Good evening folks.

The video is up so check it out as I go through some alternates for gold in the short term.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

It looks like we have five waves down now in place off the high at the session lows today.
This evening we are seeing a recovery off the lows,
so I am calling wave (b) now underway.
I want to see a clear three wave pattern higher off the lows to form a lower high.
This should offer a bearish opportunity early next week.

Monday;
We have not seen a break of initial support yet,
and that is the only point of concern that I have in this wave count.

Watch for wave (b) to complete three waves up by Monday evening.
Wave (c) should then break support at 1.1750 again.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The price fell today after a short recovery early on in the session.
I am counting wave ‘b’ at todays highs and that suggests wave ‘c’ is now underway.
Wave ‘c’ must hold below 1.3317 from now on.
And ideally wave ‘c’ will break 1.3050 to complete wave (a) down.

Monday;
Watch for wave ‘c’ to continue lower and break support to complete three waves down.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

There is still a reasonable chance that wave ‘ii’ of (iii) is now underway.
And because of that I am willing to give the benefit of the doubt to this bullish count.

If wave ‘ii’ drops again on Monday,
that will trace out a three wave zigzag correction and setup for a rally again into wave ‘iii’ of (iii).

Monday;
Watch for wave wave ‘ii’ to complete above 105.58 and by Monday evening we should see wave ‘iii’ get underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow turned lower again today in another impulsive move.
At the moment we have a three wave pattern in place off the high.
This move could all be within a developing wave (i) down.
Or as I have shown this evening
This can also be read as a series of 1,2 waves down.
Both interpretations call for more downside dead ahead.

Monday;
This is a good start to a new trend move but I need a bigger bearish signal off the high to confirm the idea that we are in fact turning into wave (C) or [C]

In general,
I want to see a clear five wave pattern develop off the recent high to signal that the trend change is beginning.
In that case we should see a corrective lower high underway by the end of the week.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

In the video today I outlined the idea for a triangle in wave (4) already underway now.
As the price falls again this evening that idea is becoming less likely,
but it is still worth keeping at the back of your mind.
If we see a break of 1902 that will rule out the triangle interpretation.

If wave ‘ii’ of (iii) is now complete,
then we should see a continuation lower into wave ‘iii’ of (iii) over the coming days.
Wave (iii) should break 1860 again at a minimum.

Monday;
Watch for wave ‘ii’ to hold at 1946.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

After a three wave recovery on my derivative chart early today,
a correction in wave (iv) of [i] completed by the end of the morning.
This move has been followed by a sharp reversal in wave (v) of [i] this evening.
We now have a possible five wave pattern in place off the high.
And now we need a three wave recovery to a lower high to complete a bearish signal.

Monday;
This is the first impulsive looking action to the downside we have seen since June.
So I am hopeful that we have finally turned the tide in this market.

Watch for wave [i] to find a low early on Monday and then recover in three waves off that low.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

It is hard to know if todays decline is all of wave (iii) or if there is one more drop left to complete wave (iii).
Its a close call at this point,
so we will have to wait until Monday to figure that out.

For now,
I am looking at the possibility that wave (iv) has started,
but the price must hold below the wave (i) low at 3427 for that intrepretation to remain valid.

If the price corrects sideways in a corrective formation on Monday,
that will confirm wave (iv) is likely underway,
and at that point we can expect further declines to develop in wave (v).

Monday;
this is still a developing first leg down off the all time high,
so as you can see there are a few details still up for discussion.

I still want to see five waves down in wave [i] by the middle of next week to really add weight to the idea that the top is in for wave (B) / [B].

watch for wave (iv) to complete by Monday evening.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Wave ‘1’ is now labelled as complete at Thursdays lows.
Off that low we have a three wave rise and another corrective drop this evening.
Wave ‘2’ is underway now,
and that correction should complete with another pop up in wave [c] of ‘2’.

The price has refused to break 26.00 this week,
So I cannott confirm that wave (C) is now underway,
but the odds are definitely in favor of further declines in wave ‘3’ of (C) next week.

Monday;
Watch for wave ‘2’ to complete another lower high and then decline again through 26.00 in wave ‘3’ of (C).

That is it for another week!

I want to thansk you again for your patience with me over the last while!
At least now I can begin to look lower in the stock market again with some confidence.

I pray the Blessing of the Almighty GOD on you all.

Until Monday,
Shalom,
enda.