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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

No big changes today even with that rally off Last nights lows.
The price is holding below the wave (iv) high at 1.0277.
The action is shifting to a downside bias now so I am reasonably confident that we will see wave (v) come in early next week.
Wave (v) may only last a few days,
And by the end of next week I suspect we will be talking about a larger rally beginning to form.

Monday;
Watch for wave (v) to turn lower again and get close to that parity level again in wave ‘iii’ of (v).
Wave ‘iii’ should begin on Monday.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable made a very slight new high today
and I think this can be accounted for by a spike rally out of a triangle to complete wave ‘c’.
The overall pattern has not changed.
I am still looking for one last decline into wave (v) over the coming few days.
With te minimum target at 1.1759 again.

Monday;
Watch for another small lower high in wave ‘i’ and ‘ii’ to form by Monday evening.
Wave (v) should be done by midweek at the latest.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has really proved the bearish count today.
The price accelerated lower into a third of a third decline
and broke the previous wave ‘i’ of (v) low at 136.24.
This action does not confirm that the top is in place.
but it sure does favor that idea now.

Monday;
Watch for wave (iii) down to trace out a clear five wave pattern as shown.
A correction higher in wave ‘iv’ of (iii) should hold below the wave ‘i’ low at 137.00.
And wave ‘v’ of (iii) should break the main target level at 134.95.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

A very slight new high today to top out a second wave,
and now this evening we see the market turning lower again.
All these small signals are pointing the same way at the moment.
This correction is ending and a new decline phase is coming our way.

In general the thesis remains solid,
that is a correction in wave (ii) is now completing.
And wave (iii) of [iii] down is what we should expect next.
In that case,
I want to see a decline in five waves on Monday and Tuesday to break the 30000 level again.
If that happens,
I think that will all but confirm the larger bearish pattern is in play here.

Monday;
Watch for wave ‘i’ of (iii) to turn lower and begin a trend change into a third of a third wave down.
Wave ‘i’ should fall in five waves early next week.
And I am looking at the wave ‘b’ low at 30120 as an initial target for wave ‘i’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave ‘c’ did not make a new high today,
and already the price is turning lower without hitting the target at 1745.30.
This action is now favoring a running flat correction in wave (iv).
And if this is the case,
we should see another five wave decline to break 1680 again to complete the larger wave [v] and wave ‘C’.
Wave (v) should complete again by midweek,
and I don’t expect we will see a break of 1650 again by the time this final decline is complete.

Monday;
Watch for waves ‘i’ and ‘ii’ of (v) to create a lower high below 1739 to signal wave (v) is underway.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has been slowly drifting lower over the course of this week.
And that action does support the idea of a corrective decline in wave [b] green.
The price made another lower high today,
and now I am looking at a possible running flat wave (b) complete at todays high.
Wave (c) down is expected to continue lower and complete three waves down near the 62% retracement level on Monday.
That gives us a target for wave [b] to complete at 93.20.
Once the correction is complete in wave [b].
We should see a strong rally begin later next week in wave [c].

Monday;
Watch for wave (c) of [b] to continue lower and break into that 93.00 handle.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

After pipping to a new high for the week earlier,
now the S&P is heading lower again as we hit the closing hour of the session.
I think we have seen enough action now this week to suggest that wave ‘c’ of ‘ii’ is now complete.
And the market is reversing with a little more force this evening after just breaking the 62% retracement level,
which suggests a reversal is underway.

Monday;
All the pieces of the puzzle are in place now to suggest wave ‘ii’ is done.
I am looking for a decline into wave ‘1’ of ‘iii’ to begin on Monday.
A break of 3720 again will signal wave ‘ii’ is complete and wave ‘iii’ is underway.

Next week may well be the beginning of a very large new decline phase if this short term count is correct here.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

We have another potential running flat in play here for wave (ii) blue.
The rally in wave ‘c’ has failed to push to a new high above wave ‘a’.
and now we have a sharp drop off the session high underway now.
If this count is correct,
then wave ‘i’ of (iii) has now turned lower again.
And we should see a continued decline into wave (iii) over the next week at least.

Monday;
watch for wave ‘i’ of (iii) to fall below 18.13 again to confirm that wave (iii) is underway.