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EUR/USD Builds ABC Zigzag in Expanded Wave 4

October 17, 2017 05:30

EUR/USD

4 hour

The EUR/USD has made a bearish bounce away from the resistance trend line (orange) which therefore makes a bullish ABC (purple) zigzag within a wave X (pink) correction more likely in an ongoing and extended wave 4 (light purple).

1 hour

The EUR/USD is building an ABC (blue) correction within the larger wave B (purple). The Fibonacci levels could act as support levels for a bullish bounce but a break below the 100% Fib would invalidate that.

GBP/USD

4 hour

The GBP/USD offers two main scenarios where either a bearish ABC (green) or a wave 123 (green) is taking place. Price invalidates that wave 4 (orange) correction if price breaks above the bottom of wave 1 (red line).

1 hour

The GBP/USD is building a triangle pattern (orange/blue lines). A bearish break could confirm the completion of wave 4 (orange) whereas a bullish break could invalidate it.

USD/JPY

4 hour

The USD/JPY could be building a larger WXY (pink) correction within wave 2 or B (purple).

1 hour

The USD/JPY bullish break above the bearish channel (dotted red line) could be part of a bullish wave X (pink) correction.

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