Good evening folks, the Lord's Blessings to you all.
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EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
If this is not a correction higher in wave (b) - I will eat my hat!
EURUSD spiked higher to meet the upper trend channel line today
and again we see a reversal off that high this evening.
The price broke above the 62% retracement level of wave (a) for a moment and dropped back again this evening.
The pattern of wave (b) is a complete three waves.
and the internal sub waves are in a perfect flat correction format, 3,3,5.
Monday;
Watch for wave (b) top out and reverse off this level
Wave (c) should begin on Monday if this goes well.
Five waves down in wave (c) of [c] should bring the market back below 1.06 at a minimum.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
the rally in cable has stopped out today and there is a good chance that wave (iii) of [c] is now complete.
Wave (iv) will dominate next weeks trade in this scenario.
the decline in wave (iv) must complete above the wave (i) high at 1.2704.
And then wave (v) will complete the larger pattern in wave [c] the following week.
Monday;
Watch for wave (iv) of [c] to fall in three waves as shown and that correction must complete above 1.2704.
USDJPY.
USDJPY 1hr.
USDJPY 4hr.
USDJPY daily.
The Yen gets a short sharp boost from time to time and this weeks action falls into that category I think.
It is almost like an elastic band snaps and suddenly the world buys yen for a few days.
Then we get a sobering up after the party,
and then reality hits,
Aside from the Chinese system,
the Japanese financial system is about the most manipulated in the world.
The central back owns most of everything!
And that reality has played out in the consistent fall of the Yen over the last 13 years.
So far,
the patterns have held up this trend.
This week.
The price has traced out five waves down in wave (c) of [ii] already.
And the price is close to hitting that previous wave (iv) low at 145.90 again.
As far as this pattern in wave (c) is concerned,
this pattern has done enough here.
And I think we will see a rally back up into wave [iii] of '5' beginning next week.
Monday;
Watch for wave 'v' of (c) to find a low near 145.90 and then turn higher into wave (i) of [iii].
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The Dow has not made any great effort to rally back in wave 'c' of (v) yet,
so this move will have to wait until early next week.
so far the action off the wave (iv) low is pretty choppy looking to be honest.
And the market must move higher on Monday to bring this pattern back in line.
Wave 'c' will trace out another five wave pattern to the upside and hit a new high to complete wave (v) of [v] above the wave (iii) high at 39280.
If the price turns lower in an aggressive fashion again,
that will shift the focus to the bearish side again.
A break of the wave (ii) low at 38000 again will be a big hint that the trend has reversed.
Monday;
Watch for wave (v) of [v] to top out with a new high above the wave (iii) level.
From there I will look lower again into wave (i) down.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Not a whole lot to add today after the market is pretty flat.
There was a spike higher early in the session that made a new high,
and that seems to have been rejected now,
so the main count holds so far.
I am watching the action here because of that 162% fib extension
the price has broeken above,
and now returned to that level again this evening.
The internal pattern for wave (iii) is also done here.
And wave (iv) down is calling,
Monday;
Watch for wave 'a' of (iv) to fall back in at least three waves.
Wave (ii) was a very long and drawn out affair,
So I don't expect the same for wave (iv).
The price must hold above 2088 at the wave (i) high.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude oil has dropped in three waves so far and the idea for a third wave extended decline is still up in the air here.
The pattern is still valid,
but I do want to see a break of the wave (iv) low at 75.76 to confirm the turn.
WAve (iii) down should achieve that pretty quickly if this count is correct.
So,
I will have to wait for Monday to bring that confirmation.
Monday;
Watch for wave (iii) of [i] to break below 75.76 and the larger wave [i] down to take over the action properly next week.
The wave '2' high must hold at 80.48.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
We have hit an interesting moment for the pattern in the S&P.
Wave 'v' of (v) hit the upper trend line at the session high today,
and now we have an interesting rejection off that high.
The action satisfies the pattern,
but the ever present question remains,
when do we get a legitimate downside follow-through to break support with an impulsive pattern.
that remains to be seen next week,
and that will be my focus now that we have a completed pattern in wave (v).
Monday;
Watch for wave (i) down to continue and break support at 4920.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
The action in silver is corrective at the moment and I am going with the idea that wave 'iv' is now underway.
I am expecting a larger pattern in wave 'iv',
so I don't think it is complete yet.
So the next few days trade will be dominated by this correction.
The alternate count for the correction price action involves a larger wave (iv) blue.
You can see this on the 4hr chart.
I can't rule out this idea yet either.
So watch that wave 'i' support to hold to stay with this bullish count.
Monday;
Wave 'iv' must hold above the wave 'i' high at 23.50,
Wave 'iv' should continue to correct sideways and hold above that support.
BITCOIN
BITCOIN 1hr.
BITCOIN 4hr.
BITCOIN daily.
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FTSE 100.
FTSE 100 1hr.
FTSE 100 4hr.
FTSE 100 daily.
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DAX.
DAX 1hr
DAX 4hr
DAX daily.
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NASDAQ 100.
NASDAQ 1hr
NASDAQ 4hr.
NASDAQ daily.
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