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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Well EURUSD is giving us a lesson in false starts this week.
The price dropped sharply this morning and now we have a rebound back to the highs again.
Overall the price has retraced back to the 62% retracement level this week in wave (b).
That is more than enough to consider wave (b) complete.

Monday;
Now I am waiting for wave (c) to turn lower again next week.
The minimum target for wave (c) lies at 1.1065.
The price should fall in five waves towards that level from here.
So Monday should begin wave ‘i’ of (c) as shown.
A break of 1.1265 at the wave ‘a’ high should confirm this wave.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

If we start on the 4hr chart tonight.
The rally into wave (b) has extended today and now the price seems to be targeting the upper channel line again.
I am still pretty confident that wave (c) is coming our way.
and but this rally must top out first in wave (b).

The hourly chart shows an extended pattern in wave ‘c’ of of (b).
The rally in wave ‘c’ has reached above the equality level with wave ‘a’.
And The upper channel line is quite close now,
so I will be looking for a hard turn lower early next week to confirm wave (b) is done and wave (c) has begun.

Monday;
Watch for wave ‘i’ of (c) to drop back off the top and break 1.3440 to confirm.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The pattern in wave (v) of [c] is proving very difficult to figure out here.
The internal action is so choppy and overlapping that it fails to fit a typical pattern.
But I am going to allow this pattern to works its way down to the minimum target at 139.85 to complete the larger wave [c] and wave ‘2’.
And from there I will begin a hunt for a turn higher into wave ‘3’.
We will see how that goes.

Monday;
Watch for wave (v) blue to continue working its way down to 139.85.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW made an attempt to hit the previous wave [a] high today,
but a recovery lifted the market off that level this afternoon.

The drop off the top is large enough to suggest wave (i) is done at that low,
especially because of the clean slice down through the previous wave (iv) low again today.
The action is now beginning to turn in favor of calling wave ‘B’ complete at the recent high.
and I am suggesting that wave [i] of ‘C’ is now underway.

Monday;
The market will rebound to a corrective lower high in wave (ii) in this scenario.
and wave ‘a’ of (ii) is done at this evenings high.

Watch for wave (ii) to trace out three waves up to a lower high early next week.
And the stage will then be set for wave (iii) of [i] to begin.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have actually moved the wave count up by one degree tonight
and now we are looking at a top for wave [b] green in the works.

The rally extended again today and we have a clear five wave pattern in wave (c) all but complete.
Wave [b] has hit the 62% retracement level at the highs.
and wave (i) of [c] will then turn lower next week if this count is correct.

Tomorrow;
Watch for wave (i) down to begin with a drop back below 3280 at the previous wave ‘iv’.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

It has been a choppy few sessions in crude oil but I think the pattern is lining up for a corrective lower high now.
Wave (ii) has traced out an expanded flat correction now.
And todays spike rally occurred in wave ‘c’ of (ii).

Monday;
The 50% retracement level of wave (i) lies at 62.17 so I think we can expect a top in wave (ii) in that area.
But I am looking for a top in wave (ii) to form on Monday and then wave (iii) down can take over from there.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P gave us the same sharp spike lower to begin the session,
and I am now suggesting that todays low completed five waves down in wave ‘i’.
A rebound today began wave ‘ii’,
and wave ‘iii’ of (i) will come early next week.

It is a case of so far so good at the moment,
the market has turned off the wave ‘B’ lower high.
But there is no major proof yet that wave ‘C’ has begun.
Next week I will be looking for this pattern to prove itself by turning lower in a sharp drop into wave (i) blue.
IF that happens,
then we may be in business.

Monday;
watch for wave ‘ii’ pink to complete a lower high and wave ‘iii’ down to fall back sharply again as shown.
the level of interest lies at 5576 at the previous wave (iv) low.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is most definitely the most frustrating market over the last month.
The price has basically gone nowhere in a hurry.
And todays action is no different.
The price has rallied to a lower high again this evening.
And wave ‘1’ down has not been proved yet.
Only a break below 31.60 again will prove that wave ‘ii’ has topped and wave ‘iii’ down is underway.

Tomorrow;
Watch for wave ‘iii’ down to drop back below the 31.60 to breath some life into this idea now.