Good evening folks and the Lord’s blessings to you.

Just a reminder,
the U.S market is closed tomorrow for Thanksgiving.
So there will not be an update tomorrow night.
Back to normal again on Friday as usual and I will have a weekend video this week for sure!

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

The correction higher in wave (iv) continues today but the internal pattern has changed again.
Wave ‘b’ of (iv) did not extend into a larger pattern as I suggested.
Instead,
Wave ‘c’ of (iv) is now tracing out five waves up overall with the rally today labelled as wave ‘3’ of ‘c’.

Friday;
the minimum target for wave ‘c’ is now in reach at 1.0609.
The very upper limit for wave (iv) lies at 1.0760.
so that gives us quite a wide target band for this correction to complete.
I do think we should be done with wave ‘c’ by Friday evening though.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable gave us a strong pop today in line with the wave ‘c’ of (iv) count.
Wave (iv) can easily get complicated from here,
and we could end up with a jumble of overlapping waves making no progress for another few weeks,
but at the moment,
the simple three wave count for wave (iv) is playing out quite well,
so I will stick with that idea.

Friday;
Watch for wave ‘c’ of (iv) to hit the target level at 1.2715 and then I will look for a turn lower into wave ‘i’ of (v).

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY dropped like a stone today and that invalidated the triangle pattern from last night.

We are now back with the previous count showing a top for wave ‘B’ now in place,
and a turn lower into wave [i] of ‘C’.
Wave [i] will trace out a five wave pattern lower and todays move suggests wave (iii) of [i] is underway.

this count does suggest a long move lower into wave ‘C’ over the coming months with a target at about 137.00 when complete.
Of course at that time there will be cries of USD destruction,
death of the dollar and all that.
Which will mark the turning point for another major rally!

This is how sentiment works in the human mind.
We reach extremes at a tipping point.

Friday;
Watch for wave (iii) of [i] to trace out a five wave pattern as shown with a drop below 150.00.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The stock market is likely to just fall asleep over the next few days given that this is a major holiday weekend.
So there is nothing to report today of any significance.
A top in wave ‘5’ of ‘c’ is on the cards soon.
But we may have to wait for next week to reach that full pattern.

Friday;
It will likely be a very quiet day on Friday but I will update on whatever happens no matter what.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold has a possible ‘i’ ‘ii’ pattern in place off the top at wave (b) now.
I am looking for wave (c) to push lower to hit the lower trend channel line near 2470 ideally.
The minimum target for wave ‘iii’ of (c) lies at 2537 at the wave (a) low.
A break of that level will confirm this pattern for wave (c) and I can look for completed pattern in wave (c) near 2450.

Friday;
Watch for wave ‘ii’ to hold below the wave (b) highs at 2720,
wave ‘iii’ down must continue lower to break 2537.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

Crude has not dropped into a third wave decline today so I am looking at the possibility that wave (ii) is still in play here.
Wave ‘c’ of (ii) will hit the 70.00 handle again in this scenario,
and then once that correction completes in wave (ii),
I will look for wave (iii) down to drop again early next week.

Tomorrow;
Watch for wave (ii) to complete a sideways correction with a pop into the 70.00 level in wave ‘c’ of (ii).

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

I hate the fact that we are sitting at a new high again today,
but here we are,
and I cant help but take it personally when the market fakes an impulsive decline only to retrace and step higher again.
Its the story of the stock market this year.

I have switched to the new count on the 4hr chart tonight,
and while the rise today is nothing more than a double top,
its enough to suggest wave (v) will break to a new high in wave ‘v’ of (v) next week.

Friday;
The rally in wave (v) blue is not complete yet it seems.
I have allowed for wave ‘v’ of (v) to make a new high.

There is nothing ruling out an extended pattern in wave (v) either,
but the fact that wave (iii) has pushed beyond the extreme in its pattern,
a further extension seems unlikely.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

Silver failed to rise into wave ‘c’ of (ii) today,
but the idea of a three wave pattern in wave (ii) is still a good fit for the action.
Wave ‘c’ will top out with a break above the wave ‘a’ high at 31.53.
And from there I will look for a turn into wave ‘i’ of (iii).

Friday;
Watch for wave ‘c’ to complete three wave pattern with a rise above 31.53 at a minimum.