Daily Wave Analysis for 29 August 2014 2014.08.29

4 hour EURUSD:

Price has reached the minimum wave 3 (orange) target (100%) – although usually wave 3’s tend to get lower such as the 161.8% Fibonacci target (green).

60 min EURUSD:

The breakout (red arrow) below support (magenta) might take the EURUSD down to the bigger bottom (green line) or Fibonacci level. If the break does not happen, then a wave WXY (blue) is probable to complete wave 4 (magenta).

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).

USDJPY

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.