Mon 11-03-2019
Hi everyone, hope you are all ok and had a nice weekend.
USDJPY
USDJPY has completed Wave ii with an extended Wave C that reached the %76 Fib Retracement by crossing the lower trend line.
The price has been entering and exiting the trend line following it alone and creating higher lows and higher highs. Which gives a bullish outlook but has not started the expected impulsive waves up for a clear start to the expected Wave iii upwards.
it might continue to do so until the next near resistance at 111.41, but once it breaks out that resistance the impulsive waves should follow as there are not further resistances until the 112.05 area.
Wave iii (of Wave (iii)) has the target at the upper trend line around the 113.06 area (best pictured in the 4Hour Chart).
60Mins
4Hours
Daily
Weekly
USDCAD
USDCAD is working through the Wave C of Wave iv towards Support areas (next ones at 1.3376 and 1.3340).
The highest point of Wave 1 at 1.3235 should hold regardless for this count to be correct.
Once Wave iv completed, Wave v should start raising impulsively towards the 1.3562 area, as the next resistance area after the highest of Wave iii (best pictured in the 4Hour Chart).
60Mins
4Hours
Daily
USDCHF
USDCHF has completed 5 internal waves for Wave v today and started to turn lower.
Which it is indicating of a completed failed Wave v (completing before the highest of Wave iii), unless Wave v gets extended further up to reach the upper trend line.
In any case, Wave v will complete Wave (iii) so, after its completion there should be a corrective Wave (iv), probably to the lowest of the lower degree Wave iv.
60Mins
4Hours
Daily
EURUSD
EURUSD is going through Wave 2 correction, with the last wave; Wave (C) underway.
Given the bearishness in this pair and that the length of Wave (C) is normally similar to the length of Wave (A), completion of Wave 2 could be at the %38 Fib retracement area (at resistance levels of 1.1271).
Once Wave 2 is completed, probably around mid-week, Wave 3 should continue the impulsive Waves down and break through the lower trend line.
60Mins
4Hours
Daily
EURCHF
EURCHF has moved impulsively on Wave iii to what appears to be now still its internal Wave 3.
So, I would expect a small correction for Wave 4 before the price rallies up again towards the upper trend line to complete Wave iii.
Once, Wave iii is completed the price should drop back again towards previous lower degree Wave 4 levels.
60Mins
4Hours
Daily
EURGBP
EURGBP has completed Wave (ii) and made an impulsive drop to start Wave (iii).
It appears to have completed its internal Wave 1 and soon should start the corrective Wave 2 before it continues its way downwards.
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD touched the lower trend (yellow) today and made an impulsive move up which questions the current count for a Wave (i) and current Wave (ii) for an extended Wave 2 (red) - Best seen in the 4Hour Chart.
If the price lowers from this point it will suggest that Wave (ii) is completed above the %76 Fib retracement and impulsive moves down should be showing for a continuation of Wave (iii) - Which would only be confirmed once the lowest of Wave (i) is crossed at 1.2958.
If the price keeps raising it would trigger the alternative count for an extended Wave 2 (red).
60Mins
4Hours
Daily
AUDUSD
AUDUSD 4Hour Chart is showing the price raising from the neckline of a clear Head & Shoulders pattern which is suggesting Wave (iii) could be finally making its way up.
Still not out of the woods yet, so further moves lower than this neckline would trigger the alternative count for an extended Wave [ii] going towards the %76 levels of support, although it is still possible an extended Wave [v] or even a further extended Wave 5, with not much resistance levels to stop the move down (best seen in the 4Hour and Daily charts) .
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
