Wave Analysis 05.09.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY)

Analysis for September 5^th, 2012

EUR/USD

We may assume that a large correction [X] has been completed. At the moment the price is moving inside a new ascending trend, wave [Y].



One of the possible scenarios implies that the price has already finished (or is finishing) an ascending wedge (i) and right now a descending correction (ii) is taking place.



It looks like Euro has finished an ascending wedge (i) and at the moment is forming a descending correction (ii). However, the assumption hasn’t been confirmed yet.

GBP/USD

We may assume that an ascending wave [с] of B started with wedge (i) of [c] of B.



One of the possible scenarios implies that the price has already finished (or is finishing) an ascending wedge (i) and right now a descending correction (ii) of [c] is taking place.



It looks like Pound has finished (or is finishing) an ascending wedge (i). Currently a descending correction (ii) of [c] is taking place.

USD/CHF

We may assume that the price has completed double zigzag (4), and started forming a final descending wave (5) with wedge [i] of A of (5).



Another possible scenario implies that the price has finished (or is finishing) a descending wedge [i]. Right now a descending correction [ii] is taking place.



Wave structure of shorter time frames can be seen in the figure below. We may assume that the price has completed (or completing) a descending wedge [i] and at the moment an ascending correction [ii] is taking place.

USD/JPY

The price is moving inside a narrow range, probably completing a large horizontal correction [4] of V.



We may assume that a horizontal correction [4] may be completed with horizontal triangle (E) of [4].



If a final wave (E) of [4] of triangle [4] is also taking the form of triangle, then it’s quite logical to expect the price to form a final descending wave [5] after completing wave E of (E) of [4].