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

Here is the video I recorded earlier for your viewing pleasure!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I have to rule out the standard impulse pattern higher for wave (i) blue.
The retracement todays was just too large to allow that pattern o work.
There is however,
a possibility we have a leading wedge pattern developing in wave (i).
so I have allowed more time for that pattern to play out.
A further decline on Monday will trigger the alternate count.

Monday;
Watch for wave ‘v’ of (i) to rally again above 1.0650.
The price must hold above 1.0350.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Although the retracement in wave [iv] is larger than expected,
the top of wave [iv] did not break the low of wave [i].

I still expect wave [v] to break to a new low below 1.1931 again to complete five waves down and close out wave ‘5’.

Monday;
Watch for wave [v] to fall again and trace out five wave down to break 1.1931.
A break of the wave (b) low at 1.2040 will confirm this count.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY is really testing my patience this week.
The pair fell with a good five wave pattern lower into this week low.
And then today we have an almost full retracement again of that initial decline.
The rally did not invalidate the bearish wave [i] idea,
but it came very close.
If we see an equally large decline on Monday then the bearish count gets a major boost.

Monday;
wave [iii] down must return lower and break the wave [i] low at 131.50 again.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

We did see a slight new low today in the DOW,
but in general the market is pretty flat with Thursdays close.
this action may well be a sign that wave ‘v’ of (i) is now complete.
And if that is correct,
then we will see a rally early next week in three waves to trace out wave (ii) blue.
I am looking for a weak retracement in wave ‘ii’ to target the 38% retracement level at 31100 again.
This will fit with the declining trend in retracements since the top of the market.
If this count is correct,
then next week will be the final significant retracement in the market for a while,
as the potential for an all out crash into wave (iii) of [iii] of ‘3’ is now on the cards.

Monday;

WAtch for wave ‘v’ of (i) to find that final low.
Wave ‘a’ of (ii) is expected to push above 30500 and then a small correction in wave ‘b’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We are not out of the woods in gold by any means this evening.
the clear impulsive pattern higher that I was looking for in wave (i) is not developing as expected.
So at this point I am looking more closely at the alternate count now.

If the price falls again on Monday to break the 1804 low,
then I will be forced to switch to that alternate count for wave [v] of ‘C’.

Monday;
Everything now rests on the early trade next week.
A nice sharp rally will save the bullish count.
But I want to remain vigilant and to be aware that the alternate count is possible.
1804 must hold at wave [ii].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The bearish count got very real today as the market slices through the wave [iv] support at 110.00 with ease.
The price is holding below that level as I write.
If this is a third wave down as suggested,
then we really are in for a shock over the coming months as a crude oil bearmarket takes over!

Monday;
Watch for wave [iii] to complete soon,
and then ideally, wave [iv] should consolidate below that 110.00 level again.

A five wave pattern lower next week will seal the bearish deal on crude oil.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Did you know that the most bearish wall st estimate for the S&P for 2022 had the yearend close at 3900!
Well I don’t look so crazy now do I.
That target was met in the first week of May, so that gives me plenty of time to work out my bearish forecast for the rest of the year!

If the short term count is correct,
then we are close out wave ‘i’ of (iii) at the current lows.
The price has almost filled the channel again in wave ‘i’,
So I will begin looking for a correction higher now in wave ‘ii’ over the coming days.
Wave ‘ii’ should track higher over the coming few days in a three wave pattern.
And I am looking at that 50% retracement level at 3900 again for wave ‘ii’.

Monday;
Watch for wave ‘i’ to find a low soon.
Wave ‘a’ of ‘ii’ should start with a spike towards 3800 again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am taking a balanced view of the patterns developing in silver this week.
There is a simple 50/50 split now between the main wave ‘4’ pattern and the alternate idea for wave ‘4’.
If the price rallies again on Monday to break above 21.95,
that will mean wave (iii) is underway.
If the price falls again to break 21.32,
then I will switch to the alternate idea for wave ‘4’ and ‘5’.

Monday;
Watch for the low of wave ‘ii’ to hold at 21.32.
Price must rally to break above 21.95 to confirm wave (iii) of [c].