Hello all,

May the LORD of all creation Bless you all tonight.

Here is the weekend video for ya.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It looks like EURUSD has been the most unloved market over the last few weeks.
There is absolutely no momentum in this market.
But given that we have just declined in an impulsive fashion off the recent highs,
then you would expect at least a consolidation at some point before the larger pattern continues lower.

That is still my outlook here.
Wave [iv] will come to a head soon enough and then wave [v] down will begin.

Monday;
Wave (c) will come our way soon enough.
Watch for wave another move above 1.1800 again to signal that has begun.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The pattern in cable is really finely balanced between both interpretations here.
If the price falls impulsively on Monday then we are on for a third wave decline which should last most of the week.
In the case of the alternate count,
if the price only corrects lower from here that will favor the larger wave ‘2’ idea.

Monday;
watch for a decline to begin into wave (iii) down.
A break of 1.3570 will confirm this pattern.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We are very close to topping out in wave (c) of [ii] now.
Todays trade brought us to within a 15 pips of a new high above wave (a).
And when that happens,
the pattern will be ready to reversal into wave [iii] down.
Wave [iii] should carry most of the way towards the initial target for wave ‘C’ at 107.44.
I would expect at least a break into the 108 handle to complete wave [iii] of ‘C’.

Monday;
Watch for wave [ii] to complete with a break of 110.70

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Let me take you on a tour of my thoughs this evening,
and I think we may see eye to eye here.

This week saw a pretty rapid rally that has retraced the declines of last week.
This did obviously rule out the idea that last weeks decline was a first wave down.
But,
It does open up the possibility that wave [v] of ‘5’ is again drawing to a close here.
Let me explain.

The 4hr chart.
The main count for wave ‘5’ blue is again focusing on the ending diagonal scenario as you can see.
We can track a series of five separate three wave patterns higher in wave ‘5’.
And now wave [v] of ‘5’ can be viewed as a three wave pattern drawing to a close.

The Dow is sitting just below the all time highs as I write this evening.
You can see the three wave pattern labelled clearly in the hourly chart.
And wave (c) of [v] is tracing out a five wave pattern.
This pattern has already achieved the minimum expected target for wave (c) with the break of the wave (a) high.
And now it is just a matter if time to close out wave (c).

Monday;
There is a cluster of targets at 35560 and 35660.
These levels mark Fibonacci relationships within the 4hr chant and the hourly count.

If we see a touch off that upper channel line again that will complete a solid picture for this pattern.
Next week could prove pivotal.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has hit a point of consolidation this week also.
The market has bounced around the 1800 level for the last three weeks.
but this week has opened up the possibility that we have topped out in a corrective fourth wave and now moving down to begin a fifth wave.

The pattern is not ideal off the wave [iv] high.
But I have shown a series of 1’2′ waves to begin that final descent into wave [v] now.

Monday;
If the high at 1824 holds,
then we are looking at wave (iii) of [v] now underway.

watch for wave ‘ii’ to close out below 1824 and then wave ‘iii’ of (iii) to fall again early next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Wave (v) of [iii] is tracking higher today and it seems like we are building a five wave pattern within wave (v) also.
This should close out wave [iii] early on Monday,
and then wave [iv] and [v] are left ahead.

Monday;
The target is 76.50 again to complete wave ‘5’.

Wave [iii] if ‘5’ should top out by Monday evening.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am following a three wave pattern higher in wave ‘v’ of (v) in the S&P this evening.
This will allow for another top to form in wave ‘c’ of ‘v’ later next week.
And that will complete an expanding wedge pattern for wave (v).
There is one caveat here.
The Dow is much closer to completing its pattern,
so again we are looking at a convergence of patterns in the stock market.
If the Dow goes,
then there is no reason that the S&P will hold up to extend even further.
Especially with breadth being so low and concentrated here.

Monday;
Another week should be enough for this pattern to close out either way.

Watch for wave ‘b’ and ‘c’ of ‘v’ to put in a final top and then I will look for a reversal pattern off the top again.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I will admit that the decline off the wave (ii) correction today is not very inspiring yet!
But there is room to allow wave ‘i’ of (iii) down to develop.
If we break 24.73 again that will signal wave ‘i’ of (iii) is in force.

However this can also be read as a larger wave (ii) still in force.
We will know on Monday which idea best describes the action.

Monday;
Watch for wave ‘i’ of (iii) to continue lower and we should see a lower high build below 25.46 again to begin wave (iii).