EUR/USD builds both bullish and bearish ABC zigzags 2016.02.08

EUR/USD

4 hour

The EUR/USD has completed a bullish ABC (green) zigzag but the entire correction could be prolonged via a WXY (blue). This wave count is invalidated when price breaks below the support trend line (green).

1 hour

The EUR/USD is making a potential bearish ABC (green) correction within wave X (blue).

GBP/USD

4 hour

The GBP/USD has made a bearish turn at the 38.2% Fibonacci level of wave 4 (purple). Price might expand the entire bullish correction via a WXY (blue) towards the 50% Fibonacci level. This wave count is invalidated when price breaks below the support trend line (green).

1 hour

The GBP/USD is making a potential bearish WXY (pink) correction within wave X (blue).

USD/JPY

4 hour

The USD/JPY has made a bullish bounce at the horizontal support levels (blue). The ABC (green) wave count is most likely building a retracement as part of wave X (blue).

1 hour

The USD/JPY is building an ABC (green) zigzag within the wave X (blue).