Good evening folks, the Lord’s Blessings to you all.

A few interesting news pieces from the day that shows where we stand in the economic cycle!

BREAKING: Citigroup, $C, plans to announce major layoffs on Monday in an effort to cut costs, according to Financial Times. The bank is undergoing a “massive restructuring” that will result in “tens of thousands of positions eliminated.”

https://twitter.com/bullwavesreal

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has managed to rise out of that correction in wave ‘iv’ today.
The price has just pipped to a new high above the range this evening,
so wave ‘v’ is underway now.

I am looking at that 62% retracement level at 1.0960 as the target for wave ‘v’ to complete on Monday.
And once that level is met I will look lower again to begin wave (i) of [c].

Monday;
Watch for wave ‘v’ of (c) of [b] to complete with a tag of that 62% retracement level.
Wave (i) of [c] should begin from there.
A break below 1.0755 again will signal wave (i) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave ‘i’ and ‘ii’ has completed a lower high today at 1.2457.
wave ‘ii’ pink has traced out a full pattern also as an expanded flat correction.
So this pattern is suggesting a possible reversal into wave ‘iii’ of (i) is now building here.
Wave ‘iii’ of (i) should retrace most of the previous wave ‘v’ rally and that gives us a target for wave ‘iii’ near 1.2185 again.

Monday;
watch for the high at wave [iv] to hold at 1.2500.
Wave (i) should continue a five wave decline over the coming week.
and wave ‘iii’ of (i) should turn lower again on Monday.
A break of 1.2372 again will signal wave ‘iii’ is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is close to completing a five wave decline in wave ‘c’ today.
wave ‘c’ needs one more drop below 149.17 again to complete wave ‘5’ of ‘c’ of (a).
And once that happens,
then we can look higher into wave (b) by Tuesdays session.

Monday;
It is still very early in this pattern here so I don’t want to get too dogmatic here yet.
Lets see if wave (a) can prove itself by completing a solid three wave decline early next week.
then we can start making some predictions about the larger patterns.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We have a very small decline today but that basically makes the market flat off that post cpi rally.
So the market has done nothing for three days solid.
And this comes on the back of the biggest binge of US stocks over a 10 day period in history.
Also,
we have indicator after indicator showing us that the US economy is actually deflating at a material rate now.
Something about this equation does not add up.

Add to this the fact that the market is only about 8% off its all time high,
we are sitting at a second lower high in the pattern.

the outlook for the future is rosy in the garden if you are a cnbc analyst and you think that rate cuts actually boost the economy.
In reality we know that rate cuts will be as a result of a sharp decline in output as the fed chases the market lower,
and the rest of the world runs head long back into the US bond market.

I can not see any other outcome here than a serious downside shift coming our way.
I am holding out with the idea that this will be a decline in wave [iii] of ‘3’.
But that remains to be seen.
next week will show us more.
Monday;
Lets see if todays new high was enough to complete wave ‘v’ of (c) of [ii].

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold cooled off today after topping out in wave (b) of [ii].
the price is still holding below the wave [i] high at the close of the week.
So I can stick with the same idea here for a three wave correction in wave [ii] as shown.
This pattern does need to proove itself now though.
Wave ‘i’ of (c) needs to fall back towards the 1960 area first.
then a larger five wave decline should form from there in wave (c).
the initial target for wave (c) lies at 1931.
And the 50% retracement lies at 1910,
so that gives us a good target area for wave [ii] to complete.

Monday;
Watch for wave ‘i’ and ‘ii’ to complete a lower high and lead the way into wave (c).

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has bounced higher today off that Fib target low at wave (iii).
Wave (iii) has completed five waves down at the low.
And now its time to that correction higher into wave (iv).

The rally was quite sharp in wave ‘a’ of (iv),
so I am leaning towards a simple zigzag correction higher in wave (iv) at the moment.
That zigzag pattern suggests the target for wave (iv) at 79.64 will be hit no doubt.
It is still too early to tell exactly what pattern will emerge for wave (iv) from here.
But that will make itself clear over time.

Monday;
Lets see what pattern emerges to create the initial higher low in wave ‘a’ and ‘b’.
That will give us a hint to a possible target for wave (iv).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The acotin this week is similar to the Dow here in that the trade has been flat for three days now.
The rally came off the back of a worrying cpi report,
and then the market flatlined from there.

The chance for another small new high in wave ‘v’ still exists though as I can’t see a completed pattern in wave (c) yet.
A break above the wave ‘iii’ high will be enough to fulfill the minimum requirement for wave (c),
so next weeks trade will be critical to this wave count.
We cannot afford another rally like this week,
that will invalidate the main count for wave [ii].
A new reversal into wave (i) of [iii] is required to turn this market back into the main pattern again.

Monday;
Watch for wave ‘v’ of (c) of [ii] to complete with a break above 4525 and then turn back down into wave ‘i’ of (i) again.
A break of the wave (b) low at 4337 again will confirm wave (i) of [iii] is in play.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I always hate it when the metals rally along with stocks,
as that just lumps the precious metals in with other risk on assets.
That cannot be good when a major reversal hits the stocks market again like I suspect it will soon.
Initially all assets will be dumped in that scenario,
but if this count is correct,
Silver should continue to hold a higher low above the wave (ii) low at 21.87.
That is the main idea for next week.
A corrective decline in wave ‘ii’ that holds above 21.87 again.

Monday;
watch for wave ‘ii’ to turn lower and fall in three waves towards the 62% retracement at 22.74.