Daily Wave Analysis for 29 October 2014 2014.10.29

4 hour EURUSD:

The EURUSD break of the resistance trend line (orange) could signal the start of the bigger correction up towards the 38.2 Fibonacci retracement.

60 min EURUSD:

EURUSD’s spike up yesterday was most likely part of a WXY (dark blue) correction.

GBPUSD

4 hour GBPUSD:

The GBPUSD’s slow trading day yesterday could have been part of wave B (red). The wave count could change if price breaks through resistance (orange) without a dip for wave C (red).

60 min GBPUSD:

The GBPUSD is in a big consolidation with choppy price action. Wave counts become more vulnerable to change within any wedge and it depends on how the break out occurs.

USDJPY

4 hour USDJPY:

The USDJPY is in a wedge with resistance (orange) and support (blue) trend lines nearby.

60 min USDJPY:

The invalidation level of the wave 4 (blue) remains at the top of wave 1 (blue).