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

You can’t make this stuff up…………Or maybe you can!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A pretty sharp drop off that wave ‘ii’ lower high keeps the bearish count alive for Monday at least.
the idea here is that wave ‘iii’ of (v) will drop back into the 1.00 area again before correcting in wave ‘iv’.
So it is important that wave ‘iii’ continue lower next week for this count to remain valid.

Monday;
Watch for wave ‘ii’ to hold and wave ‘iii’ down to be confirmed with a break of 1.0094.
The minimum target for wave (v) lies at 99.51.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable continues to work its way lower today which allows me to stick with the main count for another day at least.
A nice spike lower which broke back into the wave ‘a’ high this afternoon is also a vote in favor of the bearish count.
A break of 1.2033 rules out the rally as a clean five wave impulse pattern.
So the main bearish count is move favorable now.

Monday;
Watch for wave ‘i’ to complete near the wave ‘b’ low at 1.1890.
The alternate count says that wave ‘iii’ is already underway,
and in that case,
we should see a quick acceleration lower on Monday.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘B’ really took a leap forward today,
as wave [c] of ‘B’ rallied hard to break to a new high above wave [a] again.
Wave [c] should trace out a five wave internal pattern higher.
And I am looking at the 62% retracement level at 135.95 as an initial target for wave ‘B’ to complete.

Tomorrow;
Watch for wave [c] to complete another lower high in the area of 136.00.
A break of 132.50 again will signal wave ‘C’ is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market was overall pretty quiet today even after that wacky blow out jobs number.
I usually don’t even comment on these economic data drops,
but I fear that someone is not telling the whole truth and nothing but the truth on that one.
Just look at the chart that I showed in the intro.
two almost identically sloped lines suddenly diverged las Feb never to meet again.
It is almost like someone is taking a ruler and tracing out the NFP blue line for ever increasing jobs growth!

Anyway,
reality is going to bite hard soon enough on that front.

The pattern in the DOW has not revealed itself yet.
This short term action could go either way to be honest.
If we get a new high on Monday in wave ‘c’ of (ii),
then I will be expecting it to be very short lived indeed.

A steep drop on Monday will pretty much confirm that wave ‘i’ is underway already.

Monday;
Its a wait and see moment on this pattern.
the next decline is coming into wave (iii),
but wave (ii) has not fully let go of this market just yet.
Lets see if Monday brings the turn.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has fallen enough today to suggest wave ‘i’ of (v) is now underway.
I want to see further declines on Monday to break back below that 1740 level again.

In terms of the alternate count for wave (i) and (ii),
this decline can be viewed as the beginning of a correction in wave (ii) blue.
WAve (ii) can easily fall into the 1700 area again before finding a low.

Monday;
Watch for a continued decline in both counts.
The main count is calling for a five wave pattern lower to break below 1680 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has bounced today to create a small higher low above wave (i) blue.
I am willing to go with this, the most bearish, wave count until I am proved wrong on it.
the main alternate count will allow for a larger wave ‘2’ correction,
and in that case,
if we see a break above 96.00 again that will trigger the alternate count.

Tomorrow;
Watch for wave ‘c’ of (ii) to turn higher again and to complete near 92.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

the S&P is dead in the water today.
And I am struggling to add to the body of thought on this pattern now!
I feel like I have been repeating myself all week here,
but that does not mean the pattern is any less valid now than it was last Monday.
A three wave correction higher will be resolved in only one way,
with a five wave decline to take the market to a new low overall.
and that is what wave (iii) will achieve.

Monday;
The small decline today is not confirming a top for wave (ii) just yet.
I am looking for wave ‘1’ of ‘i’ of (iii) to fall into 3910 again to signal the reversal pattern is underway.
That is what I will be looking for next week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has turned also today,
but the decline is not larger enough to call wave ‘iii’ underway yet.
I want to see wave ‘iii’ of (i) fall back into the 1930 level on Monday.
Wave (i) itself should break below 19.00 again.
And if that happens,
then we will know a larger decline is underway in wave [v].

Monday;
Watch for the high at 20.49 to hold.
Wave (i) of [v] should continue lower as shown.