Daily Wave Analysis for 9 January 2015 2015.01.09

4 hour EURUSD:

Although the EURUSD is in various wave 5’s, it is possible that the wave count will become extended due to the lack of divergence on the oscillator.

60 min EURUSD:
The question is whether the wave 5 (purple) is completed or whether it has more downside left. The blue trend lines could help with getting an estimate.

GBPUSD

4 hour GBPUSD:

The completion of wave 3 (green) indicates a high chance of the start of a wave 4 (green) consolidation, which will most likely take price up the 38.2% Fibonacci retracement level.

60 min GBPUSD:

The GBPUSD is falling within a downtrend channel (purple lines).

USDJPY

4 hour USDJPY:

The USDJPY is in a triangle formation which is indicated by the orange and green trend lines. Price is most likely in a wave Y (purple).

60 min USDJPY:

The USDJPY price could be in a wave C (blue) as part of a bigger ABC zigzag.