Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Its been a very quiet day in EURUSD today just like the whole week really.
The decline in wave (d) of [b] is underway I think.
There is no confirmation of that wave yet though.
So I want to see a continued drop in a three wave pattern next week towards 1.0700 in the full wave (d).
But once we see a break of the centerline at 1.0800 again,
that should be enough to confirm the pattern.

Monday;
Watch for wave ‘a’ of (d) to fall below 1.0800 to signal wave (d) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

We are pretty close to a five wave pattern off the top today.
I have labelled this initial drop as wave ‘i’ of (i) now even though we don’t have a break of that 1.2800 support yet.
That will have to wait until next week.

Monday;
Wave ‘i’ and ‘ii’ should create a clear corrective lower high early next week.
And then wave ‘iii’ of (i) will continue lower to break support at 1.2800.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

Looking at a possible ‘i’ and ‘ii’ pattern off this weeks lows today.
Wave ‘ii’ must create a higher low,
possibly by Monday evening.
And then wave (i) will continue higher as suggested.
I doubt that wave (i) will break above the recent highs at wave (b).
But I am suggesting that we get quite close to that area.
A break of the 160.00 level again will be enough to confirm this pattern.

Monday;
Watch for wave ‘ii’ to correct lower and then hold above the recent lows at 155.35.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I am going to give the DOW the benefit of the doubt this evening.
The decline off the top so far looks like a three wave matter.
The pattern is not big enough to call this all of wave (iv) in blue.
so I have labelled this wave ‘a’ of (iv),
with wave ‘b’ and ‘c’ left to come next week.
If this pattern proves correct,
then we will see another new high next week in wave (v) of [v] of ‘C’ to close out the larger pattern.

Monday;
Watch for wave (i) to hold at 39580.
That level is crucial to this pattern.
A break of that level will signal a turn down is coming earlier than I have allowed for.
And in that case we will be dealing with a possible wave (i) of [i] again.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am biting the bullet here tonight and now calling wave (v) of [iii] complete.
the drop off today is enough to signal that a larger corrective form my be beginning here.
So I am looking at the possibility that wave [iv] green is now in play.

Wave [iv] should take a few months to complete,
so we are looking at a corrective summer trade that falls back towards 2200 again in this scenario.
Wave (a) of [iv] is underway as I write.
And I am looking at a drop back into the wave (iv) lows at 2290 in three waves.

the lows today have hit the recent wave ‘iii’ high.
that is enough to trigger this new count,
and that is probably enough to call wave ‘a’ complete.

Monday;
Watch for wave (a) of [iv] to trace out three waves lower as suggested.
wave ‘a’ of (a) should find a low in the next few sessions.
And then wave ‘b’ can turn higher to create a lower high as shown.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Well crude oil did crack today and almost a month of gains has been retraced in the last two sessions.
The price broke below 79.30 again today and that action has confirmed that wave ‘3’ is now in play here.

I price action is quite tight this week.
But I am suggesting an extension in wave [iii] of ‘3’ to explain the pattern.
Todays sharp drop is wave (iii) of [iii] of ‘3’.
And if this count is correct,
we should see a continued series of declines to complete five waves down in wave ‘3’ blue over the next week.
WAve ‘3’ blue should fall into the 75.00 handle before correcting higher into wave ‘4’.

but lets just take one step at a time.

Monday;
Watch for wave [iii] green to complete five waves down over the next 2 sessions.
Monday will likely bring a bounce in wave (iv) of [iii].
And I want that to hold below 80.00 before falling again in wave (v) of [iii].

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

Five waves down in wave ‘i’ this week??

Well,
I am suggesting that possibility here after a pretty clear impulsive pattern off the top after closing the channel early this week.

Of course there are many reasons to be skeptical.
The price has not broken the 5440 level at wave ‘iv’.
And that is my initial target for wave ‘i’.
So this is early days in another wild goose chase for the first step into the abyss.

Monday;
Watch for the market to hold below the top again and maybe we will see five waves down to break initial support at 5440.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is getting close to the invalidation of the bullish pattern today
after dropping into the recent lows again at 28.56.
We have not see a break of that level yet,
so the bullish count in wave (i) and (ii) is still valid at least for now.

IF that support breaks at 2856 I will be forced to switch to that alternate count at for wave [ii] again.
That alternate count could allow for wave [ii] to fall into the 25.00 area again on the lower end.
You can see that possibility on the 4hr chart.

Monday;
It is critical that the support holds at 28.56.
If we see a push back above the 30.00 level again that will signal wave ‘i’ of (iii) is underway.