Wave Analysis 14.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
14.10.2015
Forecast for October 14th, 2015
EUR USD, “Euro vs US Dollar”
The correction (ii) of [iii] of 1 is taking too much time. At the same time, the price is moving below the critical level, so there are no reasons to change the main scenario. In the nearest future, the market is expected to start a significant decline.
Probably, the price is forming the fifth wave of the impulse [C] of y of (ii) in the form of the ending diagonal triangle, which may be followed by a long descending movement in the wave (iii) of [iii] of 1.
GBP USD, “Great Britain Pound vs US Dollar”
Just as we expected, after finishing the double zigzagii of (iii) of [iii], Pound has formed a fast descending impulse. In the future, the market is expected to complete a short-term correction and then continue moving downwards.
After finishing the correction ii of (iii) of [iii], the pair has formed the fast descending impulse [1] of iii of (iii). Later, Pound is expected to complete the short-term correction [2] of ii of (iii) and then continue falling.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still falling slowly, but in general, the situation remains the same for several weeks now – the market is expected to resume falling in the wave [v] of C of (2).
So, after the waves (i) of [v] of C and (ii) of [v] of C in the form of the flat, Yen is expected to continue its decline in the wave (iii) of [v] of C.
USD CAD, “US Dollar vs Canadian Dollar”
The local correction (ii) of [a] of 4 continues. At the same time, we shouldn’t forget about an alternative scenario (colored in gray), suggesting that the price has just finished the flat[iv] of 3, which may be followed by a fast growth and a new local high. The situation may become clearer within the next couple of days.
Probably, the pair has finished the first “leg” a of (ii) of [a] of the ascending zigzag. In the future, the market is expected to complete the correctional pattern and start falling in the wave (iii) of [a] of 4.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.