Introduction
At the moment the wave counting doesn’t rule out completion of USD local strengthening in the framework of scenario v.3 and its new fall (refer to The review of the bigger Time-Frames (Annual Wave Analysis, 2008)).
1. EUR/USDFor survey wave counting of EUR refer to Annual-08 and Monthly-0408. Refer to Figure 1 for the wave counting draft of this currency on 480 min chart.
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Figure 1. Wave counting on 480 min chart. Variant 3.
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Supposedly wave (iv) of [v] is almost completed. It is assuming the shape of the horizontal triangle (iv), which is characteristic of the fourth waves of the impulse.
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Figure 2. Wave counting on 120 min chart. Variant 3.
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According to a possible variant of the wave counting triangle (iv) may keep forming.
Note how precisely correlation of waves of the supposed triangle (iv) corresponds to the average data for the contracting triangles (see Tables 4-3, 4-4, 4-5 and 4-6 of my book ; in Table 4-6 in the line «ST» read it as «WaveC-WaveB, WaveE-WaveD»). You should remember that waves a of (iv), c of (iv) and e of (iv) are active, that is trend waves inside the «triangle» pattern, whereas waves b of (iv) and d of (iv) are counteractive, correctional.
2. GBP/USDFor survey wave counting of GBP refer to Annual-08 and Monthly-0408. Refer to Figure 3 for the wave counting draft of this currency on 480 min chart.
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Figure 3. Wave counting on 480 min chart.
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The price has broken the geometry of the supposed horizontal triangle, having left the essence of the extended horizontal correction unchanged (see Tables 3-1 and 3-2 of my book ). In this case wave (iv) of is assuming the shape of the triple three, which may be the last but one wave in the pattern of the higher degree.
If the supposition is true it is most probable that currently wedge is forming. Note that corrections, striving for 78% depth, are characteristic of wedges.
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Figure 4. Wave counting on 120 min chart.
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According to a possible variant of the wave counting triple three (iv) may keep forming. 3. USD/JPYFor survey wave counting of JPY refer to Annual-08 and Monthly-0408. Refer to Figure 5 for the wave counting draft of this currency on 480 min chart.
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Figure 5. Wave counting on 480 min chart. Variant 3.
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The price has broken the upper border of the trend channel completing forming of the proportional zigzag 4 of (3). It is natural to expect a confirmation of its completion and a downward reversal of the local trend.
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Figure 6. Wave counting on 120 min chart. Variant 3.
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According to a possible variant of the wave counting zigzag 4 may keep forming.
4. USD/CHFFor survey wave counting of CHF refer to Annual-08 and Monthly-0408. Refer to Figure 7 for the wave counting draft of this currency on 480 min chart.
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Figure 7. Wave counting on 480 min chart. Variant 3.
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Supposedly wave (iv) of [v] is almost completed. It is assuming the shape of the horizontal triangle (iv), which is characteristic of the fourth waves of the impulse.
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Figure 8. Wave counting on 120 min chart. Variant 3.
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According to a possible variant of the wave counting triangle (iv) may keep forming. In this case wave e of (iv) may assume the shape of the triangle or another extended correction completing the supposed horizontal triangle (iv).
Note
Given possible trading plans are purely informational purpose only and they should not be considered as trading guides or an invitation to make a transaction.
Reference
April 9, 2008 When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory
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