Daily Wave Analysis for 26 August 2014 2014.08.26

4 hour EURUSD:

Price has reached the minimum wave 3 (orange) target (100%) – although usually wave 3’s tend to get lower.

60 min EURUSD:

The weekly support (green) is near 1.31 but it seems like waves 5 (magenta and blue) are near completion. 

GBPUSD

4 hour GBPUSD:

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

60 min GBPUSD:

If the downtrend does continue, then wave count will get extended (wave 3 (dark red) will become wave 1 of a lower degree (without price crossing above red line).

USDJPY

4 hour USDJPY:

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

60 min USDJPY:

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