Wed 20-11-2019
Hi everyone, hope you are all ok.
Let's get into it...
USDJPY
USDJPY Daily and 4Hour Charts are showing an ongoing Wave [ii] ZigZag (5,3,5) correction in its last internal wave.
Crossing the most recent highest would invalidate the Alternate count and confirm Wave [iii].
The 4Hour Chart is showing a possible Wave (ii) of Wave [iii] completed at exactly %76 retracement of Wave (i) and when the price appeared reversing back up into a possible start of Wave (iii) it is now consolidating at the trendline again.
(The Alternate #1 count is still on the cards for extended Waves [i] and [ii])
The 60Min Chart shows a messy Wave ii hitting the lower trendline (blue) again with what appears to be its internal Wave C crossing the %76 again to possibly complete Wave ii.
Next we should expect Wave iii picking up the prices impulsively higher across the 109.00 price barrier and the price to remain above the 108.25 price for this count to remain valid.
60Mins
4Hours
Daily
Weekly
EURUSD
EURUSD Daily Chart is showing Wave [ii] possibly completed at %50 retracement, although there is still a real posibility that the correction gets extended to trigger the Alternate #1 count for a greater retracement; This coming week would decide between the alternate vs the current count.
The 4Hour Chart shows Wave i with 5 internal waves very impulsive to the downside and a Wave ii stalling at %50 retracement level.
(Please note the Alternate #2 for a Wave ii extending towards the %76 level).
The 60Min Chart shows more in detail Wave i and Wave ii internal waves.
As soon as we start seeing impulsive waves to the downside it would hint Wave iii starting but the longer the impulsive waves to the downside takes to start... the most inclined towards the Alternate #2 for an extended Wave ii correction.
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, although it has not picked up very impulsive waves to the downside yet.
(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 iii might have started in a slow mode with an internal Wave 2 correction now reaching the 0 retracement level, hence nearly triggering the Alternate count... And, as with the EURUSD pair, the longer the impulsive Waves to the downside take, the most indications towards an extended Wave [ii] correction, as per Alternate #1.
I have left the current count as there is still a possibility that Wave 3 (blue) picks up to the downside to what resembles now a triple top in place.
The 60Min Chart is now showing the internal waves for Wave 1(blue) and Wave 2(blue) possibly completed... With the initial internal Waves (i) and Wave (ii) of Wave 3(blue) possibly under development.
I'm expecting the price to drop more impulsively, and the price to continue much lower after current Wave (ii) of Wave 3, 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 targeting the upper triangle trend line in Wave (c) of Wave [ii] with a continuation of Wave v to the upside again.
CADJPY 4Hour Chart is showing that Wave iv has completed with an extended correction below the end of Wave i which already cancells the count by the Elliot rules... so... I will have to reconsider the whole count.
CADJPY 60Min Chart is showing the price has now also cancelled the short term count that I had for a Wave 2(blue) correction which retraced below its Wave 1...
Next I will wait for this correction to clear itself and re-label the waves appropriately
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
