Good evening folks, and may Almighty GOD bless you all tonight.

There were so many stocks hitting 52-week highs AND 52-week lows on both the NYSE and Nasdaq that it registered the 2nd most extreme reading since 1984. Split markets have a strong tendency to be “not bullish.”

@sentimentrader

EURUSD.

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EURUSD daily.

The fact that we have three waves down off the wave ‘2’ high leaves the door open for a larger flat correction wave ‘2’ to come in next week.
This would lead to a rally in wave [c] of ‘2’ to reach up to the 1.2300 area next week.
I went through that potential in the video this morning.

AS for the main count,
I am still looking lower in a series of 1,2, waves as shown.
the price has reached the lower trend line in wave (i) of [iii] today.
This should lead to a correction higher in wave (ii) on Monday.
And then we should be braced for the possibility that wave (iii) of [iii] of ‘3’ will come in later next week.
That wave could be devastating if the short term count holds up.

Monday;
Watch for wave (i) and (ii) to complete by Monday evening.
Three waves up to 1.20 again would be enough for wave (ii) to be done.

GBPUSD

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GBPUSD daily.

Cable is correcting higher today after falling in five waves off the wave (ii) high.
This pattern suggests that wave ‘i’ of (iii) only completed at todays lows,
and wave ‘ii’ is now underway.
Once wave ‘ii’ completes on Monday,
the trapdoor could open again for wave ‘iii’ of (iii) to fall off a corrective lower high and drop into support at 1.35 in wave ‘iii’ of (iii).

Monday;
Watch for wave ‘ii’ to complete within the trend channel and fall again into wave ‘iii’ by tuesday.

USDJPY.

USDJPY 1hr.

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USDJPY daily.

We finally have a drop off the high in a corrective fashion this evening.
I am looking for a three wave decline in wave (iv) blue as shown.
This decline can easily fall back into 107.50 again.
But I would like to see wave (iv) hold above the trend channel line as support from now on.

Monday;
Watch for wave (iv) to hold above 107.16.
Wave (v) should begin again by midweek.

DOW JONES.

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This evenings rally is beginning to favor the alternate count now,
but I am allowing for one more stab at the wave [i] [ii] scenario before switching to that main alternate count.

This evening I am showing a larger wave [ii] unfolding.
With todays rally happening in wave (c) of [ii].
I have to say the rally is now ideal as a (c) wave in either pattern.
The action was very overlapping today and can easily count as a correction higher also.

This leaves me questioning if this is only a bearish lower high developing to begin wave [iii] down.
I will just have to wait and see what the trade brings on Monday.

Monday;
A new high above 31666 again will suit both counts now.
The alternate will allow for a new all time high next week.

If the price falls sharply again on Monday that will signal wave [iii] is underway.

If this in fact wave [ii] here,
then this will lead to a big decline in wave [iii] next week.

GOLD

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GOLD daily.

Gold is creating an interesting patter this evening and this could lead to the end of the decline for the moment at least.
The pattern I am showing is an ending diagonal in wave (v) of [iii].
Wave (v) needs one more drop in wave ‘v’ pink to complete the pattern now.
And this should happen early on Monday.
The price must hold below 1723 for this pattern to remain valid.

Once wave [iii] completes,
that will lead to a corrective rally in three waves in wave [iv].
And that correction can lead us up to about 1740 again.

Monday;
Watch for Wave ‘v’ to complete with a drop into 1670 before turning higher in wave [iv] on Tuesday.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have updated the short term count in crude tonight to again show the completion of wave ‘C’ of (C) of [4].
I went over this count in the video today also.

The 4hr chart shows a filled trend channel again.
Wave [iv] traced out a running flat correction.
And wave [v] is a clear five wave pattern into todays highs.

The hourly count shows this pattern in wave [iv] and [v].
Next week should be interesting to see if a completed pattern again leads to a sharp decline.

Monday;
Wave [v] is done now with a clear five wave pattern into todays highs.
Watch for a sharp drop back below 60 again to begin the turn in crude.

S&P 500.

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It is still very possible that we have a five wave pattern underway in wave ‘iii’ of (iii) today.
The rally this evening is not as convincing as in the dow,
so the door is still open here for further declines into wave (iii) next week.
If we see weakness in the futures on Monday morning,
that will be a good sign that wave (iii) is about to turn lower again.

If the price continues higher on Monday and pushes above 3850,
that will favor the alternate count and we will be looking at a new all time high again next week.

Monday;
Watch for a reversal into wave ‘iii’ again on Monday morning.
3666 is still key support for the larger pattern.
If that breaks,
we are in for a major reversal.
If it holds next week,
then the alternate count takes the forefront.

SILVER.

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SILVER daily.

The soft sideways action today can be viewed as wave (iv) of [iii] now complete.
Wave (v) should still push lower on Monday.
I would like to see a break of 24.00 again in wave [iii] of ‘3’.
And ideally wave ‘3’ will complete below 23.00 if this count is correct here.

Monday;
Wave [iii] of ‘3’ needs to make more ground to the downside.
Watch for wave (v) of [iii] to push into the 24.00 handle again.

Blessings to you all this weekend.
And I will see you again on Monday evening.

Shalom from Ireland.
enda.