God’s Blessings to you folks tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I am taking a different tack on EURUSD after todays trade.
The price has risen further today and so far this move is in three waves.
But now I am labelling this rise as wave ‘b’ of a three wave decline into wave (a).
the price needs to turn down early Monday to signal wave [a] is finished and wave [b] is underway.

I still think wave (a) should fall into the previous fourth wave low at 1.1985,
so this level remains the target.

Monday;
the high at 1.2180 must hold and I know its a close call now.
a break of wave ‘a’ at 1.2050 will signal wave ‘c’ is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am holding with the ‘i’ ‘ii’ pattern off the high today also.
The decline into wave [c] requires a five wave pattern,
and with that wave (i) down should trace out five waves as shown.

Monday;
1.4165 must hold,
and wave ‘iii’ of (i) will be confirmed with a break of 1.4005.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Wave ‘iv’ is still holding onto the price today and the action remains corrective in nature.
So at the moment I will stick with the idea that wave ‘v’ of (i) is left ahead of us here,
and wave (i) should complete with a push up into 109.90 again.

There is a possibility that the decline over the last few sessions is wave (ii) already underway.
The move off the corrective low that is forming now will determine if that is true or not.

Monday;
Watch for wave ‘v’ to carry higher above 109.69.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

After another leg higher today,
the Dow has now hit the 62% retracement of the recent decline.
I am counting three waves up into this high,
with todays rally coming in wave ‘c’ of (ii).

If the retracement higher in wave (ii) is completing now,
then next week should bring in an even bigger decline into a third wave down.

Given the very impulsive nature of the decline this week,
It is hard not to look at this pattern as a clear impulse wave lower.
so much so,
that I have to admit,
I will be very disappointed if the market continues higher to break out above the recent all time high.

I will just have to wait and see if people have finally lost the speculative will here or not!
Next week will be crucial in this regard.

Monday;
we have one of the best 1,2, patterns I have seen of late now in place in the dow.
This pattern calls for a reversal lower to begin a substantial decline into wave (iii).
If the market sells off on Monday and creates another lower high pattern as shown.
then the odds of wave (iii) down will rise substantially.

Watch for wave (ii) to complete soon and wave ‘i’ of (iii) to begin.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The bearish pattern in gold has failed to materialize this week.
The price rose again today and now I am looking at an extended wave ‘4’ of ‘v’.
With todays rally coming in wave ‘5’ of ‘v’.
The price should break above the 62% retracement level now at 1851.
If wave ‘v’ reaches the upper trend channel line again that will give us a target top at 1870.

Monday;
Wave ‘v’ is likely to complete by Tuesday evening.
that is plenty of time to close out this pattern and then head lower again.
Watch for wave ‘5’ of ‘v’ to break 1851 at a minimum and then turn lower early next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is holding below the recent highs at 66.62 again today.
Todays top takes the wave ‘ii’ label again,
and wave ‘ii’ has now retraced 62% of the previous wave ‘i’ decline.

If this pattern is valid here,
then Monday should bring a renewed selling to break below 63.10 again at the wave ‘i’ low.

Monday;
Watch for the high at 66.62 to hold and wave ‘iii’ down to begin with a break of 62.10.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P also has a very nice impulsive pattern in place off an all time high labelled wave (i).
The rally today is viewed as the second wave response to the initial decline.
It sure looks like a three wave rally,
and as with the dow,
if this pattern is correct now,
then we are looking at a pretty wicked decline coming in next week
as wave (iii) could easily push below 3900 again with ease.

The same question applies here;
is the speculative bit now out of the mouth,
or will people go back to the trough again and drive stock out to another new all time high.

I still favor the odds that this weeks decline is the real thing,
and wave (iii) will come in next week to drag the market sharply lower.

This weeks decline was a little under 5% off the high and it came out of nowhere.
In my book, that is a message that should not be ignored.
The epic speculative binge that drove the market to these heights will end sooner rather than later.
So why not now eh!

Monday;
We should know by end of Mondays session if there will be a follow through into wave (iii) down or not.
I want to see at least an initial decline into wave ‘i’ of (iii) get started by Monday evening.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The failure to follow through on the downside this week forces me to look again at the wave ‘B’ correction for completion.

The price has not broken out again to confirm wave ‘B’ is still in force yet,
but the pattern off the recent high is more corrective looking after todays trade that before.
So I am allowing for silver to complete a five wave ending diagonal pattern in wave [c] early next week before looking lower again into wave ‘C’.

Monday;
Watch for wave (iv) to hold at 26.70.
Wave (v) up to push above 27.87.

My thanks, and Blessings if the Lord to you all for the weekend ahead.

I hope to see you all back here on Monday evening for another bout in the ring with this market.

God Bless,
and Shalom to you,
enda.