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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am not sold on todays small rally yet to be honest.
The price has not managed to break up into the trend channel yet.
Although we have seen at least a short term momentum reversal this week which could lead to a rally forming next week.

Monday;
Wave (i) up should push above 1.07 at a minimum.
That will reach back into the trend channel and allow some room for a correction and the formation of a higher low in wave (ii).
Watch for a five wave pattern to build into wave (i) next week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable is performing a little better this evening than EURUSD.
So I am a little more confident in this rally as an impulsive move off the lows in wave ‘i’ as shown.
This rally has traced out a five wave pattern higher.
And now I am suggesting that wave (a) of [iv] is now underway.
Wave (a) is shown as a possible five wave pattern also,
that should take most of next week to develop.

Monday;
Watch for wave ‘ii’ to hold a higher low above 1.2411 by Monday evening.
That should allow for a larger rally in wave ‘iii’ of (a) later in the week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The USDJPY rally has cooled off today after reaching the upper trend channel line in wave (v).
This pair needs a major turn lower over the coming few sessions to signal wave (2) is underway.
And only a break of the wave (iv) low at 126.90 will favor the idea of a top in place now.
So it is still a waiting game in USDJPY.

Monday;
Watch for wave ‘5’ to hold at this weeks high of 131.25.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The decline is getting a little more convincing now off the top of wave ‘ii’ pink.
If wave ‘ii’ is now in place as the short term count suggests,
then we are looking at a possible wave ‘iii’ of (iii) of [iii] decline building next week.
And that could be pretty horrendous if the pattern holds true.

Todays decline is still only three waves down.
so that leaves an open door on the larger wave ‘ii’ pattern shown as the alternate.
If 33100 does not break on Monday,
then the alternate wave ‘ii’ will be favored.

Monday;
Watch for wave ‘1’ of ‘iii’ of (iii) to break down below 33100 again and complete five waves down.
Wave ‘iii’ must extend lower over the coming week in order to gain enough points in wave (iii)
to allow a correction higher in wave (iv) and not to violate the wave (i) low at 32230 again.

That is a big ask for wave ‘iii’ of (iii).
We will see.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I was looking for gold to turn higher today and break into that 1910 area again.
But I must admit that the form of the rally is looking impulsive this evening.
With this in mind I cannot rule out the idea of a rally in wave ‘i’ off this weeks low.
This is now the alternate count in gold.

Monday;
The main wave count still suggests a decline into the 18509 area before turning higher into a large third wave rally.

Watch for wave ‘v’ of (c) to fall again and break 1872 at a minimum.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has been tracking higher again today and the price broke 107.00 again this evening.
I have labelled this rally as wave ‘iii’ of (iii) all week,
but I don’t think wave ‘iii’ is complete yet as I cant see a five wave internal pattern yet.
One more pop on Monday to break that 108 handle again will do enough to complete wave ‘iii’.
And then I will look for a correction in wave ‘iv’ of (iii).

Moday;
Watch for wave (iii) blue to continue the overall rally above 110.00 again over the early sessions next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The Decline today in the S&P is in three waves so far.
And with that we also have the possibility here of a larger wave ‘ii’ pink developing next week.
I have shown that as an alternate count now.

The main count is more bearish form Mondays session.
If wave ‘1’ of ‘iii’ is underway,
then we will see selling on Monday to break 4100 and begin a larger decline into wave ‘iii’ of (iii).

Monday;
Watch for the high at wave ‘ii’ to hold at 4307.
Wave ‘1’ down must break that 4100 level to signal wave ‘iii’ is already underway.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is possibly correcting sideways in a flat pattern now.
The price is resting just above the lows of the week now,
and I have labelled this as wave ‘b’ of (iv).
Wave ‘c’ will rise back above 23.55 in this scenario.
That will complete wave (iv) and then open the door for wave (v) of [iii] by midweek next week.

Monday;
watch for wave (iv) to complete a three wave correction above 23.55.