Analysis for July 24th, 2014
EUR USD, “Euro vs US Dollar”
Probably, Euro finished ascending zigzag (D) of [B]. In this case, price is expected to continue forming final descending zigzag (E) of [B]. However, alternative scenario (colored in grey) may still continue.
Probably, price is forming final descending zigzag (E). It looks like Euro completed ascending correction B of (E) and right now is finishing impulse [iii] of C of final descending wave C of (E), which may be followed by ascending correction [iv] of C.
Possibly, pair is forming descending wave C, which may take the form of impulse. In this case, price is expected to complete impulse [iii] of C and start forming ascending correction [iv] of C. However, one should remember that structure of impulse C might yet be changed.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, Pound completed final wedge [c] of D of ascending zigzag D of (B) of large skewed triangle (B), which may be followed by final descending zigzag E of (B).
Possibly, price finished ascending impulse (v) of [c] of D of (B) of large skewed triangle (B), which may be followed by final descending zigzag [a]-[b]-[c] of E of (B).
Probably, price completed ascending wave D. If this assumption is correct, then pair is expected to continue falling down inside descending zigzag E without breaking the closest critical level.
USD CHF, “US Dollar vs Swiss Franc”
Probably, Franc completed descending zigzag D of (4). If this assumption is correct, price is expected to continue forming final ascending zigzag E of (4). However, alternative scenario (colored in grey) may still continue.
Probably, price is forming final ascending zigzag E. Right now, Franc is forming its final ascending wave [c] of E.
Possibly, pair is forming final ascending wave [c] of E, which may take the form of impulse. In this case, price is expected to continue growing up inside impulse (iii) of [c]. However, one should remember that structure of impulse [c] might yet be changed.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen finished long horizontal correction 4 of (A). In this case, later price is expected to start final ascending movement inside wave 5 of (A).
Probably, pair finished descending zigzag [e] of 4 and the whole horizontal triangle 4. In this case, price is expected to start ascending wave 5.
Possibly, price is forming ascending wave 5, which may take the form of impulse. If this assumption is correct, pair is expected to continue growing up inside impulse (iii) of [i] of 5 without breaking the closest critical level.
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