Daily Wave Analysis for 1 September 2014 2014.08.31

4 hour EURUSD:

The daily bottom (green) might provide a support level which pushes price up for wave 4 (orange).

60 min EURUSD:

Price could be in a wave 5 (magenta) of wave 5 (blue) of wave 3 (orange).

GBPUSD

4 hour GBPUSD:

A 5-wave structure seems to be complete, which means a retracement of the entire swing high and swing low could occur.

60 min GBPUSD:

Wave 3 (dark red) is the invalidation level for a bearish trend continuation. A break above this level could indicate a higher chance of a bigger retracement (to the upside, retracing the downtrend).

4 hour USDJPY:

The break of the resistance (red) has been short lived so far and wave 3 (blue) has not managed to pull away from wave 1 (blue), which means that a corrective count could still be likely.

60 min USDJPY:

The magenta line represents the top of wave 1 (green) and is the invalidation level of the current wave 12345 count.