The Lord’s blessings to you all tonight!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The price has now reached the target area for wave (ii) of [v] today by hitting 1.1800 again.
Todays high marks a 50% retracement of wave (i).
If wave (ii) up is near complete then wave (iii) of [v] should begin on Monday.
Wave (iii) should drop into the 1.1600 area again.

Monday;
Watch for wave (ii) to complete below 1.1899 at the very top end.
Wave (iii) down will be confirmed with a break of 1.1700 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price dropped into the trend channel low this afternoon and that seems to have completed wave [b] of ‘2’.
The low of the session came in at 1.3790 and that level is very close to the 509% retracement level.
The price has spiked higher off that low also today and I have labelled this rally as the beginning of wave [c] up.

Monday;
wave [c] should trace out a five wave rally next week to top out in the area of 1.4050 again.
Watch for wave (ii) of [v] to form a higher low above 1.3790 again.
Wave (iii) of [v] should break 1.3984.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am biting my tongue for USDJPY tonight!

Todays action has forced a rethink of the correction in wave ‘2’.
While the pattern called for a drop,
this went too far to regard as a correction in the rally.

So,
tonight I am looking at the decline this week as an impulsive drop in wave [c] of ‘2’ as shown.

Monday;
Watch for wave [c] of ‘2’ to trace out five wave down to break 108.71.
we should see a reversal in a bullish pattern next week once wave [c] is done.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Fibonacci range has been hit today,
and on that Fibonacci date no less!
The price popped into it and then dropped back out again this evening.
It is a waiting game now to see if this is actually a scenario worth its weight,
or is this just another milestone along the way to an ever higher target.

There are a few pieces of this puzzle lining up very well here though,
and I have to say it is hard to ignore.

The patterns at all degrees are pretty filled out at these highs.
There are already signs in the markets that this rally is weak,
with momentum and internals failing.
Add on top the proprietary signals I showed from John Hussmann this week,
and the Fib target then we have a convincing story at least.

Monday;
It remains to be seen if this rally yields next week and we get an impulsive decline.
We will see I suppose.
As I said,
the waiting game begins.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The rally today definitely does hint at the alternate bullish count now coming into its own.
But as I said in the video earlier,
the bearish main count has not been ruled out yet either,
so I will wait for at least a corrective decline that holds above 1717 to form in order to go full bull on gold now.
We are close that is for sure.

Monday;
The key level here is 1717.
A break of that level will confirm that wave (v) is underway.

A correction that holds above 1717 will favor the bullish count.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am watching this pattern with baited breath here tonight!
The price is so close to triggering that alternate count for wave [c] of ‘2’.
And at the moment it is hard to rule that out
If we see a break of that wave [ii] high at 69.98 that will trigger the alternate count.
but until then we still have a three wave correction higher in place at wave (ii).
And wave (iii) can appear on Monday.

Tomorrow;
Watch for wave (iii) down to begin with a break of 66.51.
Wave (iii) should fall into the 60.00 handle pretty easily once it gets going.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is but a whisker below that Fibonacci target band a between 4470 and 4474 this evening.
The pattern looks complete now,
and there is not much to do apart from watching for a reversal to occur.
And if that does happen,
will it be an impulsive decline.
Those are the main questions on my mind here.

The points I mentioned for the DOW also apply here.
And again the same prognosis applies,
we wait to see if we get a reaction off these levels in an impulsive manner.

Tomorrow;
Watch for wave ‘v’ of (v) to complete early next week by filling out the wedge and hitting the Fibonacci target levels.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is still correcting in wave ‘ii’ of (v) at todays highs.
The price is holding below the wave (iv) high so far at 24.04.
That high must not break,
and wave ‘iii’ of (v) down should return lower early next week and fall into the 22.00 low at wave (iii) again.
I think we are close to the end of this corrective pattern now,
and I suspect wave (v) down will complete next week.

Monday;
Watch for wave (iv) to hold at 24.04.
Wave ‘iii’ of (v) down will be confirmed with a break of 23.00 again.