Good evening to you folks,

God’s blessings to you all tonight.

Every time monthly supply of new houses has exceeded 9 months a recession has ensued.

Currently at 10.8 months.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

An early rally nearly invalidated the main count here,
but then a complete reversal lower again has almost confirmed five waves down into a new low.
I am looking for wave (v) to complete early next week with a break of the low at 98.99.

Monday;
Watch for the high at wave ‘iv’ of 1.0090 to hold and wave ‘v’ to break to a new low to complete five waves down.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Wave (iv) did eventually top out today even though the triangle pattern was broken.
The price has fallen back below the range of wave (iv) now.
And we should see another five wave pattern early next week to break 1.1720 again in wave (v) blue.

Monday;
Watch for the high at wave (iv) to hold at 1.1900,
and wave (v) down to continue lower in five waves as shown.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I get the feeling that wave [i] down may be invalidated early on Monday given the action in the other two pairs.
I will have to wait and see on that front.

This pair has tracked higher this week,
but the action is very corrective in nature.
And we are still holding at a lower high below wave ‘B’ so far.

If the Yen gets a bid on Monday maybe this pattern will be saved.
However if we see a break above 137.70 again I will have to rethink the overall pattern here.

Monday;
Watch for wave (ii) to hold below 137.70 again.
There is still a chance that wave ‘C’ will turn lower again,
but we need confirmation before jumping on board again!

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Todays action is very much in favor of the bearish outlook in the pattern here that much is sure.
I am taking the more bearish slant on the hourly chart tonight,
that suggests todays sharp decline is the beginning of wave ‘iii’ of (i) down.
And if that is the case,
then we can look forward to a pretty hard down week coming our way.
Wave ‘iii’ down can easily bring the market back into the 30500 area to complete.

Wave ‘2’ of ‘iii’ suggests a small corrective rise on Monday,
and then a return to heavy selling beginning before midweek.
It all depends on how much of a retracement we will see in wave ‘2’.

Monday;
Watch for wave ‘iii’ down to gain a foothold next week.
Wave ‘iii’ should complete below the 31000 level again.

The high of wave ‘ii’ must hold from here on out.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Down across the board today as even gold takes the hit from rising fear and loathing!

it looks like the new count is fitting the action quite well now.
Wave ‘ii’ completed just below the 50% retracement level,
and now today we get a sharp decline off that level to begin wave ‘iii’ down.

Wave ‘iii’ has not been confirmed yet as we need a break of the wave ‘i’ low at 1727 to do that.

Monday;
Watch for wave ‘iii’ down to continue lower and break below the 1700 level again at a minimum.
At this point it looks like a target low for wave (v) near 1650 is correct.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I am watching a ‘i’ ‘ii’ pattern now underway to begin wave (i) of [iii].
Wave (i) should continue lower next week and complete five waves down near the 86.00 handle again.
If this pattern is correct,
then we are in for a long and deep series of declines in crude as wave [iii] down completely deflates this market over the coming months.
It is too early to confirm,
but a five wave decline next week in wave (i) will be the key.

Monday;
watch for wave (i) of [iii] to continue lower as shown.
Wave ‘ii’ must complete below 95.60 at the wave [ii] high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is well on its way to confirming the next decline phase in wave (iii).
Wave ‘i’ of (iii) is expected to continue lower next week,
and I would like to see wave ‘3’ of ‘i’ complete below 3945 at the previous wave ‘a’ high.
The overall plan here is for wave ‘i’ to fall back into the price territory of the previous wave ‘b’ at 3720.
At that point I will look for a correction higher into wave ‘ii’.

Monday;
Watch for wave ‘3’ down to continue lower for Monday and Tuesday.
The wave ‘a’ high is the initial target at 3945.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am missing data on my silver chart this evening,
I’m not sure why,
but we will soldier on regardless.

Silver ahs dropped off the wave ‘iv’ high today into wave ‘v’.
Wave ‘v’ has not made a new low yet,
so I expect a break of the wave ‘iii’ low at 18.71 by Monday evening.

We are at a critical point in this pattern now,
wave [ii] must hold above the low at 18.13.
A break of that low will trigger the alternate count for wave [iv] and [v] of ‘5’.
And if that happens,
we are in for more downside for at least another month with the next likely target for wave [v] of ‘5’ in the low 16.00 area.

Monday;
The next few sessions are critical for this count.
Watch for wave [ii] to complete above 18.13 and a rally to begin in wave [iii].