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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD traced out three waves up today in a corrective formation.
and now another drop back into the session lows as I write this evening.
I am suggesting that this is a correction within wave ‘3’ of ‘iii’.
But I could be persuaded that wave ‘3’ and ‘4’ are already done.
It is a matter of personal preference I think.

I will allow for a another step lower in waves ‘4’ and and ‘5’ early next week to call this wave ‘iii’ rally complete.

Monday;
Watch for wave ‘iii’ pink to drop once more to hit the 1.04 level to complete.
then later in the week I will be looking for a larger correction higher into wave ‘iv’ pink.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Three waves down has completed today with a slight new low in the pattern.
So far the price is holding above the support at 1.2611.
and I am calling this low, wave ‘b’ of ‘iv’.
With wave ‘c’ set to turn higher on Monday again.
Wave ‘c’ should top out with a break above the wave ‘a’ high at 1.2721.
And from there I will look lower again into wave ‘v’ as shown.
Wave (iii) blue will complete later next week closer to the 1.2400 level.
Wave (iii) reaches equality with wave (i) at 1.2530.

Monday;
Watch for wave ‘iv’ to complete as an expanded flat with a break above 1.2721.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Todays decline raises the prospect that wave [c] of ‘B’ is now complete.
The highs this week did reach close to the 78.6% retracement level of wave ‘A’.
You can view this best on the 4hr chart.

So far the drop is impulsive in nature,
and this is consistent with the start of a five wave decline into wave (i) blue as shown.
If we see a break of the initial support level at 151.28,
that will add weight to the idea of a early turn off the top of wave ‘B’.

Monday;
Watch for a five wave decline in wave (i) blue to hit 151.28.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A three wave decline off the top so far this week.
and for now,
this classifies as a correction.

The market has just hit the wave (iii) top this evening.
and this level seems to be offering support at the moment.
This can change in an instant in the stock market.
So I am open to just above anything next week to be honest.

I know this market is stretched beyond all comprehension at these level,
but that does not rule out another rally if the appetite is still there.
This bubble can also just pop without notice.
So that possibility is on my mind.

Monday;
Lets se how the market reacts off initial support at the wave (iii) high.
If we slice down through and reach wave (iv),
then we have a candidate for a reversal again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

A small higher low to end the week has begun the correction higher in wave (b).
Overall I am looking for a rise into the 2660 area in three waves.
And todays rebound is labelled as the start of wave ‘a’ of (b).

a three wave rise in wave ‘a’ is expe3cted to hit 2600 and then a higher low will form in wave ‘b’.

Monday;
watch for wave ‘a’ and ‘b’ to build that higher low as shown over the first few sessions next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A sharp drop into the lows today but overall this is a three wave pattern and still qualifies as wave (b) of [ii].
If this pattern is correct,
wave (c) should rally out of the current lows and break above the wave (a) highs and top out at 70.00 again.
This correction in wave [ii] will be done by midweek at the latest.
and from there I will look for a turn down into wave [iii] before the end of next week.

Tomorrow;
Watch for wave (c) of [ii] to run higher and break above the wave (a) high at 69.24.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Well,
I gotta say I am not completely un-interested in this decline as a possible reversal pattern.
The price broke out of the corrective formation from a few days ago,
and now we have a pretty sharp turn lower again.
The market has retraced about 50% of the rally that happened in wave (v) now.
If this decline continues and breaks the previous wave (iv) lows again,
then we have something to talk about.

Monday;
lets see if we can reach into the support at 5690 at wave (iv) blue to turn the tide in the market.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is beginning to build a higher low in wave (ii) after a substantial decline into wave (i) over the last few weeks.
I have shown wave ‘a’ and ‘b’ complete at the current level.
Wave ‘c’ should run higher early next week.
And I am looking at a higher near 32.26 at the 50% level of wave (i) to complete the correction.

Tomorrow;
Watch for wave ‘c’ to complete three waves up at the target.
And later in the week I will look lower again to begin wave (iii) down.