Fri 06-12-2019
Hi everyone, hope you are all ok.
Let's get into it...
USDJPY
Weekly Chart is still showing impulse to go towards the long term upper trend line for Wave (1), bearing in mind the Alternate#1 count for an extended Wave (C) of Wave (Y).
Daily Chart is showing Wave [ii] as an expanded flat correction still under development on its last internal wave aiming, perhaps, towards the %50 or %62 retracement level.
4Hour Chart shows the internal waves of Wave [ii] expanded flat correction under development, with Wave ii of Wave (c) correction still under development, before Wave ii continues to cross the lowest of previous Wave a (which would meet the %50 or greater retracement levels).
Note within Wave (c) there is currently a normal flat correction as Wave ii, which could have completed on the last spike up, as labelled by Alternate #2, or could show a last rally up before continuing the price drop on Wave c of Wave (c) of Wave [ii] towards the %50 or %62 typicall retracement.
The 60Min Chart shows the internal waves of Wave (c);
With the possible Alternate #2, which would have completed its internal Wave ii ...
And the current count indicating Wave ii is still under development and due to raise again towards the 200EMA.
60Mins
4Hours
Daily
Weekly
EURUSD
Weekly Chart under the current interpretation, shows a Wave [C] developing towards the %76 retracement of the 5-Waves raise from 2002 to 2008.
Daily Chart is showing Wave [ii] possibly completed at %50 retracement, although it is raising further the possibility that the correction gets extended to trigger Alternate #1 count for a retracement towards %61 or even %76 at the upper long term trend.
4Hour Chart is showing the current count now stands for a Wave ii expanded flat correction that, after the last session's impulsive move down, looks like could be completed at this point; between the %62 and the %76 retracement level, and Wave iii starting to develop.
60Min Chart shows the internal waves of the possibly completed Wave ii and an impulsive wave to the downside that indicates the internal Waves (i), (ii) and (iii) of Wave 1(blue) of Wave iii.
Next, after completion of Wave (iii) which might have a last push down, we should see Wave (iv) to develop a corrective pattern around the 200EMA, and a last push for Wave (v) down after the correction to see Wave 1(blue) completed towards the 1.1000 price level.
60Mins
4Hours
Daily
Weekly
GBPUSD
Weekly chart shows an Alternate #1 that indicates that Wave (5) could have been completed as a failed Wave (5); suggesting a change in trend ahead for a correction.
And, under the current count; Wave (5) more extended than Wave (1) to be still under development.
Daily Chart is showing an extended Wave [ii] aiming at a long term trendline crossing now the %76 retracement level.
(further moves from the 0 retracement area would invalidate the current count and I will have to revise the whole long term count)
The 4Hour Chart shows that Wave v broke out of the wedge formation made by Wave iv in the past weeks.
Wave v of Wave (c) of Wave [ii] has crossed the %76 retracement level and has bounced slightly of the long term trend line, after touching the 1.3160 price level; suggesting a change of trend could develop soon for the start of Wave [iii]; still favouring the current count.
The 60Min Chart is showing the current internal waves of Wave [ii] has passed through the %76 retracement level.
As per current count it has developed 5 Waves up to complete Wave 5(blue) of Wave v of Wave (c) of Wave [ii]
Since then, there has been an impulsive Wave (i) down that suggests the change of trend and now a Wave (ii) under development.
After Wave (ii) is complete, Wave (iii) should carry the price below the price marked by the end of Wave (i) @ 1.31035 to confirm this count.
60Mins
4Hours
Daily
Weekly
CADJPY
Weekly Chart is showing Wave [ii] correction still under development towards the upper trendline and 200EMA.
(Alternate #1 calls for the lon-term correction to have completed at the last low and the breakout of the upper trendline to continue as the start of a new trend.
Daily Chart shows Wave 2(blue) of Wave iii to have completed at a new trend formation (blue-dotted) and indicating that Wave 3(blue) should start taking over impulsively to the upside.
4Hour Chart shows in detail the internal Waves 1 and 2 (blue) and the Alternate #2 for an extended Wave 2 (blue) correction aiming at the %76 retracement level.
60Min Chart shows further the internal waves; With Wave ii of Wave (i) now to be completed within a small trendline (green-line) at the %62 retracement level.
(further price drop from this trend channel(green-line) could trigger Alternate #3 for Wave (ii) as an Expanded Flat correction or, if further down, Alternate #2 mentioned earlier).
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