Good evening to you all folks, and the Lord’s blessings to you all tonight.

UK On Verge Of Recession As Economy Unexpectedly Shrinks

Top Russian Official Says NATO Risking ‘Full-Fledged’ Nuclear War

EURUSD.

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EURUSD daily.

That long term low at 1.0340 is proving to be a reasonable support level for now at least.
The low of the week at 1.0348 is a complete five wave pattern in wave (v) of [v].

So technically the price can rally from here to begin wave ‘C’.
In this case the larger wave (B) will be a regular flat correction
I am not against a break of 1.0340 really,
If that happens,
then wave (B) will be an expanded flat instead.

Either way this extended decline should lead to an extended rally over the coming months.
I remain on the hunt for an impulsive higher low to begin that next wave up.

Monday;
A complete wave (v) suggests we will see a rally in wave (i) next week.
Lets see how it goes.

GBPUSD

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GBPUSD daily.

A bounce this afternoon came after reaching 1.2155 at the session low.
The same setup is evident here as in EURUSD,
that is an exhausted decline and a complete pattern into the low,
but we await a reversal pattern to begin a correction higher in wave ‘4’.

Monday;
We have two solid resistance levels above now at 1.2400 and 1.2636.
An impulse wave back above those levels will be a strong sign that wave (a) is underway.

USDJPY.

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USDJPY daily.

Todays rally is not ideal in terms of the impulsive pattern lower that I am looking for.
The session high at wave ‘iv’ did not break the wave ‘i’ low yet,
and as long as that level remains untouched,
then this pattern holds.

So there is still a chance that this rally is part of wave ‘iv’ of (i).
And if we see a drop back below 127.50 again,
that will complete five waves down in wave (i).

Monday;
Watch for wave ‘iv’ to hold below 129.78.
Wave ‘v’ down must begin on Monday.

DOW JONES.

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I am looking at the short term pattern a little differently today.
The clearing rally that I was suspicious of has now begun off this weeks lows at 31236.
I have labelled the decline into this weeks lows as wave (i) of [iii] now.
and the rally off that low is large enough to count as wave ‘a’ of (ii).

If this count is correct,
then wave (ii) will create a further lower high at about 32600 next week.
That level marks the 50% retracement level of wave (i).
and wave (iii) of [iii] is set to begin by the end of next week.

I know this pattern change may be a bit frustrating,
but I think it allows enough room to complete a reasonable clearing rally in wave (ii).
and set up for a renewed decline into wave (iii) of [iii].

The outlook has not changed at all here,
I do believe we are in the worst position for a major collapse since 2000.
And this one will be even bigger in terms of degree and %.
A recession will be the least of our worries when this bear market gets done with us!

Monday;
WAtch for wave ‘b’ to hold a higher low above 31236.

GOLD

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This has been quite the down week for Gold eh!
Wave ‘v’ of (c) has hit the target area we were concentrating on for a long time.
Now that the lower target level for wave (c) has been met at 1800 today,
it is definitely tie we see a bullish reversal begin into wave (i) of [iii].

The price is to close to that invalidation line at 1780 now,
so I want Monday to be a solid up day to create a corrective higher low.
And next week I want to see five waves up in wave ‘i’ of (i) of [iii].
I am looking at that previous wave ‘iv’ high at 1909 as a target for wave ‘i’.

Monday;
1780 must hold.
Watch for an initial spike rally towards 1840 and a higher low above 1800 to begin wave ‘i’ up.

CRUDE OIL.

CRUDE OIL 1hr.

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Todays rally has brought the price close to that confirmation level at 110.00 this evening.
So unless we get some drastic news on Monday,
then oil will break 110.00 in wave (iii) of [c] of ‘C’.
and next week will be plenty of time to complete that full five waves up in wave [c].

Monday;
Watch for wave (i) of [c] to hold at 105.21.
Wave (iii) should complete above 110.40.

S&P 500.

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I am looking at a slightly different pattern for wave (i) and (ii) this evening.
It is possible to read the decline into this weeks low as a completed wave (i) blue.

Todays rally is viewed as wave ‘a’ of (ii),
with wave ‘b’ and ‘c’ due next week.
If we are looking for a 50% retracement in wave (ii),
that gives an initial target at 4247 after that three wave correction higher.

Monday;
Watch for wave ‘a’ and ‘b’ to complete a higher low above 3859 by Monday evening.
Wave (ii) should be done by midweek,
and then we can look forward to a reversal down into wave (iii) of [iii] by late next week.

SILVER.

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SILVER daily.

Silver is tracking the stock market step for step over the last while,
and that is a little concerning for the longer term if that trend continues.
At the moment I am looking for a three wave correction higher into wave [iv] / ‘4’ next week.
This correction should complete below 22.50 ideally,
and then wave [v] or wave ‘5’ should take over by the following week.

Overall the larger target for wave (C) of [2] lies in the 18 – 19 range.
And we should get there by the end of this month for sure.

Monday;
watch for wave [iv] to continue higher in three waves for most of next weeks trade.