Good evening to you folks.

God’s blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD has completed three wave down today and almost reached the 62% retracement level at the lows.
Wave (ii) has done enough now and the correction should be complete at this low.
The next step is easy,
if this count is correct then we should see a rally begin on Monday into wave (iii).

Monday;
Watch for wave (ii) to hold that higher low and wave ‘i’ of (iii) to push above 1.00 to confirm wave (iii) is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has not turned higher yet so it seems wave [iv] is still in force here tonight.
The high at wave [i] is still untouched at 1.0929,
and so this wave count remains valid.

The alternate count for wave ‘A’ is shown a little clearer in red.
If the rice breaks 1.0929 then I will switch to that count.

Monday;
Wave [v] of ‘A’ must rally back above 1.1493 to complete five waves up.
Watch for wave [i] to hold at 1.0929.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The short term count was ruled out today with a break of 145.30 again.
I know that the correction in wave (iv) is a little out of proportion with wave (ii).
So I do want to see the decline in wave (i) begin next week in order to keep the overall count in check.
The Big reversal seems to be on track for EURUSD and GBPUSD,
so I suspect the same will be true for this pair also.

Monday;
Watch for wave [v] to top out again and then turn lower into wave (i) early next week.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The Dow has turned lower today which is encouraging to be sure.
Despite that action in favor of the main count,
wave ‘iii’ down has not been confirmed yet as we only have three waves down so far.

Wave ‘1’ of ‘iii’ must break to a new low below 28588 again in order to keep this bearish count on track.
And if this count is correct,
then we should expect much more downside next week as wave ‘iii’ of (iii) takes over.

Monday;
Watch for wave ‘1’ to break the support at 28588 again and then another lower high should form in wave ‘2’ black as shown.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Wave (iv) has found support at that 1688 level today and we are on track for an inverse head and shoulders pattern to build from here.
I don’t think wave ‘c’ is complete yet though,
One more dip below support at 1688 will complete a five wave pattern within wave ‘c’,
and that would close out the larger 3,3,5 internal pattern for wave (iv).
the high of wave (i) must hold at 1663,
if that level breaks I will have to rethink the short term pattern.
That may not rule out the bullish possibilities completely,
but it will be enough to get concerned.

Monday;
Watch for wave (iv) to complete above 1663.
Wave (v) will complete with a break of 1729.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I think its an even 50/50 split between the main count for wave [ii],
and the alternate count for wave ‘2’ this evening!
The five wave rally in wave (c) is still on track and progressing as you might expect.
But now that the price has made it back above 90.00 again,
the larger wave [c] of ‘2’ alternate count is within striking range now.

I do prefer the main wave count and I will stick with it until it is ruled out,
but I am not going to rule out the resistance at 97.30 breaking next week to trigger that alternate count.
Its just too close to call here.

Monday;
Watch for that resistance to hold at 97.30 and wave [ii] to complete below that level.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is close to breaking back below the wave ‘iii’ low at 3601 tonight.
that level marks the minimum target for wave ‘v’ to complete.
The early morning trade on Monday will be crucial now.
I want to see a break of that support to confirm the main wave count,
but I also want to see wave ‘v’ extend lower and close the trend channel again for wave (i).
If the price makes it down to the lower trend line,
that will give us a target in the area of 3420 to complete wave ‘v’ and wave (i).

Monday;
So far we only have a three wave pattern lower in place for wave ‘v’.
Watch for wave ‘v’ to trace out a clear five wave internal pattern.
I am watching that 3400 area to complete wave (i) of [iii].

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver came close to breaking out of the main pattern for wave (v) tonight.
The price is holding above 19.93 for the moment,
but that does not inspire much confidence that wave (v) will actually make it higher as suggested.

I have shown a possible alternate count for wave (i) and (ii) this evening.
this involves an earlier than expected reversal into wave [i] green.
And as a result,
we will see a retracement of the recent rally pretty quickly over the next week.

Monday;
If that low at 19.93 breaks,
then we can look for wave [i] of ‘5’ to begin sooner.

AS for the main count,
only a break above 21.23 again will confirm the pattern.
Even if the main count is proved correct I do expect that this rally will complete by the end of next week anyway,
and then wave [i] of ‘5’ will get underway.