Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Ok we have three waves up into the highs this week,
so as it stands the correction idea for wave ‘iv’ is still valid.
The rally has halted below the wave (i) low at 0.9861 and we have a small spike lower today.
Again,
if wave ‘v’ down is in play here,
then Monday should bring a pretty sharp move lower and a break of 0.9535 at a minimum.

The alternate count is calling for the very same action early next week.
But in terms of the alternate count this next decline will be a final move to finish the larger pattern.

Monday;
Watch for wave ‘v’ down to fall back to a new low with a break of 0.9535.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am looking at a possible expanded flat correction for wave ‘iv’ of (iii) today.
the price has rebounded this evening and now we should see a new high for the pattern in wave ‘v’ of (iii).
This pattern should remain in force as long as the wave [i] high holds at 1.0929net week.

Monday;
Wave (iii) is still expected to make a high in the 1.1300 area and then correct lower again into wave (iv) by midweek.
Watch for wave ‘iv’ to hold at 1.1024 and wave ‘v’ to continue higher.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have pulled in the target for wave [v] today.
I now think we will likely only see a break of the recent wave (b) high to complete.
The pattern over the last few days has traced out a possible wave (iv) triangle.
And now we should see one more pop above 145.90 to close out wave [v].

Monday;
Watch for wave (iv) to complete above 144.20,
and then wave (v) to make a slight new high above 145.90.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has not broken the wave ‘3’ low again today,
and that does open the possibility that wave ‘4’ is still in force here.
We could see a triangle or a flat correction develop on Monday,
If the falls immediately to a new low on Monday morning,
then we will see wave ‘5’ fall into that Fibonacci target level near 27700 to complete wave ‘iii’.

As for the alternate wave ‘4’ scenario,
if the range of action continues to tighten on Monday
then a triangle correction is most likely for wave ‘4’.

Monday;
We will know Monday if this main count is valid or if I need to rethink the action again.

The wave ‘4’ correction should complete by Monday evening.
And a decline below 28825 again will favor the idea that wave ‘5’ is underway.

Ideally,
wave ‘5’ will hit that lower target level by midweek at the latest.
I think next week will really be a pivotal point for the ongoing pattern.
I want to see wave (iii) down continue lower,
but if that does not happen I will have to look for another count to explain this action.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has held up well today to create a small double top in wave (iv) blue.
The rally off wave (iii) is clearly a three wave affair,
so the main count is still valid.
And we should expect one last three wave decline in wave (v) of [v] next week.
Wave (v) will hit the lower trend line near 1580 if I’m correct here.
And this count does favor another big down move in the stock market,
as I think wave (v) will be formed with that fear move.
And then we should see gold hold decouple from the general market and begin to form a final low in wave (4).

Monday;
Watch for a drop into wave ‘a’ of (v) to begin.
A break of 1641 again will favor this count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has moved lower off that wave (ii) high today but I will admit the action is a little ragged at the moment.
The price did break the wave ‘a’ high at 79.33 so that is a vote in favor of my count here.
But,
if this is wave ‘i’ of (iii),
then we need to see a sharp move lower on Monday to challenge 76.00 again to really confirm this bearish view.

Monday;
Watch for the wave (ii) high to hold at 82.59 again.
Wave ‘i’ of (iii) must continue lower again and trace out five waves down into the 76.00.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

As I write tonight the S&P is making a new low for the year.
The action today is a little choppy,
but as longs as the market is still dropping,
then the main wave count still has predictive value.
I will hold out for Monday to see f the internal pattern of wave ‘5’ of ‘iii’ completes a clear five wave decline into the target.
If it does develop lower in five waves,
then the larger wave (iii) blue is still in play here.
And we may even get that long awaited acceleration lower into wave ‘v’ of (iii).

Monday;
The target for wave ‘iii’ remains at 3470 where wave ‘iii’ reaches 162% of wave ‘i’.

Watch for the wave ‘4’ high to hold at 3736.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has basically held at the 62% retracement level for most of this session.
I am happy enough that the price has fallen off the highs this evening.
But there is no confirmation of a wave [iii] decline underway just yet.

The first signal level for wave [iii] lies at 18.48.
If that level breaks,
that will suggest wave (i) of [iii] has begun.
We will have to wait for a break of the wave [i] low at 17.95 to confirm wave [iii] is underway.

Monday;
WAtch for wave (i) and (ii) to complete a lower high before wave [iii] falls to a new low later next week.
Todays highs at 19.28 must hold for this count to remain valid.