Fri 22-02-2019
Hi everyone, hope you are all ok and ended up the week on a good note.
USDJPY
USDJPY has cancelled the short term count I had while developing the current correction.
So the new count calls for a further Wave (i) and Wave (ii) now underway.
I updated the 4Hour Chart to show the additional Waves 1 and 2 (red).
As the current short term (Hourly) count stands, Wave c of Wave (ii) should drop lower of the current wedge to complete Wave (ii) and then bounce of levels of support made around the %50 Fib retracement of Wave (i) (at around 109.86).
60Mins
4Hours
Daily
Weekly
USDCAD
USDCAD hass lowered towards the %76 Fib retracement of Wave i, cancelling the previous Wave 1 up that seemed to have started Wave iii up during the week.
If the price lowers further and pierces through the lower long-term trend (blue), it will trigger the alternate count for a larger Wave (b).
As the current count stands, prices should start raising from the %76 Fib retracement to complete Wave ii and start Wave iii up, although the 4Hour chart shows still momentum for prices touching the lower long-term trend (blue).
Either way, prices should start raising this week in impulsive waves.
60Mins
4Hours
Daily
USDCHF
USDCHF is continuing the ZigZag correction (5,3,5) on Wave [ii] on its Wave b which can end within the forming small trend (yellow) or at the highest of the previous lower-degree Wave 4.
From there, once completed, will continue lower towards the %50 Fib Retracement on Wave c to complete Wave [ii] and start raising on impulsive waves for the start of Wave [iii].
60Mins
4Hours
Daily
EURUSD
EURUSD is following a wedge (yellow) while completing Wave C of Wave ii which I suspect would breakout to the upside towards the %61 Fib retracement of Wave i.
(further moves up from this %61 Fib retracement would suggest a larger Wave (ii) and a break from the 0 Fib retracement would confirm such alternative count).
From Wave ii completion we should start seeing impulsive waves to the downside to start and follow Wave iii of Wave (iii) during the week.
60Mins
4Hours
Daily
EURCHF
EURCHF is breaking the levels of support and the small trend (blue) towards the %50 Fib retracement to complete Wave v / Wave (c) / Wave [ii].
There is a possibility for a larger Wave [ii] towards %61 Fib retracement, although the long-term trend (yellow) would make this unlikely as it should serve as a strong level of support.
So, from there, Wave [ii] should be completed and Wave [iii] should start bringing the impulsive waves up.
[Please note that I have updated the Daily chart, as Wave [i] and Wave [ii] may instead be the long-term Wave 1 and Wave 2 (red); Subsequent moves sizes would confirm such degrees].
60Mins
4Hours
Daily
EURGBP
EURGBP has completed Wave iv correction and started the last drop lower into Wave v to complete Wave (i) of Wave [iii].
[I would expect Wave v / Wave (i) to be completed at the first lower long-term trend and areas of support around the 0.8620 area].
Once Wave (i) is completed, probably at the lower trend (cyan), we should expect a raise for Wave (ii) correction towards the %50 Fib retracement, although the strong bearishness that is showing this pair could see that retracement lower again.
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD has stalled within resistance levels and the %62 Fib retracement within a small trend but still showing just a correction to recent bullishness, perhaps towards the %76 or, if the price raises more towards the alternate count for a larger Wave [ii] (best seen on the Daily and 4Hour Charts).
As per current count, if the trend changes to show impulsive waves to the downside after hitting key Fib retracements (i.e. %76) Wave (iii) would then be underway.
And, once the price continues below support levels created by previous Wave (i), we could confirm that Wave (iii) is underway and the next levels of support would be at 1.2665
Even lower, the next support formed by the previous Wave [i] would be 1.2475, which, once crossed, would confirm Wave [iii] underway. (best pictured in the 4Hour Chart).
60Mins
4Hours
Daily
AUDUSD
AUDUSD current move after extended Wave (ii) completion could be the first wave up (Wave 1) of Wave i.
Only further price action to the upside, after what appears to be now the start of a Wave 2 correction, would prove that Wave i is on the way.
[The current count remains valid as it has not broken previous Wave (ii) levels of support (0.7057)].
[A break of the levels of support (0.7057) would trigger the alternate count for a larger Wave [ii] down towards %61 Fib Retracement of Wave [i] - best seen in the 4Hour Chart].
60Mins
4Hours
Daily
Weekly
All the best for everyone and have a lovely weekend.
Andres
Trading Waves .org
