Good evening lads and ladies,

I pray the Blessings of Messiah Yeshua over you all tonight.

I hope you will forgive me,
but I will have to keep the update short and sweet tonight!
I will make it up with a members only video this weekend,
and I intend to go pretty in-depth on everything on my mind regarding markets and the economy.
The stuff I cant say on YouTube!

Anyway,
The metals took another hit today which ruled out the short term bullish count,
but I do think there is a pretty big opportunity brewing there.
So that will require a long hard look next week.

As for stocks,
the bearish pattern is still viable off the highs in both indices,
and this could well be building towards a third wave decline.
so next week will be pivotal there also.

The USD may be undergoing a renaissance also after todays rally in USDJPY.

Ok,
lets look at the charts then.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

If wave ‘C’ is now underway,
then wave [iii] of ‘C’ must begin a rally back about 1.1800 on Monday.
The price must hold above 1.1664 as a break of that level will invalidate this count.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

The idea of a rally in wave (ii) is working-out pretty well so far today.
Another pop higher in wave ‘c’ will complete wave (ii) on Monday.
I am looking at 1.3792 at the 50% retracement level to complete wave (ii).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I have not ruled out the alternate count on the 4hr chart yet,
you can see that a triangle is still viable even after todays rally.
Only a break of 111.69 will completely rule this out.

As for the main count,
todays rally has saved the count and wave ‘iii’ of (i) up is now in force.
we should see five waves up complete by Tuesdays evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

I will admit that the extension rally in wave (ii) this week has put a dent on the bearish outlook at least in the short term.
But I am willing to let this pattern play itself out to the bitter end here in wave (ii).
And if we do see an impulsive reversal begin next week,
that will open the door to a third of a third wave down.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Todays decline has indeed confused the pattern slightly in wave [ii],
but I think the best interpretation is that we have a flat correction underway now in wave [ii].
Wave (c) of [ii] should trace out a five wave decline to complete the correction,
and the next target area for wave [ii] is between 1737 and 1710.

I will be looking for an impulsive reversal pattern to begin in wave [iii] next week.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

If this is a third of a third wave up then the momentum is not matching that scenario right now.
You would expect this rally to accelerate in this count.
But instead we are seeing slow progress.

This bullish count is not ruled out until we see a break of 67.40 again,
but I am a little concerned for that wave [iii] of ‘3’ count now.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P has held below Thursdays high today which raises the prospect of a reversal into wave [iii] now beginning.
We should see on Monday if this wave (i) of [iii] can pull the price lower again.
Obviously a sharp decline below 4300 again will confirm wave [iii] down.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver is so close to completing five waves down now.
Only another few small sub-waves are left to complete the pattern in wave (v).
So I will be watching next week for a low in wave [2] to come in and bottom out in the area of 21.00 again.
A drop into that level will fill the trend channel and open the possibility of a completed correction.
This count get exciting pretty soon for Silver.