Price indeed bounced at the 78.6% of the wave X (retracement) of the FOMC bullish momentum (indicated as wave W orange).
A bullish zigzag (ABC magenta) could occur within Wave Y (orange).
Currently an ABC (blue) zigzag correction is probably
...4 hour EURUSD: the price action in response to the FOMC statement on Wednesday has created big bearish spikes on the USD. For the EURUSD this could suggest a bigger WAXY (orange) correction.
60 min EURUSD: the potential wave X (retracement) has reached the 78.6% of the F
...4 hour EURUSD: the big bullish burst could indicate the completion of the wave 3 (light green) and the start of a bigger correction (orange).
60 min EURUSD: a retracement could be part of the wave X (orange).
GBPUSD
4 hour GBPUSD: the FOMC statement also caused massive U
...EURUSD still remains in a downtrend despite the sideways consolidation of the wave 4 (green). A break on the lower time frames could indicate the begin of wave of wave 5 (green)
A break below the channel could indicate such a start of the wave 5 (gr
...4 hour EURUSD: the EURUSD remains firmly positioned in a downtrend as long as price stays below the 50% Fibonacci retracement level of wave 4 (green).
60 min EURUSD: wave 4 (green) has most likely been expanded with a WXY (blue) correction.
GBPUSD
4 hour GBPUSD: the GBPU
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