Good evening to one and all and happy Friday.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD reversed today and is now back on track to complete wave (iii) somewhere around the 1.10.. handle.
The price is sitting at a double bottom this evening at the previous low of wave ‘iii’ of (iii),
but wave ‘v’ of (ii) should push lower to create a clear five wave pattern.
It looks like another few steps lower need to happen in a series of fourth and fifth waves to complete the larger wave [i] down.
And the I will look higher again in wave [ii].
Monday;
Watch for wave another dip in wave (iii) and then a correction higher in wave (iv).
wave (iv) must hold below 1.1275.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
I have updated the GBPUSD chart to show a larger move lower in wave [iii] now underway.
This evenings lows are now labelled wave wave (i) of [iii].
Wave (ii) should correct higher in three waves next week.
And then we will be sitting big pivot point in the larger pattern.
Wave (iii) of [iii] of ‘3’ will be the next step.
The potential for a sharp and sustained move lower at that point will be quite high at that point.
So I will be sure to watch out for that.
Monday;
Next week should prove interesting.
We should see a push back up to about 1.2600 in three wqaves beginning early next week.
So watch for wave (i) to complete at a nearby low.
We should see wave (ii) underway by Tuesday evening.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY has rallied in a five wave pattern in wave [c] today.
This should complete the larger three wave rally in wave ‘A’ that has occurred this week.
Next week should bring a three wave correction lower again in wave ‘B’,
and wave ‘B’ should find support above 103 at the previous wave [b].
Monday;
Watch for the initial decline to begin in wave [a] of ‘B’.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The market was as volatile as ever today with an early rip higher in the futures,
followed by a selloff at the open.
This is not a good environment to be making risky plays now!
It looks like wave (iv) is now underway today.
This should be a three wave rally overall,
with wave ‘a’ and ‘b’ of (iv) nearly complete this evening.
Wave ‘c’ should rally again on Monday to reach above 22520 again.
This will complete a three wave correction higher in wave (iv) of [iii].
and wave [v] of [iii] will be set to fall again towards the target at 19200.
Monday;
watch for wave (iv) to complete by Monday evening.
Wave (v) should dominate the rest of the week after that.
the minimum target for wave (v) lies at 20420.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold has taken a heavy hit this week, down $200 off Mondays high at 1703.
The mass liquidation that hit the stock markets this week also hit the precious metals market in a big way.
But I think we are seeing completely different patterns developing in those two markets,
which led to the same outcome in the short term.
When you look at the daily chart,
the recent action is labelled as either a correction in wave ‘4’ red,
or wave (ii) blue.
On the 4hr chart the action is labelled as a flat correction [a] [b] [c] pattern.
This weeks wicked decline is viewed as wave [c] of ‘4’
and this should be complete at todays lows.
Monday;
If we see an early rally next week which pushes back above 1600 again,
that will be enough to signal wave [i] of ‘5’ has begun.
Wave (iv) lies at 1598,
so wave (i) should break above that level.
This has been a heck of a rocky week for gold,
but the long term count is still on track as far as I can see.
Roll on wave ‘5’.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude oil is still consolidating today after a brutal week of selling.
It is hard to tell if wave (iv) is complete at Wednesdays high,
or if the alternate count for wave (iv) will take over and push up to the upper trend channel line.
Monday;
If the price falls below the wave (iii) level at 27.60 on Monday,
that will rule out the alternate count for wave (iv).
And we can then concentrate on completing a five wave decline in wave (v) next week.
A break of 30.37 again will signal wave ‘iii’ of (v) has begun.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The market has turned quiet tonight for a change!
This should be short lived though,
as we still have a few more waves left to the downside,
in order to complete a large degree five wave pattern off the all time highs.
The price is now falling off the early highs at wave ‘a’ of (iv).
This should prove to be a three wave drop in wave ‘b’,
and then followed by a rally in wave ‘c’ of (iv) early next week.
Once wave (iv) is done,
then wave (v) of [iii] should push lower again.
Monday;
watch for wave ‘b’ to complete a higher low above 2400.
Wave ‘c’ should hit 2640 again to complete wave (iv).
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Is been a brutal few days for silver as the price has lost $3.30 this week alone!
This is a serious decline off the very recent highs above 18.00.
We are now about to create a triple bottom in the area of 14.30 again.
And this level has acted as support for the last five years!
What ever you might think about the long term picture of silver,
this selloff is un-matched for the last 4 years at least.
This warrants a reaction to the upside next week.
And I think we will see an equal and opposite reaction.
Monday;
I am going to have to wait for the early action next week to see how this plays out.
I will be looking for a push above 15.86 again to reassert the upside potential.
That does it for the week.
I wish you all the best for the weekend ahead.
Stay safe and God bless you all!