Multiple ABC Corrections Visible in Forex Market 2015.12.24
EUR/USD
4 hour
The EUR/USD respected the support trend line (purple) and price showed a bullish bounce. For the moment price is still in a wave Y (brown) unless the EUR/USD breaks below it.
1 hour
The EUR/USD made a deep retracement to the 61.8%, which is uncommon for 4th waves. Price did not cross into the price territory of wave (blue) before making a bounce, so the current wave count is showing a wave 5 (blue).
GBP/USD
4 hour
The GBP/USD reached the bottom of the downtrend channel (green) and has so far shown a bullish bounce. This could indicate the end of wave 5 and start of wave 4 (blue).
1 hour
The GBP/USD made one more bearish move as part of the expected 5th wave (green). Price has however bounced strongly at the support trend line (green), which could indicate the completion of wave 5 and the start of a bigger ABC correction (green).
USD/JPY
4 hour
The USD/JPY remains in a consolidation territory as long as price stays in between support and resistance (red/blue).
1 hour
The USD/JPY wave B correction was very mild before price broke below the support trend line (dotted green).