Good evening folks, the Lords Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is being quite stubborn today,
and the declines this week have now been confirmed as corrective in nature.
The price hit the lower trend line this morning completing three waves down.
and rebounded to a new high this evening.
This action has been labelled as waves (iv) and (v) of [c].
The overall idea that wave ‘B’ is topping out here is still valid.
The price is holding just below the 62% retracement level.
And the price has met the [a] = [c] target at this evening high again.

All in all,
this action speaks to a completed correction awaiting a fresh decline into wave ‘C’.

Monday;
Watch for wave [i] of ‘C’ to begin early next week with a break of that corrective low at 1.1990 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The declines into wave (i) of [c] in cable are a little more complicated after todays overlap of wave ‘i’ and ‘iv’.
The action can still be described as a leading diagonal wedge in wave (i),
or a series of 1,2 waves off the high which will lead to a sharp decline in wave (iii) next week.
I will hold this view unless we see a break of the wave ‘ii’ high at 1.3949.
That level will be the cut off for both wave counts.

Monday;
Watch for wave (i) down to complete with a break of 1.3808.
1.3949 must hold.
And wave [c] will be confirmed with a break of 1.3668.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The spike high this evening is large enough to ask the question – is wave ‘4’ now complete?
The low of the session reached 107.47,
and this low happens to coincide with a hit of the trend channel again.
So,
right now there is a good chance that wave [c] of ‘4’ is done,
and the spike off the low is labelled wave ‘i’ of (i) of [i] of ‘5’.

I spoke about the alternate count in detail earlier today in the video.
And in this case we may be looking at a wave (2) low completing here.
Both scenarios call for a return to the upside soon.
The alternate count is calling for a much larger rally off these lows in a large degree wave (3).

Tomorrow;
Watch for wave (i) to push above 108.90 again to signal the low of wave ‘4’ is in.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has not made a new high today even as the S&P is nearing that new high,
so at least in the short term we have a non confirmation however small that may be.

I have shown the rally today as part of a running flat wave (ii),
where wave ‘c’ of (ii) did not reach a new high.
The market must fall sharply on Monday for this count to remain valid.

The price seems to be hitting resistance at the 34150 the last few sessions,
This is the level where wave (a) and (c) reached equality within the wave [c] rally.
if the price does reverse on Monday and breaks below wave (i),
that will establish that level as an important resistance level in the developing structure.
While a break of the wave (i) low will signal wave (iii) is underway.

Monday;
watch for wave (ii) to complete and then decline into a wave (iii) with a break of 33680.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is a downside tendency building over the last two sessions with a possible acceleration into a third wave today.
The price has spiked lower today and while we don’t have a five wave decline off the high of wave [iv] in place yet,
there is now a larger probability that we will see that decline next week.
I would like to see a clear break of that 1757 high on Monday to signal that wave (i) of [v] is underway,

Monday;
Watch for wave (i) to push down towards 1722 early next week to confirm wave [v] has begun.
Watch for wave [iv] to hold at 1798.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

We do have a corrective lower high building in wave (ii) now.
And while we do not have a reversal into wave (iii) yet,
the pattern in wave (ii) is quite choppy and overlapping,
with enough internal sub-waves to count three waves up at todays high.

The only way to confirm wave (iii) from here is for the price to fall and break 60.58 again at the wave (i) low.
If we see that on Monday,
then we have the potential for a pretty sharp fall in crude next week in a third of a third scenario.

Monday;
Watch for the correction in wave (ii) to complete and wave (iii) to begin with a break of 60.58.

A break of 64.34 again will require a complete rethink of the short term setup.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is flirting with a new high this evening, and maybe we get there too before the close.
But I have to say,
this weeks action is very like an exhausted market completing a topping pattern than anything else.
And as you know this is my base-line scenario!

I am looking at the action this week as a larger wave ‘iv’ and ‘v’ of (c).
Where wave ‘iv’ did not make a new low in a running flat scenario.

the rally today is wave ‘v’ of (c),
and that should lead to a new high on Monday to complete five waves up in wave ‘v’ completing above 4191.

The alternate count has merit if we hold below 4191 on Monday.
Todays lower high can be viewed as wave ‘i’ and ‘ii’ with wave ‘iii’ left to come.

Monday;
Watch for wave ‘v’ to complete above 4191 to complete wave (c) and then I will look for wave (i) down to begin again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is working lower off the top in an interesting fashion.
So far we have a three wave decline off the top.
I have labelled this as wave (i) and (ii),
followed by a spike lower today that hit the previous fourth wave low at 25.84 in wave ‘i’ and ‘ii’.
If we get a clear break of that initial support at 25.84 again on Monday,
then wave (iii) will be underway. With the potential that we fall into 24.66 pretty quickly in wave [i] green.

Monday;
Watch for wave (ii) to hold at 26.40 and wave (iii) down to continue lower.
A break of 25.80 again will signal wave ‘iii’ of (iii) is underway.

God Bless you all this weekend.
I hope we all come out alive the other side on Monday!
Until then,
Shalom from Ireland.

enda.