Evening folks!
Here is the weekend video for your viewing pleasure.
I have updated some of the charts from when I recorded this video as the action has progressed sinse then.
Enjoy and here we go.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is pushing lower again tonight and has now broken the 1.1240 level at the previous fourth wave.
I have labelled this evenings lows as wave (iii) of [i],
The price is accelerating lower again,
which fits with a third wave decline.
I would like to see wave (iii) down drop below the 1.1146 level at a minimum.
that will bring the price back below the wave [a] high again.
Monday;
Wave [i] down should remain in force for the next few sessions.
The price must continue to decline and trace out five waves down.
1.1420 must hold.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
The acceleration lower in cable is now viewed as wave (iii) down also.
The price recovered earlier in the session in wave (ii),
and now the decline has picked up again as we approach the close.
Wave (iii) down should push the price down below 1.2300 again,
that will break into the price territory of wave (i) of the previous uptrend.
And that will in-turn go a long way to ruling out any further rally phase above the wave ‘C’ high.
Monday;
Watch for a further five waves down in wave (iii) of [a] to continue.
Wave [a] down should break below 1.2100 again to complete.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY is moving higher today in what should prove to be correction higher.
Wave [ii] will trace out a three wave correction higher.
And then wave [iii] should turn lower again next week.
I am running with the idea of an ending diagonal in wave ‘C’ to begin with.
The main reason being that the initial move lower off the high is extended,
and the following moves lower will likely lose momentum.
Monday;
Watch for a three wave correction in wave [ii] to complete by Monday evening.
Wave [ii] will giev way to a further decline in wave [iii] later next week.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The market rallied in the futures early this morning and that carried into the morning session.
Wave (iv) of [i] completed this afternoon,
and now we are moving lower again in wave (v) of [i].
At this point we are close to completing a five wave move lower off the high.
This count suggests we will see a corrective rally early next week in wave [ii],
before a further decline in wave [iii] takes over again.
It would be good to see a break of the previous wave ‘A’ high at 24880 again
before wave [ii] begins.
I am not certain of the degree of this decline yet,
when the pattern develops a little more then we should get more clarity on the correct degree of the move so far.
The alternate count now allows for more downside in wave ‘1’ blue at one degree higher.
Monday;
watch for wave [i] to complete five waves down and break 24880.
We will likely see a correction higher begin in wave [ii] early next week.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
I am looking at this sideways move over the last few sessions
and it is beginning to look more like a triangle in wave ‘iv’ now.
This correctoin should be drawing to a close now,
and then I expect wave ‘v’ to push higher again out of the correction.
Wave ‘v’ of (i) should break above 1745 at a minimum,
and maybe even push up to the previous highs at 1764 again.
A break of that 1764 level will signal the larger wave [v] is underway.
Monday;
watch for wave ‘iv’ to hold above 1723 at a minimum.
Wave ‘v’ should push above 1745 again.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Crude corrected higher today in three waves,
and this can either be interpreted as a lower degree correction in wave (ii) as shown,
or wave [iv] of ‘1’ already underway.
If the price falls again and accelerates lower on Monday,
that will favor the main wave count.
The alternate count shows that wave [iv] idea at todays high.
This will lead to a drop next week in wave [v] of ‘1’ as shown.
Both counts are suggesting further declines next week.
The action on Monday should indicate which interpretation is more fitting.
Monday;
watch for further declines in wave (iii) of [iii]
or wave [v],
the larger wave ‘1’ should continue lower either way.
I would like to see wave ‘1’ push below 33.00 at a minimum.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P just broke below 3000 an hour ago,
before popping back above that level again as I write.
We can now see a clear five wave pattern in place off the high at 3231.
This is labelled as wave ‘1’ blue.
This mornings correction higher is wave [iv] of [v],
and the decline this evening is in wave [v] of ‘1’.
I would like to see a little more downside though before this wave completes.
A break into the 2890 area will bring wave ‘1’ much closer to the size of the rally in wave ‘C’
which we just experienced over the last few weeks.
I will jsut have to wait and see how this pans out.
Monday;
Watch for wave [v] of ‘1’ to complete by monday evening.
We will likely see a correction higher in wave ‘2’ take over by wednesday evening.
So by the end of next week I hope to see a completed impulse wave lower off the high to lead us into wave ‘3’ down.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Wave [c] is getting close to completion now in silver.
The minimum target remains at 17.17 at the wave [a] low.
With the lower end target at the 16.80 level where we hit the previous fourth wave lows again.
Once wave [c] of ‘2’ completes,
we should see a return higher again in wave ‘3’ red.
And this next leg up could prove explosive if I am correct with this short term count.
Monday;
Watch for wave [c] to continue lower into the lower trend line again.
16.80 marks the low end of what I expect now.
Its the end of another week!
So I want to thank you all for the continued support.
I pray you all have an enjoyable weekend ahead.
God’s Blessings and God’s Speed to you all.
Until Monday,
adios amigos.
enda.