Mon 04-11-2019
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 it 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 points out this being just the initial internal Wave of Wave [ii].
The 60Min Chart has confirmed today Wave [ii] to have completed under the current count and has moved up impulsively in 5 waves up in what should be the initial Wave (i) of Wave [iii] under the current count.
Note that Wave [iii] will be confirmed when the price carries through the price marked by the end of Wave [i] at 108.90.
60Mins
4Hours
Daily
Weekly
EURUSD
EURUSD Daily Chart is showing Wave [ii] was at few pips from invalidating the current count, and possibly towards the Alternate count that aims at the upper trend line and %76 retracement, although the move to the downside again has kept the current count ongoing.
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.
But the move now resembles more an inverted Head & Shoulders now heading to the downside what should now be Wave (iii) underway.
The 60Min Chart shows the move today to the downside as 3 initial internal waves of Wave 3 (blue).
Next, we can expect Wave 3 to complete after its last internal corrective Wave (iv) which is hitting now support levels and the 200EMA (should not reverse further up than the end of Wave (i) at 1.1147.
And once Wave 3 (blue) is completed, Wave 4 (blue) should remain below the end of Wave 1 (blue) at 1.1130, for the current count to remain valid.
60Mins
4Hours
Daily
GBPUSD
GBPUSD has moved little throughout this week in the current correction but the current count remains the preferred count as it is looking now to reverse into Wave [iii] to the downside.
(The other Alternate count marked is for an extended Wave [ii] correction reaching the %76 retracement level or slightly higher).
The 4Hour Chart shows Wave ii correction completed at the %76 retracement level and it has started to move impulsively to the downside again to what should be Wave iii of Wave (i).
The 60Min Chart is now showing Wave 1 of Wave iii almost complete, although moving fairly slowly.
I'm expecting the price to drop more impulsively, and the price to continue much lower after Wave 2 correction, to remain the current count valid in this Wave iii continuation.
60Mins
4Hours
Daily
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 targetting the upper triangule 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 towards the 84.00 price levels.
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
