Multiple ABC Corrections Visible in Forex Market

EUR/USD

4 hour

The EUR/USD respected the support trend line (purple) and price showed a bullish bounce. For the moment price is still in a wave Y (brown) unless the EUR/USD breaks below it.

1 hour

The EUR/USD made a deep retracement to the 61.8%, which is uncommon for 4^th waves. Price did not cross into the price territory of wave (blue) before making a bounce, so the current wave count is showing a wave 5 (blue).

GBP/USD

4 hour

The GBP/USD reached the bottom of the downtrend channel (green) and has so far shown a bullish bounce. This could indicate the end of wave 5 and start of wave 4 (blue).

1 hour

The GBP/USD made one more bearish move as part of the expected 5^th wave (green). Price has however bounced strongly at the support trend line (green), which could indicate the completion of wave 5 and the start of a bigger ABC correction (green).

USD/JPY

4 hour

The USD/JPY remains in a consolidation territory as long as price stays in between support and resistance (red/blue).

1 hour

The USD/JPY wave B correction was very mild before price broke below the support trend line (dotted green).

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