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

I was sure that I had published this update last night, but I obviously forgot to press the button!

Anyway here we are on Saturday Morning and the sun is shining again, so I have been given one more day to do the Lords will.

And part of that will is to press the publish button for you guys and gals!

I like this chart below here from Sven Heinrich at northman trader, I do like his charts.

Everybody is long, bears are extinct.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD finally made the break lower off that wave [a] high today.
I am looking at this decline into wave [b] as a flat correction at the moment.
This will involve a 3,3,5 internal pattern.
So todays decline is labelled wave ‘a’ of (a).
With the expectation of a three wave decline in wave (a) next week.

Monday;
Wave ‘a’ should complete,
and wave ‘b’ should form a lower high in the area of 1.20 by Tuesday I suspect.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I have labelled todays decline as wave ‘i’ of (iii) of [c].
The count now calls for a five wave decline into wave (iii) to follow over the coming week.
Wave ‘iii’ is likely to form a corrective lower high by Monday evening before we fall sharply again into wave ‘iii’ of (iii).

Monday;
Watch for wave ‘i’ and ‘ii’ to complete early in the week and then wave ‘iii’ should accelerate lower by wednesday.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Todays rally has brought the correction in wave (iv) to a halt very quickly.
This is not ideal, but it is not a deal breaker either,
as wave (iv) should be bigger than the previous wave ‘iv’ in pink.
But at the moment I will go with the flow and see how this pans out over the coming days.

Monday;
If wave (v) is now underway,
then we should see a five wave pattern head higher into the 110.00 area for the coming week.
Wave [i] should complete next week,
and then I will look for a corrective decline to begin in wave [ii].

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Another decline today which is actually following the path of both wave counts at moment.
As I mentioned the other day,
only a break of the wave (i) low at 33680 will confirm the bearish count,
and a rally back above 34161 will confirm the alternate count.

Right now we are stuck in the middle of both counts without any favorite!
There is one thing for sure,
we will see a break out of this range soon and that will select the correct count.
I am still leaning to the downside,
Lets see if Mondays trade brings us an answer on both.

Monday;
watch for wave ‘iii’ down to break 33680 to confirm the downside.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays action is corrective to the upside after a sharp spike lower off wave (ii) yesterday.
This pattern does suit a corrective rise in wave ‘ii’ pink at the moment.
If this is correct,
then Monday should bring a close to wave ‘ii’ below 1789.
And then a clear acceleration into wave ‘iii’ of (iii) next week.
A break of the wave (i) low at 1755 again will signal wave ‘iii’ of (iii) has begun.

Monday;
watch for wave ‘ii’ to hold below 1789 and wave ‘iii’ to turn lower before the end of Mondays trade.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil accelerated lower today within wave ‘i’ of (i) again.
this action is pretty impulsive looking for sure and does favor the bearish outlook.
So now we need some follow through to the downside next week in a five wave pattern to complete wave (i) of [iii] down.
I want to see a break of the 60.00 handle again to complete wave (i).
then I will look for a correction higher into wave (ii) late next week.

Monday;
Watch for wave (i) to continue lower for most of next week.
Wave (i) should retrace most of the previous wave [ii] rally.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I cant read much into the action this week really,
apart form the fact that we seem to have a five wave pattern completed to the upside in wave ‘v’ of (c).
The price has just stabilized below that recent high over the last few sessions.
And we have not had a decline big enough to work with to the downside yet.
I will just have to be patient on that front.

I spoke about the momentum turn around that is happening quietly last night,
And todays action has added to that backdrop.
Next week could easily see the regime change and the price turn negative to follow that long divergence lower in momantum that is in place.

Monday;
4120 is the level to watch in the short term.
I will start building a count to the downside if we break that level again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver has completted a ‘i’ ‘ii’ pattern off the wave (ii) high today.
the price is now set for a decline into wave ‘iii’ of (iii).
and if we get a break of 25.68 on Monday that will signal wave ‘iii’ has begun.

The pattern simply must develop to the downside next week in wave (iii).
And I am expecting break of the 25.00 handle at a minimum.

Monday;
Watch for the wave (ii) high to hold at 26.47.
Wave ‘iii’ of (iii) down should begin on Monday.