Hi everyone, hope you are all ok.

Let's get into it...

The 4Hour Chart is showing USDJPY going through a correction now that suggest Wave (iv) is now underway before Wave (v) carries the price higher, towards the upper trend (blue) again, possibly forming an inverted Head & Shoulders.

The 60Min Chart is showing Wave (iv) correction has completed its internal Wave a, although it is hard to confirm the type of correction as Wave b might still be underway. In any case the price should not fall 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 4 still underway under the current count; The price should remain above 1.00990 (highest of Wave 1) for this count to remain valid and avoid triggering the Alternate count.

Once Wave 4 is completed, we should see a further impulsive move to complete Wave (c) of Wave [ii] to higher retracement levels, depending on the extension of Wave v.

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, after moving up impulsivelly and reaching the %50 retracement level of Wave [i] it has made a correction which could now be completed, to next carry the price higher towards the upper trend (blue), following the current count.

I have marked two 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.

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) and now a possibly completed Wave 4 correction.

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