct here,
then we have a correlation between the energy market and risk assets.
this spells disaster for the economic outlook to be honest.
Because this correlation basically states that the bubble is burst.
We will see if we get a solid five down in crude over the coming weeks.

Monday;
Watch for wave [iii] down to complete five waves internally and then a correction in wave [iv] should begin.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

A similar story in the S&P tonight.
The selloff this week has not confirmed a major trend change,
but it is enough to consider the possibility for sure.
Given the fact that we have a larger pattern complete on the 4hr chart,
and the trend channel filled at the peak of the last wave,
this is certainly an opportune time to make a turn lower.

Monday;
What we need now is a follow through to the downside to complete five waves down.
4270 is a the key level on that 4hr chart.
This marks the low of the previous fourth wave.
If we break that level with a five wave decline then my bearish outlook gets a major boost!

Lets see if we can complete a five wave pattern lower in wave (i) early next week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has complete a five wave decline in wave (c) of [ii] today.
And the price has broken the previous low at wave (a) this evening also.
That completes a three wave expanded flat correction in wave [ii] at the lows.
So here comes the crunch time for this bullish count.
The price must turn higher into wave (i) of [iii] next week to stick with the overall bullish pattern.
If the price continues to slide and we see a break of 21.40 over the next week.
That is it for this bullish count and I will have to consider the possibility that wave (C) of [2] will fall all the way down to the 18.00 area again.

Silver is not is as precarious position as gold right now,
but the risk is there for a larger decline.

Monday;
Watch for wave [ii] to hold above 21.40 at the extreme lower end.
A sharp rally early in the week will signal wave (ii) has begun.