Thu 14-02-2019
Hi everyone, hope you are all good.
USDJPY
USDJPY made a deep correction towards the end of the day today which made me rearrange slightly the current count for what it appears to be a current Wave iv correction developing (due to the strength of the correction).
This Wave iv should still be completed above support of Wave i highest at 110.15 and possibly taking the whole of tomorrow to be completed.
Wave v should start next week with impulsive waves towards, and maybe crossing, the 111.40 resistance barrier.
**Changed colour layout through the charts for more clarity
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USDCAD
USDCAD wave shapes suggest that the correction that has been developed in the past few days forms part of Wave ii, as it is quite large.
This leaves now with Wave iii underway towards upper resistance levels.
The current Wave iii crossed the highest of Wave i and it is now going through Wave 3, with a target of completion at 1.3440.
**Changed colour layout through the charts for more clarity
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Daily
USDCHF
USDCHF might have completed Wave iii yesterday, although I still think possible that Wave 4 of Wave iii is about to be complete now.
Either way there should be a raise towards the upper trend line in Wave 5 to complete Wave iii (as per current count) or Wave V to complete Wave (iii); The correction afterwards would clarify either count.
**Changed colour layout through the charts for more clarity
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EURUSD
EURUSD is still going through Wave ii correction on its last Wave c up towards, possibly the %38 Fib retracement levels; impulsive waves down would confirm when Wave ii is complete and create an opportunity for an low-risk entry for Wave ii (of Wave (iii)) downwards.
Once Wave iii is confirmed on the way we should see impulsive moves to the downside with resistance levels located at 1.1214 (by previous Wave [i] (green), which would confirm Wave [iii] (green) also on the way (best pictured in the 1Hour Chart).
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EURCHF
EURCHF entered the alternate count territory and it is now heading for a larger Wave [ii] with 5 waves down now to complete a Flat structure for Wave [ii] and reach the %50 or %62 Fib retracement levels of Wave [i].
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EURGBP
EURGBP has made a turn around and has headed for a greater Wave (ii) (alternate count) correction.
I find it hard to tell what type of continuation correction it is forming now so will let the price action to develop further before jumping to any conclusions.
Although it has stalled at the %50 Fib level of the previous Wave (i), it seems that there is still momentum to carry on for an even larger correction for a target at the %62 Fib level.
Tomorrows price action should confirm where is this correction will be completed and the starts of impulsive waves to the downside would confirm the start of the next wave (iii).
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GBPUSD
GBPUSD has confirmed today that Wave (ii) was completed as a very short Wave (ii) around the %38 Fib retracement levels.
It is now developing a series of waves (Wave iv correction at the moment) that has a target at the nearest level of support at the 1.2700 area. From here I would expect to see another small retracement before it continues lower.
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
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AUDUSD
AUDUSD seemed to have started the first Wave i of Wave (iii) upwards, although today it has retraced again as soon as it hit the 200EMA line, which could just be part of the series of waves up on another Wave 1/2 within the first wave up.
The support level (0.7057) made by previous Wave (ii) it is still holding this price for this current count to be valid.
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4Hours
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All the best for everyone.
Andres
Trading Waves .org
