Evening Folks!
The video is done, so check that out as I go over the alternate counts in the metals and other markets in some depth in it.
Friday comes around quick, and as always there is alot to chew on after the week,
so lets do it.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD is following the script off the wave [ii] high so far!
But we do not have a clear five waves down in place yet.
I think we will have to wait for wave (i) to complete
before getting excited for the possibilities in wave [iii].
So far so good is the initial thought.
the price is heading lower today in what count be the beginnings of wave ‘iii’ of (i).
I expect wave ‘iii’ to hit initial support at 1.0990 before correcting in wave ‘iv’ next week.
Monday;
watch for wave ‘iii’ to continue lower.
The price should stay below 1.1100 as wave ‘iii’ develops.
But the high at wave ‘ii’ must hold at 1.1162.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
GBPUSD is lower also today but so far the move off the high is in three waves.
I want to see a nice sharp move back below 1.2700 again early next week,
in order to signal that wave (i) has begun.
So far this evening,
the decline seems to have stopped.
This should be only a correction in wave ‘iii’.
If so,
will should see further declines early Monday to continue five waves down.
Monday;
watch for wave ‘iii’ of (i) to continue lower and break 1.2700 at a minimum.
1.2952 must hold.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY is higher this evening out of a possible three wave running flat correction in wave (ii).
If that is the case,
then wave (iii) should be free to rally from here on Monday
and break out above 109.00 again to confirm the short term pattern.
Monday;
watch for wave [iv] to hold on the lower end at 108.24.
Wave (iii) of [v] should continue higher and break 109.00.
We may even complete the larger wave ‘C’ next week if this rally continues.
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
The DOW is higher also this evening in a possible wave ‘iii’ of (v).
The rally is getting close to that all time high again now.
And if the wave count is correct,
we should see a new record set next week.
But it will not last for long as I have been repeating for a while now!
In the short term,
we are set to rally for another couple of weeks at the most in wave ‘5’ blue.
The alternate count for wave [iv] is still a very viable option.
and I spoke about that in tonights video update.
If wave count wave [iv] as a triangle,
then today rally is actually the beginning of wave [v].
And that is one step closer to the end than then main count.
Monday;
Watch for wave ‘iii’ to push above 27120.
26720 should hold at wave ‘ii’ from this point on.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Gold did rally nicely earlier today,
and topped out just below the 1520 resistance level.
this action is encouraging overall,
but I think we may now be leaning slightly in favor of the alternate count shown.
This involves a triangle wave [iv] which completed at 1480.70.
In that case,
todays rally would be wave ‘i’ of (i) of [v].
This count is also bullish,
but it will allow for a larger correction in wave ‘ii’ to take place.
the alternate wave ‘ii’ should fall in three waves and hold above 1481.
Monday;
Watch for a renewed rally to begin on Monday and to accelerate higher in wave ‘iii’ of (iii).
We should know monday evening if the alternate count is more fitting.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
Still no top for wave (c) of [ii] after todays action.
But I know we are very close to the top tick now!
Wave (c) has completed a five wave pattern.
And wave ‘iii’ of (c) has traced out a clear five wave extension within wave (c).
The price is hanging below the 50% retracement level now,
and we have a clear three wave pattern now all but done.
Wave [iii] is coming,
And I am looking for that to begin next week.
Monday;
Watch for wave ‘v’ of (c) to top out on Monday.
I am looking for five waves down in wave (i) to begin next week.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
After todays rally the S&P is so very close to creating that new all time high
and one step closer to the all time top of the bull market.
Wave [v] will carry us to that new high next week,
and it seems like todays rally occurred in wave (iii) of [v].
If the currnet short term count is correct,
this market should top out over the coming weeks
as a five wave rally comes to an end in wave [v] of ‘5’.
Monday;
We are close to a top again and the market is completely oblivious to it as usual.
Watch for wave (iii) of [v] to rally up to about 3050 before correcting in wave (iv) of [v] late next week.
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
Silver sold off sharply this afternoon after a solid rally early in the day.
This rally leaves the price up on the day,
and with a solid break of 18.00 in the bag.
The main wave count is still very possible,
but I am beginning to lean in favor of the alternate count.
This alternate views the recent corrective action as a triangle in wave [iv] green.
As with Gold,
the action out of the end of the triangle is viewed as the first move higher in wave [v].
Overall,
both wave counts are bullish longer term.
And both counts call for price to hold above 17.42.
Monday;
Watch for wave ‘iii’ to remain in force after this corrective decline closes out.
Wave ‘iii’ should carry price higher again by the middle of next week.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Bonds are lower again this evening and now the price of the 10YR is holding at the lows of wave (i) down.
The main count calls for wave ‘i’ to continue lower over the coming few sessions.
And the high of wave (ii) at 130.12 should hold in that case.
Monday;
Wave ‘i’ should trace out a clear five wave move over the coming few sessions.
And wave ‘i’ should find support at 128.52.
That does it for another week.
I hope you all have a great weekend,
Until Monday evening,
God’s speed and Blessings to you all.
Enda.