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Message: [QUOTE="Admiral Markets Group, post: 123292, member: 37217"] USD/JPY Completes ABC Zigzag at 50% Fibonacci USD/JPY 4 hour [IMG]https://s22.postimg.org/aaicp0lpt/08_03_2017uj4.png[/IMG] The USD/JPY seems to be retracing within a wave 2 (brown) back to the Fibonacci levels which could act as support. The wave 1-2 (brown) structure is invalidated once price breaks below the bottom (blue). 1 hour [IMG]https://s8.postimg.org/qtieq6u2t/08_03_2017uj1.png[/IMG] The USD/JPY is building an ABC (orange) within wave 2 (brown) and could retrace back to the Fibonacci levels of wave 2 vs 1 (brown). EUR/USD 4 hour [IMG]https://s30.postimg.org/endww3zip/08_03_2017eu4.png[/IMG] The EUR/USD remains between a support (green) and resistance trend line (red), which mark the borders of the corrective zone. A break above resistance (red) could see price move higher to test the Fibonacci levels of wave 2 (purple) but a push above the 100% level invalidates the wave structure. A break below support (green) could see the downtrend continue within waves 3 (red/green). 1 hour [IMG]https://s14.postimg.org/feolowgj5/08_03_2017eu1.png[/IMG] The EUR/USD is moving lower in a choppy and corrective way, which makes it likely that price is retracing within a wave B (blue). The invalidation spot of this wave B (blue) is the bottom (green) GBP/USD 4 hour [IMG]https://s30.postimg.org/4zr8t0c69/08_03_2017gu4.png[/IMG] The GBP/USD continued with the downtrend yesterday and posted a new lower low. Price remains in a bearish trend as long as it stays in the channel and below resistance (red/orange). 1 hour [IMG]https://s21.postimg.org/qsxif11xz/08_03_2017gu1.png[/IMG] The GBP/USD break below the support trend line (blue) could see price continue with wave 5 (blue) of wave 3 (green). A break above the inner resistance line (light orange) could see price expand the wave 4 (orange). A break above the 61.8% Fibonacci level would make a wave 4 (orange) unlikely. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates [/QUOTE]

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