Good evening to you folks,

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD broke the initial target for wave ‘i’ today at 1.0081.
Wave ‘i’ counts well as a five wave pattern also.
And then the price turned lower again into wave ‘ii’ this afternoon.
The action is going according to plan at the moment.
And as long as wave ‘ii’ completes a higher low net week,
then we can expect wave ‘iii’ up to continue the rally net week.

Monday;
Watch for wave ‘ii’ to complete that bullish higher low by Tuesday.
A sharp rally into wave ‘iii’ should push above the 1,04 level again.
And at that point we will be close to confirming the longer term rally in wave (C).

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable hit the minimum target for wave (c) today by breaking the wave (a) high at 1.1610.
The internal pattern in wave (c) is not ideal yet though.
I am looking for a five wave rally in wave (c) to play out before the price turns lower into wave [v] later next week.
so I am allowing for another pop higher in wave ‘v’ of (c) to complete wave [iv] on Monday.

Monday;
Watch for this wave (c) rally to complete near 1.1700.
A break below 1.1500 again will signal wave [v] is already underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The pattern off the high USDJPY is not yet a complete five wave decline.
The price bounced today and so far the action is pretty corrective.
so I view this as wave ‘iv’ of (i),
with wave ‘v’ of (i) left to drop on Monday.

Monday;
Watch for wave (i) to complete this decline near 141.00 again.
I will be looking for a lower high in wave (ii) to complete by midweek.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow is closing out the week with a rise in wave ‘c’ of (ii).
The pattern in wave (ii) looks complete now,
as todays high broke above the initial target at 32040 at the wave ‘a’ high.
If wave (ii) does not complete here,
then the next level to watch is 32390 at the 38.2% retracement level of wave (i).
And above that,
32760 at the 50% retracement level.
We will see if the rally in wave ‘c’ can manage those targets early next week.
I for one am happy to call this correction complete now.
But I will just have to wait and see how the market opens on Monday to confirm that view.

Monday;
Wave (ii) should complete early next week as far as I can see.
so I will be watching for a reversal pattern off wave (ii) from Monday onwards.
A break below this weeks lows again will signal wave ‘i’ of (iii) is underway.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold managed a very slight new high today,
but again finished the day with a spike lower which is really classic corrective action.
The market is refusing to rally out of this corrective range in wave ‘iv’.
Overall I am pretty happy that wave ‘iv’ is the best way to view this weeks action.
And wave ‘v’ down should come along next week to trace out there waves lower as expected.
Wave ‘v’ must break 1680 at a minimum,
but I would like to see this pattern hit the 1650 area before a final low forms.

Monday;
Watch for wave ‘v’ down to turn lower early on Monday.
WAve ‘a’ of ‘v’ should retrace back into the recent lows again at 1685.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The rally in crude today is large enough to call into question my main wave count for wave (i) and (ii).
There is a growing possibility that the alternate count will take over next week if this rally continues.
So far I can not rule out the major bearish wave count on the hourly chart.
But I will have to see a complete stop and reversal happen early next week to continue with that idea.

Monday;
If the main count is correct,
then waves ‘i’ and ‘ii’ are now all but done.
And wave ‘iii’ of (iii) is just a matter of days from collapsing into a major acceleration lower.

This count has consequences,
so it will be relatively easy to rule it out by Monday evening if the decline that I am expecting does not begin.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P made it to the target area at the previous fourth wave high today at 4070.
this level also marks the 38.2% retracement of wave ‘i’.
So we are at a perfect point for the correction to stop and the main trend to begin again.
A drop below 3900 again will signal wave ‘1’ of ‘iii’ is underway.
I can even suggest 3800 as a more likely level for wave ‘1’ of ‘iii’ of (iii) of [iii] to hit.
The reason being,
that wave ‘iii’ has a lot of ground to cover.
So the internal waves have a lot of work to do to begin to stretch the distance traveled to the downside.

Monday;
At this point I am happy to call this correction complete in wave ‘ii’.
So I will begin looking for a turn lower into wave ‘iii’ of (iii) on Monday.

Watch for a sharp drop back below 4000 again to signal wave ‘iii’ has begun.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The sideways grind continues this week in wave ‘ii’.
the action is still corrective in wave ‘ii’,
with three waves up off the wave ‘i’ low clearly in place.
wave ‘ii’ is still forming that lower high below 19.41.
So I am still looking for that next leg down to begin in wave ‘iii’ of (iii).

Monday;
Watch for wave ‘iii’ to begin with a sharp move back below 17.55 again.
That will be enough to confirm the larger pattern.