Good evening folks.

Blessings to you all tonight.

Here is THE picture of the current market, the one that really sums it all up!

Tesla is a company that does not any make money making and selling cars. If they couldn’t sell carbon credits, then they would be bankrupt now.

Hows does the bull market thesis hold up when this is the poster child of the rally.

Here we go.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

EURUSD seems determined to break out of this triangle wave count as the high of wave ‘B’ keeps inching towards that invalidation level at 1.2010.
The action is so slow though,
and this type of price action has a tendency to give up drastically and reverse impulsively.
So with that in mind I am still expecting this wave ‘C’ to begin very soon.

Monday;
Watch for wave a push below 1.1800 again to signal wave ‘C’ is underway.
1.2010 must hold.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has moved lower again today which is now hinting at the beginning of wave [c] down.
The move off the high is small just yet,
but if we see a drop below 1.3200 again I think that will be enough to signal wave (i) of [c] is underway.
And if we break the previous wave ‘iv’ low at 1.3100 again,
that will be enough to confirm the turn I think.

Monday;
watch for wave (i) to push lower into 1.32 to signal a turn is beginning.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

I am again disappointed by the action in USDJPY!
There is absolutely no love for the USD at all.
And that really does reinforce my contrarian view on things.

I will have to wait and see with this one.
The turn is so close that I can almost taste it!

Monday;
If we can hold 103.67 and spike higher to break 104.76.
That will give me some confidence in the short term count.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

At the moment we seem to have a three wave decline in place off the wave (i) high.
The decline in wave (ii) almost reached the 50% retracement level at the low.
The afternoon trade rallied slightly again,
so there is a chance that wave (iii) is now underway off the session low.

If wave (iii) is now underway,
then we can expect a sharp rally again next week with the target set at 30780.
This is where wave (iii) will reach equality with wave (i).

Monday;
Watch for wave (iii) to first break 30215 at the wave (i) high to confirm wave (iii) has started.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

We saw another early spike lower today as the futures opened in the US.
This action completed five waves down off the wave [ii] high.

So far the move lower off wave [ii] is now larger than wave [i].
I think this move is big enough to call wave [iii] complete.

So I have updated the short term count to reflect that this evening.

If wave [iii] is close to completing now,
then we should probably expect wave [iv] to correct higher early next week.

Monday;
Watch for wave (v) of [iii] to put in a final low.
And then we can expect the price to move correctively higher in wave [iv] green.

The previous wave (iv) high at 1818 should offer some resistance to that move.

I will add that the low reached today is getting real close to that long time ballpark target at 1750 for wave (4) to complete.
So I do have one eye on the upside here also.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

The move lower today is small but it could be a viewed as five wave pattern.
So I wont be surprised to see another move lower on Monday on the heels of this evenings lower high.
As it stands we have a five wave pattern in place off the lows at wave ‘B’.
And we also have a thrust higher out of a triangle now complete.
This again is a final move within a pattern.
So as far as I can see,
we are done with wave ‘C’.

Monday;
watch for wave [v] of ‘C’ to complete and move lower again.
41.66 is now a key support level.
This level formed the low of the triangle and the high of the previous wave [b].
If we break that level impulsively,
that will be a hat tip in favor of the bearish count.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is moving higher also this evening off a higher low in wave (ii).
The decline in wave ‘c’ of (ii) is a little weak to be honest,
so wave (ii) may have another drop ahead to complete a larger three wave pattern.
A break of the wave (i) high again will signal wave (iii) is underway.

The first target for wave [v] to complete lies at 3722 where wave [i] and [v] reach equality.
There is every chance that we get there by the end of next week.
Especially if wave (iii) is now in play.

Monday;
Watch for wave (ii) to hold at 3614 and wave (iii) to continue higher.
3551 is the key low at the previous wave [iv].
That level must hold.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

A little bit of a shake up in the Silver count also today.
This involves a new take on wave [ii] green as a smaller running flat.
and then wave [iii] moving lower off that corrective lower high.

Wave [iii] has traced out a five wave pattern into the session lows today.
So there is a good chance that wave [iii] is now closing out this evening.

The larger pattern still calls for a drop below 21.65 at a minimum for wave (C) and wave [2] to complete,
And the trend channel on the 4hr chart calls for a drop into the low 19 handle to complete.
so I’m afraid we have a little more to go here.

I am acutely aware that the oversold bells are ringing firmly now,
and the pattern is getting close to the end.
As with gold,
I am shifting into the neutral to almost bullish on Silver now!

Monday;
Watch for wave [iv] of ‘3’ to begin a corrective move corrective higher early next week once we have a solid low in place for wave [iii].

A heartfelt thanks to you all for hanging on in there with me this week again!
You have been patient and forgiving lately with my overtly bearish views on things.

I hope I am wrong,
and the world is not on the verge of an abyss.
But, apart from the hand of God himself,
I fear there is just one road ahead now.

But I live in hope either way!
For Jesus is King, and God has got this all figured out ahead of time!

Blessings to you all this weekend,
see you Monday again.
Shalom,
enda.