Good evening!
Friday already.
The video is up, I recorded it earlier so the charts are a few hours behind the curve.
But I think I covered all the bases anyway.
Here we go.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
EURUSD Corrected in a small three wave pattern today.
This action counts best as a small fourth wave within the final run higher in wave 'v' of (c).
The push higher off the correction low this afternoon
should be the last part of the puzzle for wave 'v'.
Once we see a new high that breaks 1.1179,
That should complete the larger wave [ii].
And then I will switch focus to the downside again in wave (i) of [iii].
Monday.
Watch for wave (c) to complete by Monday evening.
If we see a drop below 1.1070 again,
that will signal wave (i) down has begun.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
No new high for cable today,
which fits with the short term count.
The price is sitting at a lower high so far in a possible wave 'ii' pink.
And the action off wave 'i' looks very corrective.
For as long as the price holds below 1.3012,
I will stick with the bearish outlook for wave (i) down.
Monday;
Watch for the high to hold at 1.3012.
I want to see five waves down next week in wave (i).
Wave 'iii' of (i) will be confirmed with a break of 1.2786.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
USDJPY did rally today as expected.
The rise is nowhere near the extend of the decline on Thursday,
so the short term bearish count holds for now.
Wave [i] down completed at 107.88.
And wave [ii] is now underway off that low and that should correct higher towards 108.50 in three waves.
Monday;
Watch for wave [ii] to trace out a three wave rise to a lower high early next week.
Wave [iii] down should carry us back to about 107.00 again by the end of next week.
If all goes to plan that is!
DOW JONES.
DOW 1hr.
DOW 4hr
DOW daily.
Well we had a false alarm yesterday evening with that five wave decline on the short term chart.
That drop on Thursday now looks like the final wave 'c' decline within wave (iv).
The low of wave (iv) came within a whisker of breaking the high of wave (i).
But it did not happen!
So the pattern in wave [v] is a standard impulse wave without any complications now.
In fact,
I think I prefer this new count,
especially if we get a new all time high on Monday.
That will give us a clear top to work from for the next major move lower.
And that is coming soon,
believe me!
The rally today seems to be heading higher in a nice five wave pattern also.
Waves 'i' 'ii' and 'iii' are complete.
All we need is a pop up to a new all time high in wave 'v' next week to close out the pattern.
Monday;
Watch for a small correction in wave 'iv' of (v) of [v],
then one last push up in wave 'v' before the end of next week.
The end of this one will be explosive later this month.
And not a soul expects it.
GOLD
GOLD 1hr.
GOLD 4hr.
GOLD daily.
Todays sideways move in Gold looks like a small fourth wave correction within wave 'i'.
The price is holding below 1520 so far,
but I would like to see wave 'i' complete above that level before correcting in wave 'ii'.
This is not totally necessary,
but rather a preference for the triangle pattern to be broken on the upside
within the first impulse wave higher.
Monday;
I am looking for a bullish impulse wave to complete at wave 'ii' by the middle of next week.
If this happens as shown,
it will create a great opportunity for a low risk entry to the upside as wave [v] gets underway.
CRUDE OIL.
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
The sharp rally in crude today has broken out of the previous short term count.
I have shown this rally as wave 'c' of (ii).
where wave (ii) is an expanded flat correction.
Wave (ii) must hold below 56.90 again,
and then turn sharply lower into wave (iii) early next week as I have shown on the short term chart.
If this happens,
then we can safely say that wave [iii] down has begun.
The main reason I am focused on the downside now,
is because of the nice clear corrective pattern in place for wave [ii].
This pattern suggests that the top is in for wave [ii],
and now wave [iii] should get underway.
For Monday;
Watch for wave [ii] to hold at 56.92.
Wave (iii) down should begin with a further small impulse wave to break 54.00 again.
S&P 500.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P is following along the path to a top in wave (v) pretty soon.
Yesterdays decline proved to be a false summit for wave (v).
But I am happy with the short term pattern as a whole now.
A new high in both indices over the next week,
will add even more weight to the idea that the market is forming the final top in wave [v].
Monday;
The rally today is labelled as a normal five wave pattern within wave (v) of [v]!
Wave (v) itself has completed three waves up into this evening new all time high.
And this should continue higher over the next couple of days to top tou in wave 'v' of (v) by the middle of next week.
I still maintain that we are so close to the edge now,
that every caution should be taken.
This market is set to crash,
And its going to take down some major names with it!
SILVER.
SILVER 1hr
SILVER 4hr.
SILVER daily.
So far Silver is holding below the wave (d) top today.
I have labelled todays action as waves 'a' and 'b' of (e).
Another drop is required next week to close out the larger triangle pattern in wave [iv].
Wave 'c' of (e) should drop towards the lower trendline at 17.75 on Monday to finish the pattern.
As long as the price holds above 17.58 at wave (c),
then we are set to rally next week to begin wave (i) of [v].
Monday;
Watch for the price to drop one last time to complete wave [iv].
17.58 must hold.
U.S 10YR.
US 10YR 1hr.
US 10YR 4hr.
US 10YR daily.
Bonds turned lower this afternoon to begin wave 'b' of (ii).
The rally in wave 'a' of (ii) looks to be in five waves,
The price topped out just below the 50% retracement level.
This action suggests wave (ii) will be a zigzag correction with an 5,3,5 internal pattern overall.
Wave 'b' of (ii) should decline in three weaves from here and complete above 129.02.
Monday;
Watch for wave 'b' to continue lower in three waves.
The overall pattern in wave (ii) will likely take the rest of the week to complete.
Have a great weekend all.
God Bless and God's speed to you all.
Until Monday.
Enda.