Good evening folks.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is ranging today in a pretty corrective fashion.
The price did poke to a new low this evening,
but I think this new low is part of wave (b) of [iv],
rather than wave [v].
The main reason being the excessive overlap within the action today.
This suits a three wave drop in wave (b) of [iv].
Monday;
I am expecting wave (c) to rally back into the wave (a) high at 1.0831 to complete wave [iv].
The we should turn lower again into wave [v].
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
Cable rallied to a high at 1.1931 today and then turned sharply lower off that high.
Although the price did not reach the suggested target at 1.21,
the rapid drop off the high does suggest wave (c) of [iv] is now complete.
Todays action to the downside is pretty impulsive looking.
So I expect that wave [v] of ‘3’ is now underway.
Wave [v] should fall again next week and break below 1.1400 again at a minimum.
Monday;
This decline in wave [v] should continue in five waves with 1.1400 the minimum target.
Next week should be=ring a final low for wave ‘3’ also.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
Todays drop off wave [iii] and subsequent rally is in line with the short term count so far.
I have labelled wave [iv] at the session low,
but it is possible that wave [iv] will create a larger three wave pattern
as part of a flat correction on Monday.
And then wave [v] will pop to a new high above the 112.20 resistance.
For the moment is does not hurt to view wave [iv] as complete.
Monday;
Watch for 112.20 to put the halt to the rally in wave ‘C’ of (D).
Wave (E) is coming,
and at the moment it looks like wave (E) will begin next week.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
This market is a minefield!
Just when you think there is a bid under the price,
the rally completely falls apart and we hit new lows again!
And new lows on Fridays evening no less,
obviously no one wants to be holding the bag over the weekend
just in case we get another black Monday gap lower again!
but every seller needs a buyer,
so someone must suffer!
The ending diagonal idea for wave [v] is still holding after another wild days trade.
This evening declines should be closing out wave (v) of [v].
So it is possible that the larger wave ‘3’ blue is now drawing to a close also.
The early trade next week should clear this up for us.
Monday;
Watch for wave [v] to create a final low,
and then we should see the initial moves higher to begin wave ‘4’.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold is slowly but surely creating higher lows this week.
The bullish pattern is not guaranteed of course,
but it is encouraging to see the price build a base again.
The action today is also moving away from the lockstep declines that have plagued many markets.
Gold was just along for the ride lower recently
as a blanket selling panic seemed to grip everyone this last few weeks.
If we continue to move higher early next week,
especially if we see a break of 1600 again,
this will be add weight to the possibility of larger bullish pattern developing.
Monday;
watch for a rally above 1554 initially,
this should signal wave (iii) of [i] has begun.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude has also created a higher low today in a possible wave (b) of [iv].
The rally in wave (a) is in five waves,
and wave (b) looks like a three wave pattern so far.
This actoin suggests that wave [iv] will be a simple zigzag,
tracing out a 5,3,5 pattern internally.
and wave (c) should rally higher again in a five wave pattern from here.
Monday;
watch for wave (b) to complete above 20.54.
Wave (c) will be confirmed with a break of 28.60 again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P has hit a new low for the week on the close of the session tonight.
The market is now sitting at a three year low!
To put this move into perspective,
the all time high was created this day only 4 weeks ago!
So this market has lost a full 33% in four weeks…………………………….
Now that is a crash by any mans standards.
Todays decline is labelled as wave [v] of ‘5’ of (1).
If this count is correct,
then we should see a final low in wave (1) early next week.
And then the market should begin a rip-roaring rally in wave (2) over the next few weeks.
The rally in wave (2) may even reach back towards the 2800 level at the previous fourth wave,
but the rally will be a failure,
and then wave (3) will take out the last bulls left standing with an even more vicious decline.
There will be sirloin steaks for dinner after wave (3) thats for sure!
Monday;
Watch for wave [v] to hit a low early next week.
A rally back above 2500 again should signal wave ‘A’ of (2) has begun.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver is not rallying in a clear five wave pattern in wave (c) today as expected.
If the trading range continues to contract over the coming days,
that will signal wave [iv] is tracing out a triangle rather than a flat correction.
Wave [v] is still expected to return lower again to complete a five wave pattern in wave ‘3’ red as shown.
Monday;
Watch for wave [iv] to complete by Monday evening if this is a simple flat correction.
A triangle will in wave [iv] will take another day or so to complete,
before falling again into wave [v].
That does it for the week,
and boy what a week it’s been!
Thanks to you all for hanging with me throughout the week.
I pray you all have an enjoyable weekend ahead.
Until Monday evening,
Gods Blessings to you all.
Enda.