Good evening folks, the Lord’s Blessings to you all.

I gotta say,
I am not feeling so well this evening and I have just taken antibiotics.
Its a long story,
but my foot is acting up from an old injury and I think it is infected.
I should be back to normal come next week,
but today has been a bit of a struggle to be honest.

I will keep tonight’s update short if you don’t mind.
I need to get into bed and get my leg elevated!

Hopefully I will get to do a video update over the weekend for you all.
Ok,
here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD had a real wobble today with a spike and reversal that almost invalidate the count.
The price is back lower this evening and I am looking for wave ‘c’ to continue towards 1/1000 on Monday to complete wave ‘iv’.

Next week I will be looking higher again into wave ‘v’ of (c) of [b].

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The same thoughts apply to cable!
Wave ‘ii’ is holding below the recent highs but it came close to breaking the wave count.
Wave ‘iii’ down must now begin with a decline into the 1.2900 area over the coming days.
And I want to see wave (i) blue complete by the end of next week.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has completed three waves down in a trend channel into the support at wave ‘A’.
Wave [b] of ‘B’ should now be complete.
And wave [c] of ‘B’ should begin early next week.

A break back above 143.50 again will signal wave (i) of [c] is underway.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

Well,
todays action is in line with a reversal pattern again,
and at least I can continue with the main count on Monday in the hunt for a five wave drop into wave (i) down.

Watch for wave ‘ii’ to hold at todays highs.
wave ‘iii’ of (i) should fall into the 39500 area in five waves.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I am looking at a brand new wave count this evening for gold.
And now I think this pattern is more advanced than previously thought.

The daily count shows that wave ‘3’ red is pretty much complete at the current highs.
Wave [v] of ‘3’ is now completing an ending diagonal pattern.
The 4hr chart shows wave [v] as an ending diagonal with the classic wedge shape and continuous overlapping internally.

The 1hr chart shows wave (v) in more detail with one last rally to complete three waves up in wave (v) of [v].

If this pattern is correct,
then we should expect an even bigger correction in gold very soon.
No longer am I looking for a drop in wave (c) of [iv].

Now I am looking for a drop in wave ‘4’ at two degrees higher.
That wave can fall back into the 2200 area easily.

Next week I will be looking for a completed pattern in wave (v) of [v].

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The drop in crude oil is nothing short of relentless now!

Wave [v] of ‘1’ seems to be extending the pattern lower with a five wave count internally shown in blue.
Once we hit a new low in wave (v) of [v],
then I will look for a rally to begin again in wave ‘2’ later next week.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I am showing a new count for wave (i) down this evening with a few quirks in the pattern.
Wave ‘ii’ of (i) is shown as complete at the midweek correction high.
The market has turned lower off that level,
so I am suggesting that wave ‘iii’ of (i) is now underway.

Monday;
Wave ‘iii’ must complete a five wave pattern internally with a break below 5400.
And then we can look for the larger wave (i) to complete later in the week.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver took a hammering this evening and now I am forced to go back to the previous wave (ii) correction again.
Wave (ii) is shown as a larger three wave flat correction pattern now.
With todays sharp drop into wave ‘c’ of (ii).
The next fib target lies at 27.24 at the 78.6% retracement level.
Once we hit that level I will look for a rally into wave ‘i’ of (iii) again.

Just take one look at the alternate count for silver on the daily chart before you leave,
This is the one I dread,
but I think it is worth keeping it in mind!