Analysis for February 4th, 2015
Wave (iv) of [iii] is taking the form of double zigzag w-x-y with horizontal triangle inside its wave x. The market is expected to grow towards 1.16 – 1.1625 and complete the whole correctional pattern.
EUR USD, “Euro vs US Dollar”
Euro has chosen an alternative scenario and broken the critical level. So, right now, the pair is forming wave y of (iv) of [iii] of double zigzag (iv) of [iii]. The local target is at 1.16 – 1.1625. The medium-term trend is still bearish.
GBP USD, “Great Britain Pound vs US Dollar”Taking into account the fact that the current correction is quote long and deep, we may assume that the price is forming wave 4? of (1) of a descending impulse. Most likely, wave 4? of (1) is taking the form of zigzag.
Pound is still moving inside flat; the market is changing the chart structure a bit without changing the main scenario. Most likely, the market is forming a large wave 4? of (1), which, judging by its first ascending impulse, may take the form of zigzag. If this is true, then in the nearest future the pair may reach 1.5225 – 1.5275.
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen has finished horizontal triangle inside wave (4) of  with its wave E of (4) of  in the form of double zigzag. If this is true, then the price may continue growing inside wave (5) of  without breaking the critical level (colored in red).
So, it seems that the pair has completed wave E of (4) of  in the form of double zigzag. Most likely, the pair has also finished horizontal triangle inside wave (4) of . In the near term, the market is expected to continue moving upwards inside wave (5) of . One should pay special attention to the internal structure of the first ascending waves.
USD CAD, “US Dollar vs Canadian Dollar”The current correction has turned out to be deeper, although it hasn’t finished yet. Right now, the pair is forming a correctional wave (4) of , which may take the form of zigzag.
The price is moving inside an ascending channel. By now, the pair has already completed the first five-wave structure, which is wave A of (4) of . In the nearest future, the market is expected to form a correction inside wave B of (4) of , reach a new local minimum inside wave C of (4) of , and complete the whole correctional wave inside this ascending impulse.
RoboForex Analytical Department
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