Good evening folks.
Again, I pray God's Blessing on you all tonight.
Here is the weekend video for those who need 2 doses of my cracking voice in one week!
Down to business.
Still no decision either way on EURUSD tonight.
For every days that we fail to break to a new high in wave 'C',
that just pushes the alternate count even higher in the probability setup.
I am looking at that 1.1814 level again tonight as the main trigger level for the alternate count in wave (D).
If we see a drop below that level early next week,
that will trigger the alternate count and wave 'C' of (D) is underway.
Watch 1.1814 closely.
A break of that level could lead to a sharp drop below 1.1745 and a confirmation of wave 'C'.
The price is holding that lower high below 1.3312 this evening.
The should term count calls for a sharp move lower into wave 'iii' of (i) on Monday.
And wave (i) should break 1.3100 at a minimum.
Even if wave [b] is still in force,
there is not much upside potential left according to the pattern.
Watch for wave (i) to continue lower and confirm the turn is in for wave [c].
This weeks action in USDJPY is pretty disappointing for sure.
but as I mentioned in the video,
we are still holding a major high low off the march lows.
and now we have a sharp spike higher in place in wave (i).
Wave (ii) is again holding another smaller higher low after a correction into the 78.6% retracement level.
The odds are still in favor,
if only slightly,
of a turn into wave (iii) next week.
Watch for wave 'i' of (iii) to push into that all important wave 'b' high at 105.12 early in the week.
I am beginning to prefer the alternate count for the Dow this evening.
This count involves a triangle correction in wave [iv] green.
And then another rally in wave [v] green to complete five waves up.
Both short term counts call for another rally to occur which should complete above 31000.
That is not a big ask these days really!
I laid out my case for the wave count on the 4hr chart in this evenings video.
I think that now shows a pretty complete pattern.
And if we get a push into that 31000 level that will bring wave '1' and '5' to equality.
Then I am ready to call a top in this market!
Watch for the market to hold above 29000 in both scenarios.
Next week should see a rally into that 31000 level in wave (v) of [iii] at least.
The price has created a three wave rise into the session high today.
And again we are holding a lower higher below wave [ii].
The odds are that we have begun wave [iii] down now,
and if we get a spike below 1850 again,
I think that will seal the deal on wave [iii] green.
The price must hold below 1896 for this count to remain valid.
A break of that level will trigger the alternate count for wave [ii].
The key level is 1850 in the short term this level will confirm wave [iii].
CRUDE OIL 1hr.
CRUDE OIL 4hr.
CRUDE OIL daily.
crude is pushing the limit of the short term count this evening,
but again we are still holding a lower high in a possible wave 'ii' of (iii).
Mondays trade must bring declines below 41.26 at a minimum in order to tilt the market back in favor of the main count.
Only a break of 40.25 again will trigger wave (iii) has begun.
Watch for wave 'iii' down to begin immediately on Monday.
42.68 must hold.
S&P 500 1hr
S&P 500 4hr
S&P 500 daily.
The S&P is very close to completing a triangle pattern this evening.
The price has pretty much gone net-sideways throughout the week,
that alone favors the alternate count for wave [iv].
I have not switched to that alternate count yet though,
as I think there is still enough merit in this main count to carry us through to early next.
Both counts are calling for essentially the same action over the next few sessions.
That is a rally into the 3800 area.
Watch for wave (iii) of [v] to push above 3675 to confirm the final run higher has begun.
Next week we may even be looking at a topping scenario again!
Silver moved corrective into this afternoons high and now we are seeing declines again coming into the close.
The action looks very corrective and so wave (ii) of [iii] is still the preferred count right now.
Wave (iii) of [iii] will be confirmed with a break of the 23.55 low.
Watch for wave [ii] to hold at 24.69.
A break of 23.55 will kick off the next leg down.
God Bless you all tonight.
I am constantly humbled by your continued support every week.
And I want to thank you again for that again.
I spoke last week about the nefarious activities that are at work in this world.
And how obvious it has become that lawlessness is all around us now.
I suppose we should not be surprised that the highest offices of this world are the target of the demonic.
And that seems to be the case right now.
But as the Apostle John once said: "You, dear children, are from God and have overcome them, because the One who is in you is greater than the one who is in the world."
As Jesus said, "do not be afraid" and that is a commandment!
Blessings to you all,
NEW MARKETS, charts only for now.
Topping in wave [B].
FTSE 100 1hr.
FTSE 100 4hr.
FTSE 100 daily.
Completing a fourth wave.
Topping out in wave [B].
Topping out at all time high.