Hi there all.
EURUSD.
EURUSD 1hr.
EURUSD 4hr.
EURUSD daily.
Mondays top is still intact after a tight trade today.
The price may have a small lower high in place off that 1.1179 wave [ii] high.
I have labelled that waves 'i' and 'ii' of (i) to the downside.
There is no real confirmation that the final top is in for wave [ii],
but I am encouraged by the last hours trade,
a new spike lower could be the beginning of wave 'iii' of (i).
A break back below 1.1100 in a nice impulsive fashion tomorrow will signal wave 'iii' is underway.
I think a break of 1.0990 will confirm wave (i) is in force.
Tomorrow;
The main focus from here is to build a further five waves lower off the wave [ii] high in wave (i).
That will be a clear sign that wave [iii] down is getting started.
Watch for 1.1179 to hold and wave 'iii' of (i) to fall.
GBPUSD
GBPUSD 1hr.
GBPUSD 4hr.
GBPUSD daily.
It is a similar story in cable today.
The price rallied back towards the 1.3012 high this afternoon,
but failed to break that level.
This raises the probability that the top is now in place for wave [ii] green.
And the sharp move lower this evening also fits well with the idea that an impulse wave is now building off that high.
I have labelled the first move lower off the high as wave 'i' of (i).
Wave 'ii' may have completed a lower high below 1.3012 at the afternoon high.
And now with this spike lower in place off that high, wave 'iii' is underway.
Tomorrow;
1.3012 must hold.
watch for wave 'iii' to continue lower and break below the 1.2700 level again.
USDJPY.
USDJPY 1hr.
USDJPY 1hr.
USDJPY daily.
The price did not reach the anticipated double top in wave (b) today.
But we do have a three wave move in place off the wave (a) low.
It is likely that wave (b) is complete at the overnight high of 108.72.
If that is the case,
then wave (c) is now underway off that high today.
The minimum target for wave (c) is a break of 108.28 at the wave (a) low.
If the price turns higher again and breaks 108.72,
that will signal wave (b) is tracing out a larger three wave pattern before falling into wave (c) later this week.
Tomorrow;
Watch for a continued decline in wave (c) to break 108.28 at a minimum.
Further support lies at the previous fourth wave low of 108.02.