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

Here is the video update from earlier this morning for those of you who have nothing to do for half an hour!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price has come down in three waves off this weeks high at 1.0606.
I have labelled this wave ‘a’ of (ii),
so there is more downside potential next week to complete the correction.

Monday;
Watch for wave ‘b’ and ‘c’ to fall into the 1.0477 area at the 50% retracement level.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is off the top also today and the decline is not done yet I suspect.
Wave (b) down should fall into the 1.2300 area at the previous fourth wave low.
And when complete then I will look for another rally in wave (c) of [iv].

Monday;
Watch for wave (b) to continue lower in a corrective three wave pattern as shown.
We should see a low in wave (b) by midweek.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am looking for wave (ii) to push up out of the trend channel in three waves
with a target above 129.00 at the moment.
The previous fourth wave lies at 129.78,
so that level will provide resistance to any rally here.

Monday;
Watch for wave ‘b’ to hold above 127.03.
Wave ‘c’ should begin by Monday evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another step lower today in quite a sharp fashion.
This action should be enough to complete wave ‘i’ down,
So I am looking for a retracement higher in wave ‘ii’ to begin next week.
If this is only wave ‘i’ of (iii) now completing,
then I think we can look for a lower target below the 29000 level for wave (iii) to complete.
Wave (iii) will reach 162% of wave (i) at 28090,
so that will be quite the shock if it happens.

Monday;
Watch for an early recovery in wave ‘ii’.
31600 should provide resistance to any rally.

A sharp move lower on Monday will signal wave ‘ii’ is down at todays highs.
And wave ‘iii’ has begun.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold took a small hit today but we have ended the day pretty much flat.
So I am taking this as a positive signal that wave ‘iii’ of (i) is now in force.

Monday;
Wave ‘iii’ must hold above 1807 at the wave ‘ii’ low.
I am looking for wave ‘iii’ up to hit the 1880 area to complete.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding a lower high in wave (ii) tonight,
although I will be the first to admit that wave (ii) is not very corrective looking at the moment.
A quick reversal on Monday down into wave (iii) will confirm this bearish count.

Monday;
Watch for wave [c] to hold at 113.40.
Wave (iii) of [i] must break 103.21 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The exact same count is operating in the s&p as the dow this week.
And I am looking at an identical alternate count for wave ‘ii’ also.
Todays drop has now hit a new 14mth low,
and If I am correct here,
then we will see a further acceleration lower next week which will break below the pre-covid high at 3396 to complete wave (iii) of [iii].
And there should be more to follow as the higher degree third wave completes over the following weeks.

So things are really starting to fall into place for this bearish outlook now.
Next weeks trade is going to be exciting,
if I am correct here that is!

Monday;
Watch for wave ‘ii’ to complete near 3950 in three waves.
Wave ‘iii’ of (iii) will take over by Wednesday if all goes to plan.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is moving lower this evening into wave (a) of [b].
I am looking for three waves down in wave [b] to break 21.27 by midweek next week.
then wave [c] will rally again by the end of next week to complete this correction.

Monday;
Watch for wave [b] to trace out three waves down as shown for the first few days next week.