Fri 15-03-2019
Hi everyone, hope you are all ok.
USDJPY
USDJPY has been very corrective during the week, which make me consider a different count (best pictured in the 60Min and 4Hour Charts).
This count calls for a breakout of the current trend to the downside to complete Wave [ii] ZigZag(5,3,5) correction with 5 final waves underway.
60Mins
4Hours
Daily
Weekly
USDCAD
USDCAD price has stopped just below the %50 Fib Retracement level and, although it could still lower towards the lower trend line (light blue) for a %62 or %76 Fib level, it has raised forming two initial waves which could be the start of Wave 3.
For the current count to be valid I would expect an impulsive raise for the continuation of Wave 3 towards resistance and crossing the highest of Wave 1 to confirm the count.
If the price drops from thew lowest of the current Wave 2 lowest it will trigger the alternate count for a lower Wave 2 going towards the trend line for a %62 or %76 Fib retracement.
60Mins
4Hours
Daily
USDCHF
USDCHF is still going through the last leg of Wave c to complete Wave (ii) ZigZag (5,3,5) correction; currently piercing through the %50 Fib levels, which indicates that can do another drop towards the %61 to complete Wave (ii).
Once Wave (ii) is completed the price should raise in impulsive waves to continue with Wave (iii).
60Mins
4Hours
Daily
EURUSD
EURUSD might have completed Wave 2 with as ZigZag correction(5,3,5) between %62 and %76 Fib levels.
If so, I would expect Wave 3 to start moving impulsively to the downside and cross the resistance made by the lowest of Wave 1 at the 1.1180 area.
(On the contrary; if the price raises further than the current highest of Wave 2, it would trigger the alternative count)
Once Wave 2 is completed, Wave 3 should continue the impulsive Waves down and break through the lower trend line (yellow) and lower support levels.
60Mins
4Hours
Daily
EURCHF
EURCHF should now have completed a correction for Wave 4 with a triangule's false breakout to the downside.
The highest of Wave 1 should hold the prices at 1.1333 for this count to be valid.
So, I would expect soon the price to rally 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 completed the corrective Wave 2 between the %76 and the 0 Fib retracement area.
Any move up further than the highest of Wave (ii) would trigger the alternate count for an extended Wave (ii).
As the current count stands I would expect to see a drop in the price for Wave 3 to continue its way down through Wave (iii).
(this count would only be confirmed once it crosses the lowest of Wave 1).
And the next biggest support level after 0.8473, as the Daily chart shows is 0.8300 (as a target for Wave [iii].
(the 0 length of Wave (i) to the downside that Wave (iii) could see as target would be on the 0.8400 area).
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD Wave 2(red) seem to still heading up towards the 1.3500 area (best pictured in the daily and 4Hour Charts) for the %50 Fib retracement area, although could also go higher for %62, if it breaks through the trade line (yellow).
If it resumes the rasing now it would have completed Wave 2(red) just above the %38.
Once the correction is completed, the price should start showing impulsive waves to the down side for a long term Wave 3 (red) to start.
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) .
The 60Min chart shows to have completed an internal 5 wave structure for the first Wave i up.
Completed a correction for Wave ii between the %50 and %62 Fib retracement.
And now going on Wave 1(blue) for Wave iii upwards.
So if this count is correct, we should start seeing the price to raise in wave iii towards the 0.7160 areas of resistance after Wave 2(blue) small correction.
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
