Good evening folks,

we survived another day it seems!

here it goes.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It seems we are getting a changing of the guard today!

EURUSD is turning lower with a nice impulsive look to the action for a change.
The price has hit the first significant support level at 1.2190 this evening,
this is where wave [iv] lies,
and if we break below that level then we can expect a larger wave [i] to continue lower next week.

Monday;
Watch for wave (iii) of [i] to continue lower and then a larger impulsive pattern to complete next week in wave [i] green.
I want to see wave [i] break below the previous consolidation level at around 1.2100.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The action this week has been corrective for the most part.
So with this in mind I have reworked the pattern to label this consolidation as wave ‘iv’ pink.
You will see this wave ‘iv’ is part of an ending diagonal wave (v) grey.
Another rally to that upper trend line again will signal wave ‘v’ is underway.

Monday;
Watch for wave ‘iv’ to complete early next week.
Wave ‘v’ should push up to the upper trend line again.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has held above the 103.88 level again this evening which is quite promising.
The pattern today looks like a correction also,
so I have labelled this as wave (iv) of [i].
If this is correct,
wave (v) should push higher again next week to complete five waves up.
If we got a break of the previous wave [iv] triangle high at 104.56,
that would really be the icing on the cake in terms of creating a solid reversal pattern.

Monday;
Watch for wave (iv) to hold above 103.44.
And wave (v) to push higher again towards the next resistance level at 104.56.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The price has retreated off the highs yesterday with a sharp move lower.
At the moment this decline is labelled wave ‘a’ of (iv),
where wave (iv) will fall in three waves into about 30500,
and then wave (v) will rally in three waves to complete an ending diagonal pattern.

The only caveat to this pattern is if we see a larger reversal take hold now.
One that carries the price down below 29400 at the previous wave [iv].
If that happens,
then we are game on for a real chance of a trend change again.

Monday;
Watch for wave (iv) to complete three waves down off the high which should complete below the high of wave (i) at 30590.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

That was quite a turnaround today!

The decline into wave [ii] has been so quick and so deep this week,
that I suspect we may have all of wave [ii] near to complete now.
I have shown todays decline as wave (c) of [ii].
Wave (c) might have another push into 1820 to complete,
we will have to wait and see.
At this moment we do have three waves down and a break of the 62% retracement level.
So the pieces are in place now for a complete correction.

I just want to draw your attention to the 4hr chart this evening.
There is an alternate count for wave (4) and it is still very much a valid idea.

In that case,
wave C of (4) will test the 1730 handle after a five wave decline.
If that happens,
it will create an even more prime opportunity to go long later this month.

Monday;
Watch for wave [ii] to find a final low at about 1820 and then turn higher again into wave (i) of [iii] by midweek.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The top in gold came in quick this week,
and I fully expect the top to come in crude very soon in quite a similar manner.

The price is now testing the upper trend line which extends from the wave [i] high through the wave [iii] high.
I would like to see a reversal off this line to be honest,
but even so,
when the reversal happens does happen,
the initial move lower in wave [i] should break the 47.20 level at least.

Monday;
watch for wave [v] to close out next week.
This market is overbought to an extreme now,
with that it is ripe for reversal.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Well the price took a small hit today but has recovered most of the decline this evening.
We have a small throwover in place tonight with the wave (v) top poking above the upper line and dropping today.
There is a five wave ending diagonal pattern pretty much in place,
And we also have a horrendous bearish divergence in place on the daily and 4hr charts.

If there is a top in sight, then the conditions are perfect for it now.

Monday;
watch for wave (v) to top out next week and finally give us an impulsive move lower to signal a change of trend.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I have shown todays decline as wave [iii] of ‘1’ to the downside.
I am expecting a more drastic fall in silver into a second wave low at about 17.00 over the coming weeks,
todays decline is only within wave ‘1’ of (C) of [2].
So there is a way to go on this pattern for sure.

Monday;
Watch for wave ‘1’ to trace out a five wave decline by Monday evening.
Wave ‘2’ must then correct to a lower high in three waves.

Thanks to you all again after a pretty tumultuous week in the free world.
Or not so free world from now on!

But I know only one thing for sure in this life.
God is on His throne,
and nothing surprises, surpasses or catches Him off guard!

Things may look to us like they are falling apart,
but things are only falling into place for God!

Blessings to you all this weekend.
until tomorrow with the weekend video.
adious!

enda.