Daily Wave Analysis for 28 July 2014 2014.07.28
July 28, 2014 07:45
4 hour EURUSD:
Whether wave 5 (dark red) could complete a wave C (magenta) or a potential wave 3 is an important development to monitor. The break below the 1.618%, which is the usual target for a wave C, starts to favor a wave 3 scenario.
60 min EURUSD:
Price is moving down in a well balanced down trend channel (orange).
GBPUSD
4 hour GBPUSD:
The break below 1.7040 (red-green) changes perspectives: the wave count now shows wave 5’s as completed at the top.
60 min GBPUSD
An impulsive 12345 (dark red) could potentially complete wave 5 (magenta).
USDJPY
4 hour USDJPY:
Price is hitting the resistance of the down trend channel (orange lines).
60 min USDJPY:
A contracting triangle (purple lines) is showing indecision on the 1 hour chart.