Estimated pivot point is at a level of 1.1862.Main scenario: short positions will be relevant below the level of 1.1862 with a target of 1.1709 – 1.1550.
Alternative scenario: breakout and consolidation above the level of 1.1862 will allow the pair to continue the rise up to the levels of 1.1900 – 1.2000.
Analysis: A descending correction is supposed to continue developing within 4-hour frame in the form of the wave (2), with the wave A formed and an ascending correction in the form of the wave B completed inside. Apparently, the first wedge-shaped wave of junior level i of C has been formed and the ascending correction ii has finished. If the presumption is correct, the pair will logically drop to the levels 1.1790 – 1.1550. The level 1.1862 is critical in this scenario.
Alternative scenario: breakout and consolidation above the level of 1.1862 will allow the pair to continue the rise up to the levels of 1.1900 – 1.2000.
Analysis: A descending correction is supposed to continue developing within 4-hour frame in the form of the wave (2), with the wave A formed and an ascending correction in the form of the wave B completed inside. Apparently, the first wedge-shaped wave of junior level i of C has been formed and the ascending correction ii has finished. If the presumption is correct, the pair will logically drop to the levels 1.1790 – 1.1550. The level 1.1862 is critical in this scenario.
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Estimated pivot point is at a level of 1.3342.
Main scenario: short positions will be relevant from corrections below the level of 1.3342 with a target of 1.3209 – 1.3030.
Alternative scenario: Breakout and consolidation above the level of 1.3342 will allow the pair to continue rising to a level of 1.3418.
Analysis: Supposedly, an ascending correction in the form of the wave B of senior level stops forming within the 4-hour time frame. Apparently, the wave c of B stops developing locally. If the assumption is correct, the pair will drop logically to the levels 1.3209 – 1.3030. The level 1.3342 is critical in this scenario.
Estimated pivot point is at a level of 0.9947.
Main scenario: short positions will be relevant with a target of 0.9765 once correction has finished below the level of 0.9947
Alternative scenario: Breakout and consolidation above the level of 0.9947 will allow the pair to continue rising to a level of 1.0038.
Analysis: supposedly, an ascending correction in the form of the wave (2) of senior level has stopped developing within the 4-hour time frame. Apparently, the first wave 1 of (3) is forming at the moment, with the third wave of junior level iii of 1 of (3) formed and an ascending correction of junior level iv of 1developing inside. If the presumption is correct, the pair will continue to fall to a level of 0.9765 once the correction has been completed. The level 0.9947 is critical in this scenario.
Estimated pivot point is at a level of 1.2659.
Main scenario: long positions will be relevant above the level of 1.2659 with a target of 1.3000 – 1.3130.
Alternative scenario: Breakout and consolidation below the level of 1.2659 will allow the pair to continue declining to a level of 1.2450.
Analysis: Supposedly, the first wave 1 continues forming within the fifth wave (5) of senior level within the 4-hour time frame. Apparently, the fifth wave v of 1 continues to form, with the downward correction (ii) completed inside. If the presumption is correct, the price will continue to rise to the levels of 1.3000 – 1.3130. The level 1.2659 is critical in this scenario.
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USD/JPY
Estimated pivot point is at a level of 111.00.
Main scenario: long positions will be relevant above the level of 111.00 with a target of 112.87 – 113.32.
Alternative scenario: Breakout and consolidation below the level of 111.00 will allow the pair to continue declining to a level of 110.16.
Analysis: supposedly, an uptrend continues developing within the wave C of senior level. Apparently, a downward correction in the form of the zigzag-shaped wave 2 of C has finished developing. If the presumption is correct, the pair will logically rise to levels 112.87 – 113.32. The level 111.00 is critical in this scenario.
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