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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is making a new low today for this wave (ii) correction.
the price is bouncing all over the place this afternoon,
and I am looking at a running flat correction for wave ‘b’ now.
the price dropped again this evening which is labelled wave ‘c’ of (ii).
and we are very close to hitting the 50% retracement level this evening.

Monday;
Watch for wave (ii) to complete near the 50% Fib retracement level.
And from there I will look for wave ‘i’ of (iii) to begin.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

A three wave correction in wave ‘iv’ is still in play here for cable.
The action today has continued in a corrective manner with a series of overlapping bars and no net progress.
Todays highs takes the wave ‘b’ label,
and now wave ‘c’ is falling back to the lower trend channel line again.
This should complete the correction very soon,
and from there I will be looking for a rally higher in wave ‘v’ of (i).

Monday;
Watch for wave ‘iv’ to complete with a drop into the lower channel line.
I want to see that 1.2300 level hold.
The minimum target for wave ‘v’ lies at 1.2524 at the wave ‘iii’ high.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We had a very close call today with wave ‘2’ just above holding above the wave (ii) low at 153.70.
The price is heading higher again this evening,
but we are not out of the woods yet.
Wave ‘3’ of ‘i’ must rally into the 157.00 area to really favor this ,short term pattern.
And until that happens,
we are in a danger area with the correction in wave (ii).

Monday;
Watch for wave ‘i’ of (iii) to push higher again to take out the previous wave ‘b’ highs at 158.85 to confirm this pattern.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Believe it or not,
the Dow did not make a new high today!
The market stopped short by about 30 points at the highs,
and now we have a reasonably sharp reversal to close out the trade.

I am not going to make the argument that wave ‘i’ of (iii) is now underway.
All I can say is that this wave (ii) count is not invalidated yet.
And if the market collapses from here,
well then,
I will take that as confirmation.

Monday;
Lets see what happens early next week.
The firs support lies at 43820 at wave ‘4’.
Lets see if it breaks.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold hit the upper trend line today in a possible wave ‘v’ of (c) rally.
The price made the new high above the line and now is back in the channel again as we close.
This action has completed the pattern in wave (c) of [b] again,
and now I turn my attention again towards wave (i) of [c] to the downside.
The price action has not proven anything yet in terms of a reversal.
but we have a solid three waves up in place for wave [b],
it is just a matter of time before wave (i) of [c] kicks off.

Monday;
Watch for wave ‘i’ of (i) to take over early next week with a drop back below 2750.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The action today made a new low in wave (b) of [ii].
that created a larger three wave pattern in wave (b).
And I am suggesting that wave (c) of [ii] is now underway after that bounce off the lows.
The minimum target for wave (c) still lies at the wave (a) high at 74.10.
The 50% retracement level lies at 75.90 and that continues to be an attractive target for this second wave.

Once wave [ii] completes,
then I will look for a decline to begin in wave [iii].

Monday;
Watch for wave (c) of [ii] to hit 74.10 at a minimum.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I can make the same comment in the S&P also tonight.
The market failed below the previous high this evening,
and now we see a pretty sharp selloff into the close.
A three wave rally to a lower high is in place here at the wave ‘ii’ high.
and if the market continues lower on Monday to challenge the wave ‘i’ low,
then we have real possibility of that larger wave (i) down pattern playing out next week.

Monday;
watch for that high to hold at wave ‘ii’,
I know it is a long shot that wave ‘iii’ down will take over and drop this market back below 5900 again,
but the pattern is valid for wave ‘iii’ down,
and I will let the price action make a choice from here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver hit the upper channel line again today,
and then dropped back into the channel again this evening.
The action is suggesting that wave (ii) is completing again,
And from here I am looking for a drop into wave (iii) to carry the price back towards 25.00 again.

Ideally,
wave ‘i’ of (iii) will drop back below the wave ‘b’ low at 29.68,
and from there we should see wave (iii) trace out five waves down into the 25.00 area over the coming weeks.

Monday;
Wave ‘i’ down down will move pretty quickly lower if this pattern is correct.
Wave ‘i’ should retrace most of the recent rally in wave ‘c’ from this week.
So we will know on Monday if this count is correct or not.