USD/JPY’s Massive Contracting Triangle Reaching Completion 2015.10.01
EUR/USD
4 hour
A break below support (green) could initiate the start of wave 3 or C (green). For the moment I have the current bearish price movement marked as a wave X (blue) within wave 2 (brown), but a bearish break would change the wave count to a bearish impulse as part of wave 3/C (green).
1 hour
The EUR/USD could be making an ABC (green) zigzag correction within wave X (blue) but is vulnerable to change into a 123 when price pushes below the 161.8% Fib target and support tend line (green).
GBP/USD
4 hour
The GBP/USD is showing very choppy price action at the previous bottom (green). The choppiness could be part of a prolonged wave 4 (pink).
1 hour
The GBP/USD break below 1.51 and the bearish channel (orange) could indicate the potential for a breakout towards the Fibonacci targets and an extension of wave 5 (pink). A break above the channel could mean the completion of wave 5 (pink) at the recent bottom.
USD/JPY
4 hour
The bearish contracting triangle is invalidated if price breaks above the C (purple) resistance point (purple trend line). A break below support (blue) could indicate the potential for a 3rd wave (brown).
1 hour
The USD/JPY is expanding the wave 2 (purple) correction with a WXY (blue) correction.