Daily Wave Analysis for 31 October 2014

EURUSD

The confirmation of the EURUSD starting its 5th wave (orange) is when price breaks below the bottom (green line).

4 hour EURUSD:

One of the most likely alternative wave counts (usually there are multiple options) could be that current wave 1 (purple) is a wave C of a bigger correction, which is still part of wave 4 (orange)

60 min EURUSD:

GBPUSD

Yesterday’s strong fall could be part of a new down trend which means that the wave 4 (red) is completed at the recent top.

4 hour GBPUSD:

An alternative scenario is that price is making an ABC correction as part of a bigger wave X consolidation.

60 min GBPUSD:

USDJPY

The USDJPY uptrend is accelerating and pushing above the resistance top (red line) as the analysis is being made.

4 hour USDJPY:

This recent push up is most likely part of a wave 3 (green).

60 min USDJPY:

 

Original Source – Admiral Markets