Hello everyone.

here is the state of the bullish stance in euro futures, and its pretty breathtaking now.

And along with that bullish debacle, there is this;

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

At every degree within a wave count, ‘b’ waves take their sweet time to fully develop.
That is true for EURUSD this week.
The price is holding onto the highs of this ‘C’ wave so far.
This lower high in wave [b] should be done and once we get a break of 1.1753,
that will signal wave [c] down is underway.

Monday;
The high at 1.1966 must hold.
watch for wave [c] down to begin with a break of that initial support.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has almost filled the elliott channel as you can see on the short term chart.

The price has moved higher in five waves into the session highs today.
And with that we have a five wave pattern again complete in wave [c] green.
The next major move in cable will be to the downside in wave ‘D’
and the first sign that wave ‘D’ is underway will come with a break of 1.3052.

Monday;
Watch for wave (a) to begin with a break of 1.3052.

USDJPY.

USDJPY 1hr.

USDJPY 1hr.

USDJPY daily.

Despite some promising signs this week to the upside.
The market again took a hammering today after an announcement that Abe the Japanese prim minister was resigning.
This seemed to cause some panic buying of the yen.

The price is still holding above the the short term invalidation level at 105.10 so far.
Its a very close call though.
A break of that level will cause a rethink of the pattern.

Monday;
watch for wave (iii) to begin immediately to save this short term count.
107.04 remains the confirmation point for the bullish outlook.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The final wave ‘v’ of (v) continues to inch higher today
as the pattern in wave ‘v’ itself has again extended.

If we look at wave ‘iv’ as a straight drop in three waves into the 28000 level,
then wave ‘v’ has one more push higher to complete and internal pattern.
So we are forced to be patient by this relentless gorging on stocks.

Monday;
The initial level of interest on the downside lies at 27454.
watch for a break of 28000 again after wave ‘v’ completes to hint that a turn is coming.
A break of 27454 will most likely confirm the turn.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

The short term chart shows a slightly different way of looking at the (i) (ii) pattern off the high.
The price has moved sideways in three waves into this evenings highs.
That action is hinting at a flat correction in wave (ii).
And this should also lead to a collapse back into the 1800 level into wave (iii) down.

Monday;
Watch for wave (ii) to complete and wave (iii) down to break 1900 again to confirm the move.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

There must not be one single crude trader left at their desk these days.
All on holidays with no where to go!

WAve (c) of [v] is still developing after another pretty frustrating week in this market!
Wave ‘b’ of (c) looks more like a triangle now,
and this should lead to another spike higher in wave ‘c’ to complete a three wave pattern in wave (c),
a three wave pattern in wave [v] and an ending diagonal pattern in wave ‘C’.
All of which is pointing to an inevitable end of the line here soon.

Monday;
Wave ‘c’ of (c) has a minimum target at 43.83 at the wave ‘a’ high.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The action is very weak today as we seem to have another candidate now for a five wave pattern in wave’v’ now in place.
The price has touched that upper trend channel line again on weak internals and incredibly narrow leadership as usual.

There is every chance that we see a wicked sharp selloff to begin wave [i] down very soon,
given the historic euphoric trance that the market is in now.
And the seriously narrow participation in this rally.

A wake up call is needed here!

Monday;
Watch for wave (c) to close out early next week.
There are tree clear level of support clustered underneath this rally.
3347 at wave (b),
3291 at wave [iii],
and 3205 at wave [iv].
Wave [i] down should slice down through thses levels in a clear five wave form.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

I am looking at a possible triangle formation as an alternate for wave (b) today.
The internal pattern is not absolutely ideal,
but there is five internal waves in place and a narrowing range completing now.
So this is a very viable alternate count.
Wave (C) down is still expected to drop out of this pattern.

Monday;
As for the main pattern.
Watch for wave [iii] of ‘C’ of (C) to continue lower in five waves over the next few weeks.
The start of this next leg down is imminent.

Thanks to all of you for your kind support.
This has been a frustrating time for me, so I can only imagine it has been frustrating for you also to watch me churn through these thoughts on a nightly basis!

You all have my sincere gratitude for you patience.

I pray God’s Blessings upon you all this evening in the name of Yeshua his Son.

Have a Great weekend,
Its time for a gin and tonic I think!

until we meet again on Monday evening.
adios amigos,
enda.