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

EURUSD

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A top in this third wave rally is possible but without much in the way of proof yet.
There is momentum reversal on the hourly chart.
And that reversal is big enough to suggest this wave is moving at a higher degree than I was working with last night.
the top is now labelled wave ‘iii’ pink.
And we should see a correction into wave ‘iv’ as shown next week.

There is a fall back to flat this evening so if the price drops back below 1.0765 again that will signal wave ‘iv’ is underway.

Monday;
Watch for wave ‘a’ of ‘iv’ to drop into 1.0765 as shown.
Wave ‘iv’ must hold above 1.0530 in this scenario.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has come to a rest after a strong rally this week.
The price is still holding above the upper trend line of both channels.
but the rally has more or less stalled out for the last 2 sessions.
I am looking for a drop into wave ‘a’ of (iv) which could bring the price back into the trend channels again.
And I am suggesting a low for wave ‘a’ near 1.2720.

Monday;
Watch for wave (iii) to close out and finally fall back into wave ‘a’ of (iv)

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is suggesting a similar fate this evening.
The price has stalled the decline in wave ‘v’ of (c).
We have a tag of the lower trend line at the session lows.
And momentum in the short term has turned higher.

A rally back above the 150.00 handle from here will signal wave ‘i’ of (i) has begun.

Monday;
Watch for wave ‘v’ of (c) of [ii] to hold at these lows.
Wave ‘i’ of (i) should then continue higher for the rest of the week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is back in whipsaw territory today!
A new low this morning,
and now a rally back to the interim highs again to close out the week.
I am looking at a larger wave ‘iv’ pattern to explain this action.
The price made a new low in wave ‘b’ of ‘iv’.
And now a sharp rally into wave ‘c’ of ‘iv’ will complete the pattern.
Wave ‘iv’ should top with a break above the wave ‘a’ high at 43120.
And if this count is correct,
then the market should fall back again in wave ‘v’.

Monday;
I would like to see wave ‘v’ of (i) complete with break of 41700 at the previous wave (iv) lows.
So this wave count still has to prove itself.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The action in gold is a real headscratcher this week.
the price rallied out of the lows in wave ‘i’ quite powerfully,
and so far the price is holding a lower high.
But the pattern in wave ‘ii’ is not a good fit for a corrective rally.
I am going to give this count the benefit of the doubt for Monday.
and if the price falls again to challenge wave ‘i’ at 2830,
then I will be happy to suggest wave ‘iii’ has begun.
So it is a wait and see scenario here.

Monday;
The high at wave [b] must hold at 2956.
Wave ‘iii’ down will begin with a break of 2830.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Three waves up has completed off this weeks lows now in crude oil.
the action has completed a corrective wave form at the highs at 67.98.

The price reversed in a sharp manner this evening.
And the count suggests wave (v) is now underway.
We should see a five wave decline in wave (v) over the coming days.
And I am looking for a minimum target at 63.78 to complete wave (v) of [iii].
That level marks equality between wave [iii] and wave [i].

Monday;
The wave (i) low must hold at 68.27.
And wave (v) must then turn lower again in five waves towards 63.78.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am thinking about this pattern in the S&P a little different this evening.
The decline off the top has now broken below the previous wave (iv) lows at 5693.
and that means the market has now retraced all of the wave (v) rally.
I am now suggesting that wave (i) down is complete at todays lows.
this involves a leading wedge pattern in wave (i).
Where the internal waves all trace out a five wave pattern,
but waves ‘i’ and ‘iv’ can overlap.

This is a rare pattern indeed.
We are used to seeing an ending diagonal pattern to complete a larger wave.
But this one is rare,
so I will reserve judgement just to see how this develops.

Monday;
Watch for wave (ii) to trace out three waves up over the coming few days as shown.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is at a point of reckoning also tonight.
The price has completed a lower high this week,
but the decline into wave ‘iii’ is not evident yet.
I am looking for a drop below the wave ‘i’ low at 30.80 to confirm this pattern,
And this decline must begin early in the week to bring this pattern back into line.

Monday;
Watch for wave ‘1’ of ‘iii’ to fall back below 31.50 to signal that wave ‘iii’ has begun.