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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am looking at a larger three wave pattern for wave ‘a’ down which completed at this weeks low.
This is probably a better fit to be honest,
because the overall decline in wave ‘a’ has just retraced the previous wave ‘v’ rally.
Thats a match in wave size which is a good signal for the reversal into wave [ii].
and I can now look for a three wave recovery into wave ‘b’ coming early next week.

Monday;
Watch for wave ‘b’ to complete a three wave rise into the previous highs at 1.1400.
Later next week will bring the drop into wave ‘a’ of (a) to complete the first part of the larger wave [ii] correction.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has retraced the previous wave ‘v’ rally also with wave ‘a’ of (a) of [ii].
Wave ‘b’ should create a lower high as shown.
And just like EURUSD wave ‘c’ will come by midweek I think to carry the price down into the 1.3000 area.

Monday;
Wave (a) down will take up most of next weeks action if this pattern holds.
Wave ‘b’ should complete a lower high by Monday evening,
and then wave ‘c’ must begin with a sharp turn lower.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Well,
I don’t know if my doubts have been confirmed today,
but that looks awfully like a standard three wave rally into todays high.

On the 4hr chart I can see that the price hit the 200MA and then dropped back off that level immediately.
That might just indicate technical selling,
but it is another data point worth taking into account in trying to decipher what is going on here.

Monday;
I am not going to abandon the larger rally idea into wave (i) up just yet.
But there is a hard invalidation level at wave ‘ii’ at 141.97.
And if that level breaks then its back to the drawing board.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Measuring the rally in wave [c] of ‘B’ this evening you can see that wave [c] has reached 78.6% the size of wave [a].
The wedge pattern into wave [c] remains the best fit pattern.
And the price is holding just above the upper trend line of that wedge this evening.

While this rally in wave [c] can reach equality with wave [a] for sure,
that will happen up near 42200,
the patter has already fulfilled most of the requirements for this wave ‘B’ pattern.
So,
we will see if a reversal will come early next week to confirm the turn into wave ‘C’ down.

Monday;
Watch for wave [c] of ‘B’ to show signs that this rally is over in wave ‘B’.
Wave (i) down should fall back to the 40,000 area again in five waves to signal that the turn is in.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold rallied in wave ‘4’ of ‘iii’ today and then dropped off that high with a spike lower to begin wave ‘5’ of ‘iii’ this evening.
The minimum target for wave ‘5’ lies at 3200 again,
but I would like to see a drop below 3150 to complete wave ‘iii’ as shown.
This should happen first thing next week.

Tomorrow;
Watch for wave ‘5’ of ‘iii’ to drop into the 3150 level to confirm the pattern in wave ‘iii’,
Wave ‘iv’ and ‘v’ should continue the trend lower and I am looking for a wave (iii) below 3100 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has dropped off yesterdays highs now and I am going with the idea that wave (iv) is now complete.
That means wave (v) is underway,
and we will see a drop back below 56.00 again as wave (v) completes the larger wave [i] down next week.

There is still a possibility that wave (iv) will develop into a more complex sideways correction,
but it should be obvious by Tuesday evening if that alternate idea is correct.

Monday;
Watch for wave (iv) to hold at the 59.60 highs.
And wave (v) down should continue lower to break below 56.00 as shown.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P managed a little more upside than the DOW today,
but the wave count still holds overall.
Wave [c] is already above the 78.6% level of wave [a] after todays pop.
And wave [c] will reach equality with wave [a] at 5785.
That level is within reach now.
So I suspect we will hit a top in this wave [c] rally between this close and the target high.

That target also marks the previous wave [b] high within the initial decline phase.
so I suspect there is a built in resistance in that area to watch out for.

Monday;
Watch for wave [c] of ‘B’ to reach equality with wave [a] at 5785 and then turn lower into wave [i] of ‘C’.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver did complete a three wave rise in wave ‘4’ at the session highs today.
And now a drop off that high again is suggesting that wave ‘5’ of ‘i’ is underway.
Wave ‘5’ will hit the 30.00 handle ideally,
but the minimum target lies at 31.63,
and from there we will see a corrective rise into wave ‘ii’ later next week.

Monday;
watch for wave ‘i’ down to complete a five wave pattern near the 30.00 handle again.