Analysis for June 8th, 2015
After finishing the correction inside wave 2 of (C) of [Y], Euro has started forming the first five-wave structure inside descending wave 3 of (C) of [Y].
EUR USD, “Euro vs US Dollar”
Right now, the pair is forming wave iv of (i) of [a] of a large descending zigzag. In the nearest future, the market is expected to complete this impulse.
GBP USD, “Great Britain Pound vs US Dollar”Pound hasn’t been able to continue its fast descending movement, which means that the price may be forming a sideways correction (iv) of [i] of 1. In the nearest future, the market is expected to reach a new local low.
So far, the price has formed only two zigzags inside horizontal triangle. In the nearest future, the market is expected to complete this horizontal pattern and continue moving downwards.
USD JPY, “US Dollar vs Japanese Yen”Most likely, the price is about to finish wave 5 of (5) of  of a large ascending impulse, which may be followed by the final correction. However, there is an alternative scenario, which implies that the price is extending wave (5) of  and, thus, may continue growing in the nearest future.
Most likely, in the nearest future the price will reach a new local high and finish wave 5 of (5) of . At the same time, we shouldn’t forget about an alternative scenario, according to which, the market is forming a long extension.
USD CAD, “US Dollar vs Canadian Dollar”The chart structure isn’t quite clear. Probably, the price is still being corrected inside wave (ii) of [v] of 3, which may take the form of double zigzag or double three. In the nearest future, the market is expected to complete the pattern.
So, the pair is expected to complete the correction inside wave (ii) of [v] of 3, which may take the form of double zigzag or double three.
RoboForex Analytical Department
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