Good evening to one and all.

I am posting an early update tonight because I have a meeting to attend later on.

And I will postpone the video until the weekend just in case anything major happens over the next few hours so that I can cover that in the video.

So here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD is on the decent again today without making any inroads into the 1.20 handle.
You can view this decline as part of a larger wave (iv) flat,
but at this moment I prefer to look for an impulse wave lower to begin wave [i] down.

Monday;
Watch for wave [i] down to continue and break 1.1694 at a minimum.
The market should then forma corrective lower high early next week to begin wave ‘A’ of (D).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable can also be viewed as completing a fourth wave as per the alternate count.
But if this decline picks up steam early next week and breaks below 1.2900 again,
then I think we can call wave [a] of ‘D’ underway.

we are looking for a drop in three waves in wave ‘D’ with a target at the 1.200 area again.
So this decline will be worth waiting for.

Monday;
We should see a lower high form to begin wave [a].
So lets se if that occurs in waves (i) and (ii).

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

USDJPY is on the rise again today but the structure is a little messy just yet.
I want to see wave (i) break above the 106.46 high before getting too excited.
IF we see a clear five wave rally develop into wave (i),
then we will know that an acceleration higher in the USD is coming soon also.

Monday;
Watch for wave (i) of [iii] to push above 106.46 to signal that the low is in for USDJPY.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW has not broken the June high yet today,
but it is so close now that it is very hard to be confident in that fact!

On the lower end,
we have built up a series of signal points over the last 2 months as we waited for wave ‘2’ to complete.
The first level of interest below us now lies at 25981 at wave (iv).
This is a long way down from here,
but if the high at 27632 holds,
and we see a clear drop into that level,
then I will be much happier about this bearish wave count.

Monday;
It is simple!
Wave ‘2’ must hold and we need to see a serious decline to break initial support at wave (iv).
Then we can look more seriously at the downside into wave ‘3’.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has turned lower this evening with the possibility that the rally to form a high in wave (3) is now done.
I will need to see more downside next week to confirm this outlook though.
1906 is the most significant level to look at in terms of confirming wave (4) is underway.
So I will withhold judgement until that point.
We can also look at the wave ‘iii’ high at 1980 as a signal point for a turn.

Monday;
I am looking at a pretty high degree correction to begin soon in wave (4).
This may take a few months to unfold properly.
and the initial target lies at the 1700 area.

Lets see if we can build a bearish lower high next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude is inching its way lower today with the possibility that we have a significant top in place for wave (4).
AS with many of the previous markets which are themselves undergoing some major trend changes,
I want to see a a bigger move down in a clear impulsive pattern to call this top in place.

We have a significant low at wave [iv] green at 38.87.
A break of this level after a five wave decline will boost the bearish outlook no end!

Monday;
The Summer drags on and the price action is as incoherent as ever!
But I await that impulsive move lower to begin the decline into wave (5).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I have spent the last few months waiting for a very large crash to get underway in wave (C) of [A].
and it has just not materialized!

It may well be a miracle of the S&P does not break to a new all time high over the coming week.
But I am a believer in the one and only Almighty God of Abraham Issac and Jacob,
so miracles are very much in my wheel house!

I have shown the alternate count for the current high.
This is still a ‘b’ wave high but at one degree higher.

Wave [B] of a correction can make a new high in either an expanded flat structure,
or triangle.

If the market does break to a new high,
then I will switch to that alternate wave [B] count,
and I will then look for wave [C] down to take us lower into that crash scenario.

We will see on that front.

Monday;
Watch for wave (i) down to begin with a break of 3200 over the coming week.

There is no doubt that miracles do happen!

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The decline in silver today is a start,
but it is much too early to call the correction in wave [2] underway yet.
the first level of interest and significant support for wave (A) of [2] lies at 22.26
So we will need to see prices fall down into that area to confirm that the larger correction has begun.

Wave (A) can trace out either a five or three wave decline as part of the larger structure.
If the price does continue lower with speed over the coming days to break 24.00,
that will be a major vote in favor of this bearish count.

Monday;
Watch for wave (A) down to take over next week.
First things first,
the high at 29.83 must hold.