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Message: [QUOTE="Admiral Markets Group, post: 109076, member: 37217"] [B]USD/JPY completes 5 bullish waves at top of bear channel[/B] USD/JPY completes 5 bullish waves at top of bear channel EUR/USD 4 hour [IMG]https://s16.postimg.io/mzivzu2c5/05_09_2016eu4.png[/IMG] The EUR/USD respected the 50% Fibonacci level of wave X (purple). Price could retrace to a higher Fib level such as the 61.8% or 78.6% Fib of wave X vs W before completing wave Y (purple) at wave D (green). The current wave count is expecting price to show a bearish bounce at the Fibonacci levels of wave X (purple) for one more bearish swing towards lower Fib levels of wave D vs B. A break above the trend line (red) would invalidate this scenario. 1 hour [IMG]https://s14.postimg.io/5lxfvawrl/05_09_2016eu1.png[/IMG] The other scenario is that the EUR/USD wave X (purple) has already been completed and a bearish ABC (blue) zigzag has started. A confirmation of a bearish turn at wave B (blue) could occur via a candle stick pattern or via a bearish breakout below support (green). GBP/USD 4 hour [IMG]https://s18.postimg.io/6qbf0kdi1/05_09_2016gu4.png[/IMG] The GBP/USD broke above an important resistance (red) trend line from the daily chart. The break indicates a larger ABC correction (pink) within wave 4 (blue). 1 hour [IMG]https://s12.postimg.io/vi5dslb0d/05_09_2016gu1.png[/IMG] The GBP/USD indeed completed an ABC correction (grey) within wave 4 (purple) after which a wave 5 (purple) completed wave 3 (blue). At the moment a wave 4 (purple) correction is expected at the Fibonacci levels of wave 4 vs 3. USD/JPY 4 hour [IMG]https://s22.postimg.io/dn1v8qbtd/05_09_2016uj4.png[/IMG] The USD/JPY seems to have completed a series of 5 waves (blue) at a strong resistance trend line (red) of the daily downtrend channel. Wave 1 (purple) could have been completed at the most recent high and an ABC (blue) retracement within wave 2 (purple) seems to be the most likely scenario. 1 hour [IMG]https://s11.postimg.io/uysj1obmb/05_09_2016uj1.png[/IMG] The USD/JPY break of support (green) could confirm the retracement within wave 2 (purple). A break above resistance trend lines (red/orange) could extend wave 1 (purple) to a higher high. Follow @ChrisSvorcik on twitter for latest market updates [/QUOTE]

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