And then we should expect Wave iv to continue in a corrective fashion...
60Min</b> Chart shows the price broke out of the Range...
...for Wave iii, in current count...
...so watchout for its completion, as Wave iv correction would take place then...
EURUSD
Weekly Chart is showing an extended Wave C(red) of Wave (C) of Wave [B] now showing to be completed...
And also showing signs of the price reverting into a down Trend as it headed down impulsively across the EMAs,
after a sharp corrective Wave [ii]...
Notice how the price has confirmed Wave [iii] as it has crossed the lowest of Wave [i] and reached its 161.8 extension...
Current reaction to the long-term Trendline(blue) was something interesting... and has form Wave [iv] correction, as expected...
And the price looks to be piercing through the long-term Trendline(blue) to continue with Wave [v]...
Daily Chart; Since Wave C(red) was completed, the price has temporally crossed the 200EMA and lower Trendline for the potential of a new long-term Trend to the downside... as Wave [i], Wave [ii], Wave [iii], Wave [iv] are looking completed...
We were expecting further downside moves after corrective Wave [iv] is completed... and that seems to be happening now... Wave [v] is on...
4Hour Chart is showing Wave [iv] brought the price up and sideways in a complex corrective fashion...
And now Wave [v] developing as the price broke out of the Range to the downside again...
GBPUSD
Weekly chart shows an extended Wave (4) correction crossing the EMAs in a rather struggling way...
Although the price has started coming down lower to follow Wave (5), as per current count...
Regardless of the direction, the moves still look weak and corrective... and for Wave (5) I would expect rather more impulsive moves to the downside...
(Note Alternate #1 for a possible larger Wave (4) developing...)
Daily Chart is showing the Wave C(red) completing Wave (4)...
Next, if this count is correct, we should expect the price to continue the moves down impulsively for Wave (5)...
so for the current count to work the price still needs to complete the breakout of the now descending Range formation (yellow) to the downside...
And for this Wave (5) there could be a series of Waves 1 -2 forming to the downside...
4Hour Chart shows Wave (ii) reached the %85 retracement of its Wave (i)... although moves to the downside continued afterwards...
And the count remains valid as Wave (iii) seems to have created its initial internal Waves i, ii and iii on the way...
watch out for further moves to the downside, as the current count suggests...
60Min Chart is showing the price moving impulsively down again within an Descending Range... watch out for its breakout (to the downside for the current count to continue)
All the best for everyone and please do not hesitate to contact me if you have any questions or comments.
Andres
info@tradingwaves.org
Please be aware: that these Analysis are own opinions, not Trading advice; Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to trade you should carefully consider your investment objectives, level of experience, and risk appetite.
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