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

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Todays action in EURUSD has complicated matters.

I can not view this decline as wave ‘4’ of ‘iii’ now,
as the price broke below both previous highs in the pattern.

Wave ‘i’ and wave ‘1’ were broken today.
And now I am left with a corrective pattern higher rather than a new impulsive pattern as shown.

This action is now more in line with that alternate count for wave (iv) at the moment.
But I will allow another session to see if the price regains these losses,
or if we head lower again to confirm the alternate count.

Monday;
Another major acceleration higher will favor this bullish count.
That will signal wave ‘3’ of ‘iii’ is underway.
If that count is correct,
then we will see a rally back above 1.0500 again as wave ‘iii’ takes over.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has fallen in three waves off that wave [ii] high so far.
I want to see five waves down off that high to begin wave [iii].

Wave (i) of [iii] has a little more work left to do before it completes a five wave pattern.
Mondays trade should be enough to get that done.

Monday;
Watch for wave (i) of [iii] to complete near 1.2050 again.
A break of the wave [i] low at 1.2004 again will signal wave [iii] is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

We have an extended retracement higher in wave (a) today although the internal pattern is hard to discern here.

There is a possible five wave wedge pattern into todays high.
I am still looking for that wave (b) correction to form a higher low,
so I will have to wait until next week for that to play out.

Monday;
Wave (b) of [ii] should fall in three waves towards 132.50 again.
And then wave (c) will complete the pattern towards the middle of the week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The market seems intent on making that 161.8% fib level in wave (c) today.
We are closing out the week at a very slight new high,
I find myself asking how much longer can we fool ourselves here,
as usual,
the market will remain in a stupor for longer than I can imagine possible.
Remember, people bought with abandon into the highs in January,
that did not change the outcome though.

The 4hr chart shows that wave [ii] has now broken over the 61.8% retracement level of wave [i] now.
And the previous fourth wave high was broken yesterday.
Each day that goes by we seem to hit another way point towards a completed correction.
And I still remain convinced that this is a correction and nothing else.
Another week lies ahead and along with that another opportunity to turn lower to begin wave [iii] down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

There is a small 5,3 pattern in place off the high of wave (iv) now.
I have labelled this as wave ‘i’ and ‘ii’ at the moment,
but I will need to see a big move lower on Monday to confirm that a temporary high is now complete in wave (iv) now.

Monday;
Watch for wave ‘ii’ to hold below 1807.
Wave ‘iii’ down will be confirmed with a break of 1740 again.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude oil has dropped off the high at wave [ii] today.
The pattern is not a complete five wave form yet.
So we will see on Monday if wave (i) will continue lower to complete five waves down near 87.00 again.
A break of that wave [i] low will be a warning shot for this market.
As that break to a new low will signal wave [iii] of ‘3’ is beginning.

Monday;
It is too early to call wave [ii] complete.
I want to see wave (i) of [iii] to continue and trace out five waves down off wave [ii] by the end of next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

If look at the rally in wave ‘c’ a little differently tonight,
I can show you that the final leg higher in wave ‘5’ is now closing out the Elliott trend channel after todays highs.

The targets have been met for this correction and we are now in a throw-over phase of an extended correction higher.

I know I am repeating myself every night with my bearish waypoints etc,
and even so, the market only seems to want to rally.

I am not deterred from my views at all.
I can recount only a short few months ago when the market was posting new all time highs with no end in sight.
I knew in my bones that a crash was only around the corner.

And here we are after the initial phase of the crash,
without any panic at all really.
the market thinks its all over,
and I know, It is only really getting started.

Monday;
The next way point for this rally to hit is to close out the trend channel and then reverse off that upper trend line.
Wave ‘5’ will top out,
and wave ‘1’ of ‘i’ of (iii) is coming.

Lets keep an eye on that previous wave ‘4’ low at 4114 as the first signal level.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I hate to see the metals rallying with the stock market,
it just means they will take a major hit when stocks actually do turn back into the downtrend again.

The pattern in wave (v) of [i] is holding onto the action today.
This weeks declines only managed three waves down into the lows on Thursday.
And now we have a double top with wave ‘iii’.
Wave ‘v’ will break to a new high and that will be enough to call this extended pattern is done.

Monday;
I fear silver will take a major hit next week along with the stock market.
This pattern in wave [i] has all it needs to call it complete.
And so I will remain on the lookout for a corrective decline into wav [ii] next week.