Wave Analysis 05.03.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

05.03.2015

Analysis for March 5th, 2015

EUR USD, “Euro vs US Dollar”

Euro continues moving according to the forecast and forming a large descending impulse inside wave (v) of [iii]. The market has already broken its local low at 1.1097 and in the nearest future is expected to stay below 1.1100.



After finishing a correction inside wave ii of (v) in the form of flat, the price has formed the first impulse [1] of iii and another flat inside wave [2] of iii. Right now, the pair is forming a large descending impulse [3] of iii. The market is expected to continue falling.




GBP USD, “Great Britain Pound vs US Dollar”

Pound continues falling inside a large descending wave 5 of (1). Right now, the pair is forming wave [iii] of 5 of (1), which is extended. The price is expected to continue moving downwards.



After finishing wave [ii] of 5 in the form of expanded flat, the pair has formed the first wave (i) of [iii] and a correction inside wave (ii) of [iii]. Right now, the market is forming a large descending wave (iii) of [iii] inside a larger impulse (5) of (1).




USD JPY, “US Dollar vs Japanese Yen”

The structure of horizontal triangle inside wave (4) of [5] has been changed a bit. Probably, wave E of (4) of this triangle has taken the same form. In the nearest future, Yen is expected to form an ascending impulse 3 of (5) of [5].



So, after finishing a large horizontal triangle inside wave (4) of [5], the price has formed the first impulse 1 of (5) and a correction inside wave 2 of (5). In the nearest future, the pair is expected to continue growing inside wave 3 of (5). An alternative scenario (colored in gray) implies that wave 2 of (5) may take the form of double zigzag.




USD CAD, “US Dollar vs Canadian Dollar”

The market is still moving inside a sideways channel, and it resulted in changing the chart structure a little bit. Probably, wave E of (4) is taking the form of horizontal triangle. In the nearest future, the price is expected to complete this pattern and continue growing inside wave (5) of [3]. An alternative scenario (colored in gray) implies that wave (4) of [3] is taking the form of zigzag with horizontal triangleB of (4) inside it.



It looks like the pair is still forming horizontal triangle inside wave (4) of [3]. In order to complete the pattern, the market need to form an ascending zigzag[d] of E and a descending one [e] of E.



 
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