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

Here is the weekend video for you in case you missed it.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

I think you will agree that the upside today was very corrective looking indeed.
The odd’s are rising that this is a correction higher in wave ‘ii’ of (v).
and if that is correct,
then wave ‘iii’ of (v) will turn lower on Monday.
A break of 1.0444 again will signal wave ‘iii’ is underway,
I want to see wave ‘iii’ fall into the recent lows again at 1.0340 to signal wave (v) is underway.

The alternate count will be favored if we see a sharp rally to break 1.0670.

Monday;
The high of wave (iv) at 1.0605 must hold.
Watch for a five wave pattern to continue lower in wave (v) to break to a new low before the end of the week.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

I am conflicted this evening on this short term count.
the price came very close to breaking the wave (ii) high today at 1.2323.
So far that high is holding,
but the price does need a sharp decline on Monday to signal wave ‘iii’ of (iii) is underway.
A break of the wave (b) low at 1.2040 will confirm this count.

Monday;
Watch for wave ‘iii’ to begin immediately with a break of the wave ‘i’ low at 1.2160.
1.2323 must hold.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is a growing possibility that the recent top at 1.3672 was the top in wave (3).
and if that is the case,
then we are now looking for a correction lower into wave (4) that will fall into the 120.00 area again over the coming months.
The recent rally definitely has slowed in momentum in the last 2 weeks.
You can even argue the the price is flat since June 8th.

The idea from this point is to track a large impulse wave down in wave [i] and then a lower high in wave [ii] over the coming week.
Wave [i] should fall into the wave [iv] low at 131.48.

Monday;
Wave (ii) should complete very soon below the 136.00 level.
Watch for wave (iii) of [i] fall into the 133.00 area before midweek.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has reached the initial target level at 31100 in wave (ii) today.
But the internal pattern in wave (ii) is not quite complete yet I suspect.

Wave ‘c’ is tracing out a clear five wave structure higher now.
And I have labelled wave ‘3’ of ‘c’ complete at todays highs.

the Market should correct in a small fourth wave on Monday,
and then rally again into wave ‘5’ of ‘c’ by Tuesday evening.
Todays action is pointing towards a top at the 50% retracement level for wave (ii) now.
that level lies at 31550.

Monday;
Early next week will be dominated by this topping wave ‘c’ of (ii) wave.
Once complete at that target level,
I will then begin to look lower again into wave ‘i’ of (iii) of [iii].

If I am correct here,
then the latter half of next weeks trade will begin a move into a major down wave.
There is another trapdoor moment lined up for wave (iii) of [iii] so lets remain vigilant!

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is a simple question facing us in gold next week.
Is the rally that is coming an acceleration into an extended wave ‘iii’ of (i),
if so,
then we could see a top near 1900 again for wave ‘iii’.
Or;
Is the rally only wave ‘c’ of (ii).
If so.
we will see a failure below 1878 and a big downside acceleration into wave (iii) of [v].

The action this week has not offered anything to favor the bullish count,
or rule out the bearish alternate count.
And as such I am at the mercy of the early action next week to figure this out.

Monday;
The low at 1804 must hold.
Watch for wave ‘iii’ of (i) to rally above 1857 to confirm the bullish count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has traced out a three wave pattern to an interim high today.
And I now favor the idea that this new high is forming a top for wave (b) of [b].
This pattern is pointing towards a decline into wave (c) of [b] early next week.
at the moment I suspect wave [b] will complete as a running flat above the 102.00 handle.

We should see a rally into wave [c] of ‘2’ towards the end of next week.
I am still eye’ing that 110.00 area near the previous fourth wave high to top out this second wave.
Then its a case of prepare for the worst If my count is correct,
as wave ‘3’ down will break into the 80. handle again with ease.

Monday;
Watch for wave [b] to find a low near 102.00 again.
Wave [c] will begin by Tuesday evening again and then head higher for the rest of the week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is approaching the upper target range for wave ‘ii’ this evening.
That upper target level lies at 3920 and I suspect it will be hit on Monday.

This rally is labelled wave ‘c’ of ‘ii’,
and wave ‘c’ has not completed a clear five wave pattern yet.
As with the Dow,
I am looking for a small correction on Monday,
then a spike higher to break 3920 to complete three waves up in wave ‘ii’.

the next move after this correction is complete is a sharp acceleration lower into wave ‘iii’ of (iii).
And that one will be a shock to the system if my count is correct here.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to complete near 3920,
once that happens then I will look for wave ‘iii’ of (iii) down to begin.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is in a similar position to gold today with a clear 50/50 split between the counts.
I cannot favor or rule out either count at the moment.

The main count found a low in wave [b] of ‘4’ this afternoon.
And the bounce off the low this evening is labelled as wave (i) of [c] now underway.
the main count can only be confirmed with a break of 22.50,
so there is a way to go here.

The problem is that this bounce actually fits the alternate count also!
In that scenario,
this is a rally in wave (c) of [ii].
And if we see a failure in this rally near the 22.00 level,
and a sharp reversal lower again,
then I will have to switch to the bearish count here.

Monday;
Watch for todays low at wave [b] to hold at 20.60.
Wave (i) and (ii) msut form a higher low above 20.60 by Tuesday I suspect.