Thu 07-03-2019
Hi everyone, hope you are all ok.
USDJPY
USDJPY is still going through Wave c of Wave ii correction towards support at the %50 Fib retracement levels (111.20); Should not be long before its completion.
Given the length of Wave a areas of support at the %50Fib, it is very likely that the drop will find there the end of the correction and prices should start moving up impulsively again on Wave iii of Wave (iii).
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4Hours
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USDCAD
USDCAD Wave iii might have completed crossing the resistance at 1.3440.
The next level of Resistance would be for Wave v to complete Wave (i) at 1.3560 area.
But first I would expect a corrective Wave iv to develop now towards previous levels of support.
60Mins
4Hours
Daily
USDCHF
USDCHF completed Wave ii at less than %23 Fib retracement and Wave iii continued with an impressive impulse that nearly hit the top long-term trend line.
Next I would expect a retracement for Wave iv correction, and Wave v should break through that trend line afterwards.
(the highest of Wave i has to hold the price at 1.0060)
60Mins
4Hours
Daily
EURUSD
EURUSD has dropped in a very impulsive manner today towards the lower trend (yellow) to complete Wave 1.
Next, the price should carry out Wave 2 correction back up towards resistance levels.
Then Wave 3 (of Wave iii) should start see impulsive waves to the downside again.
60Mins
4Hours
Daily
EURCHF
EURCHF carried on dropping today to 0 Fib level to previous erratic-looking Wave i.
If prices lower further it would trigger the alternative count for an extended Wave [ii] - Although it would also make me review previous long-term counts.
If prices pick up from here it would suggest Wave iii is underway towards the lower trend (green).
(Wave iii would be confirmed once it crosses the highest of Wave i (at 1.1367).
60Mins
4Hours
Daily
EURGBP
EURGBP has completed a 5-Wave structure for Wave a of Wave (ii).
Then completed a 3-Wave structure for Wave b.
I was expecting to see a last 5-Wave structure corrective Wave c for Wave (ii) ZigZag correction (5,3,5) to be completed.
Instead, what I thought to be first Wave up could have completed Wave (ii) at less than %38 Fib retracement, as the price could not cross the trend back up and kept dropping.
If prices raise again I would expect Wave (ii) to do another push up for its completion.
If prices drop lower than Wave (i) at 0.8529 it would confirm Wave (iii) is underway. And, in that case prices should start dropping impulsively again from there.
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD Wave i has completed at the level of support created by the highest of the previous Wave iv (at 1.3069).
Wave ii is now on the way back up towards resistance levels and could also be completed at low Fib levels (i.e. %38) by the bullishness of the dollar and Europe-UK's weakness.
In any case, once completed Wave ii, Wave iii should carry on impulsively down.
(Wave iii will be confirmed as it crosses through 1.3070)
60Mins
4Hours
Daily
AUDUSD
AUDUSD has been played further moves to the downside which have triggered an alternative count for an extended Wave [ii] but could also trigger a continuation of Wave 5 (red), as can be seen in the Weekly Chart.
The 4Hour Chart is still showing the price at the neckline of a clear Head & Shoulders pattern which should be about to pop anytime now.
Further moves lower than this neckline would trigger the alternative count for an extended Wave (v), although it is still possible an extended Wave [ii] going towards the %50, %62 or %76 levels of support with not much resistance levels to stop the move down (best seen in the daily chart) .
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
