Hi everyone, hope you are all ok.

Let's get into it...

(I have changed the long term waves (see long term charts) as I believe the alternate counts should be the corrections instead and, Wave (Y) could be the end of the long term correction)

The 4Hour Chart is showing that USDJPY has moved up impulsivelly within the long term trend (blue) confirming Wave (iii) and now could be completed.

The 60Min Chart is showing 5 clear waves for Wave (iii) completed, which suggests that Wave (iv) correction should start next, taking the price lower towards Support levels but not below 107.500 as it is the highest point for Wave (i).

EURUSD today broke out of the long term wedge confirming Wave iii of Wave (c); See 4Hour Chart.

The 60Min Chart is showing Wave 1, 2 and 3 (blue) completed for Wave iii and Wave 4 now underway; The price should remain above 1.00990 (highest of Wave 1) for this count to remain valid.

As per current count, once Wave 4 is completed, we should see a further impulsive move to complete Wave (c) of Wave [ii].

The alternate count, marked in the charts, points out for a Wave [ii] already finished at %38 retracement of Wave [i], which would mean that the current move is the Wave (ii) in form of a Zig Zag correction (best shown in the 4Hour Chart).

GBPUSD has moved towards the upper trend line (blue) very impulsivelly and has now reached the %50 retracement level of Wave [i].

I have marked this as one of the 2 Alternate counts for Wave [ii] completion, although the strenght of this rally calls for attention on further raise towards previous (iv) price level @1.2780 or the %62 retracement level @1.2854.

Although the next Alternate count that I have marked is for an extended Wave [ii] correction reaching the %76 retracement level.

The 60Min chart is showing 5 waves raise for Wave 3 (blue) since the initial Waves 1 and 2 (blue), although they could all be interpreted as 5 completed waves as the Alternate count is pointing out.

Next sesion would clear doubts as for the current or alternate counts, but I would be paying special attention now that this Wave [ii] correction is coming to an end, as the next move foer Wave [iii] should bring impulsive waves to the down side.

All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres

info@tradingwaves.org