Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Thursdays spike higher off that wave (ii) low is holding again today which is a positive for this wave count.
The action today was quite corrective looking to the downside,
and so I have relabeled this higher low as wave ‘i’ and ‘ii’ of (iii).
This count requires a large acceleration higher into wave ‘iii’ next week.
And as long as the low of wave (ii) at 0.9631 holds,
then we should see wave ‘iii’ up come our way soon enough.

Monday;
Watch for the price to push above the wave ‘i’ high at 0.9831 by Monday evening.
We should see wave ‘iii’ push higher for the next few days in this scenario.
and a break above 1.00 again will signal that the larger wave (iii) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has a pretty corrective decline also today
and I think that decline is large enough to signal wave (ii) is underway here.
The higher low in wave (ii) should complete pretty soon.
And if we see a rally back above 1.1380 again,
that will signal wave (iii) is underway.

Monday;
The low of wave [b] must hold at 1.0922.
A break above 1.1380 will signal wave (iii) is underway.
And a break above 1.1493 should confirm that wave [c] is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Start on the 4hr chart tonight.
You can see that wave [v] is now close to tagging that upper trend channel line again.
The pair accelerated again today which was a surprise to be honest.
but again I do think we are closer to the end of this epic rally than most will expect.

The hourly chart is showing a large throw over is now in place above the trend channel.
And wave ‘v’ of (v) has now extended its internal pattern also.
That only reinforces the idea that this pattern is running out of road now.
If the other two pairs are anything to go by,
then we should see a total reversal of wave [v] come our way beginning next week.

Tomorrow;
Watch for wave ‘v’ of (v) to top out with a five wave internal pattern completed.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Of course it is impossible to know if this new count we have here is correct yet,
but the fact that we have a failure at the wave ‘a’ high today,
is at least a vote in favor of this wave ‘ii’ count.

If the price continues lower on Monday then each new low is a hint that wave ‘ii’ has completed and wave ‘iii’ is underway.
We will see on Monday.

A the moment I am sticking with the bearish outlook into wave (iii) down,
And I will stick with it until I am proved wrong on that view.

I am looking at todays decline as the beginning of wave ‘1’ of ‘iii’ of (iii).
And if we see another break of the lows at 28590 again,
that will increase the probability of the main wave count.

As for the alternate count shown in red boxes;
the real test will come when we reach a new low below 28590 in this decline.
That will complete wave ‘v’ of (i).
And then wave (ii) will allow for a larger relief rally off that low.

Monday;
Watch for todays highs at wave ‘ii’ to hold.
this decline should continue lower in wave ‘1’ of ‘iii’,
and ideally we should see a break to a new low below 28590.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Ok,
now things are getting pretty hairy for this bullish count.
Everything was going quite well with the main count until this afternoon.
The price is now breaking to a new low for the correction
and the invalidation low at 1615 is too close for comfort.

The only way that I can count the decline this week as a corrective pattern is if we view wave (c) of [ii] as an ending diagonal.
This pattern is risky at the best of times.
So I cannot guarantee the short term count now.

Monday;
I want to see an end to this decline in wave [ii] on Monday at the latest.
the low at 1615 must hold and wave (i) up must carry the price back above 1700.
If that happens,
then I will be much happier to call wave [iii].

Mondays trade will be critical for this bullish count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has declined enough this week to suggest that wave [ii] is already complete at that 92.68 high.
I am looking for a five wave decline now to take over in wave (i) of [iii].
And if this count is correct here,
then we will see a downward trend take hold again and fresh new lows will happen in wave [iii].

Monday;
Watch for wave (i) of [iii] to continue lower in a five wave pattern.
Wave ‘iii’ of (i) should break 82.60 with ease.
And that should confirm the turn into wave (i) is the correct count.
Wave ‘ii’ should hold at 88.61.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The Market dropped today along with the short term wave count.
Wave ‘a’ completed at the high this morning,
and wave ‘b’ of (ii) is now underway.

It seems that wave ‘b’ has almost retraced enough to call it complete now.
So I will be looking for wave ‘b’ to hold on Monday morning,
and wave ‘c’ to turn higher again to complete three waves up in wave (ii) as shown.

If this count is correct,
then wave (ii) could be done by Tuesday evening if all goes to plan.
So next week will likely bring the initial moves into wave (iii) also.

Monday;
WAtch for wave ‘b’ to complete above 3490.
wave ‘c’ of (ii) should break 3720 at the wave ‘a’ high.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has almost retraced the whole rally in wave [c] at this evenings lows.
That is quite a fall from grace for a start!
it is also a major indication of economic weakness,
and a good signal that the inflation that everyone was worried about is about to flip on its head and turn into outright deflation over the coming months.
It is the deflation that is going to kill the economy and banking system/ markets.

As for the short term count.
I can see a large wave [i] complete at todays lows,
and that should lead to a correction higher in wave [ii] over the coming days.
Wave [ii] should hit the previous wave (iv) high above 19.00 again.

Monday;
Watch for wave (v) of [i] to complete and then reverse higher into wave (a) of [ii].