Fri 01-11-2019
Hi everyone, hope you are all ok.
Let's get into it...
USDJPY
USDJPY is showing a Daily Chart with an ongoing Wave [ii] ZigZag (5,3,5) correction in its last internal wave, although by looking at the Alternate count could be its first internal wave instead.
The 4Hour Chart is showing more clearly Wave [ii] completed under the current count at a retracement between %38 and %50.
Although the Alternate count warns of this just being the initial internal Wave of Wave [ii].
The 60Min Chart calls for Wave [ii] to have completed under the current count, although there is a call for Alternate #2 to do a last drop to complete Wave [ii] at the %50 retracement level.
Next session's pullback from the trend line would determine whether its the initial internal waves of Wave [iii] on the way up or, if moves below the 107.87, Wave [ii] still under development.
60Mins
4Hours
Daily
Weekly
EURUSD
EURUSD Daily Chart is showing Wave [ii] at few pips from invalidating the current count, and possibly towards the Alternate count that aims at the upper trend line and %76 retracement.
The 4Hour Chart shows more clearly that there is a difference of 3 pips from the current Wave (ii) to hit the 0 retracement and anything further would have invalidated the current count and enabled the Alternate count mentioned earlier.
Watch closely the next moves as they will define whether the Alternate count is on play or the current count remains valid for a Wave (iii) continuation.
The 60Min Chart shows more in detail what would the current count should be if the 1.11777 price level remains uncrossed on the next session and the price retakes the impulsive waves to the downside again.
60Mins
4Hours
Daily
GBPUSD
GBPUSD has moved little throughout this week in the current correction and I have marked another Alternate (Alternate #2) within the current internal count of Wave (i) as a larger Wave i, which would mean that the current count is still Wave ii (more visible in the 4Hour and 60Min Charts).
(The other Alternate count marked is for an extended Wave [ii] correction reaching the %76 retracement level or slightly higher).
The 4Hour Chart shows today's action to the upside triggered the Alternate #2 that I previously marked for a more extended initial Wave i.
Which would make its current Wave ii correction now at the %76 retracement level.
The 60Min Chart is now showing the labelling for the Alternate count of a now completed Wave ii at the %76 level in a Zig Zag correction.
Next session would decide whether the Alternate #1 for an even greater Wave [ii] is still in play if the price raises higher than the 0 retracement at the 1.30074 price level.
Or, if the price starts dropping impulsively, to remain the current count valid for a Wave iii continuation.
60Mins
4Hours
Daily
I have now introduced the analysis of CADJPY as I found that has some interesting Elliot Waves patterns;
CADJPY
CADJPY Weekly Chart shows 5 clear waves to the downside (2008-2009) and a correction that might have completed in 2015.
Which brought the price back down since then until 2017 (unless the correction is still being extended, as marked in the Alternate counts).
The whole count to today has formed a downwards triangle that also suggest that the price could breakout lower, continuing the mayor trend.
CADJPY Daily Chart shows that the price is targeting the upper triangle trend line in Wave (c) of Wave [ii] with a possibly completed internal Wave iv.
CADJPY 4Hour Chart is showing Wave iv could have just completed at the same height as the end of Wave i by touching the 200EMA as predicted earlier.
CADJPY 60Min Chart is showing that the price broke out of an ascending wedge on what seems the now completion of Wave iv correction.
The last session has already created a small impulsive wave to the upside, and should this impulsive waves continue to the upside, the current count would remain valid for a Wave v continuation to the upside.
60Mins
4Hours
Daily
Weekly
All the best for everyone and please do not hesitate to contact me if you have any questions or comments.
Andres
info@tradingwaves.org
Trading Waves .org
