GBP/USD 15 Minute Chart

Although this is not my favoured count, it is a possibility. If the 5 waves up reached around 1.66, the second A-B-C (Y) would be 161.8% of the first A-B-C (W)

Update on Yesterday's Counts

It seems that out of the EUR/USD, USD/CHF and USD Index the Euro has been the weakest. Currently my possible counts for the Swissy and USDX are still possible, as the price of Wave B has turned around at exactly the 1.618% Fib of Wave A. However the Euro has been a lot weaker and sliced convincingly through the trend line support, thus invalidating my count. Although I am still expecting a pullback (in line with the SPX) I would not suggest taking a position in the EUR/USD pair until the pattern is clearer.

SPX500 Hourly Update

Here is an update of my SPX Count. Looks like I jumped the gun with my call for a turnaround. The 5th wave of C has extended which is often the case when waves 1 and 3 are similar in length.

US Dollar Index Hourly Chart

Here is my view of the Dollar Index. Wave 1 is equal to Wave 5, there is alternation between Waves 2 and 4, and C of Wave 2 is exactly 61.8% of A of Wave 2.

US SPX500 Hourly Chart

Looks to me as though the SPX has just about completed an A-B-C (or possibly a 1-2-3) and is poised to bounce higher. This should correlate with some short term US dollar weakness. If the SPX exceed 1074 then the 1-2-3 count is no longer a possibility.

USD/CHF Hourly Chart

This is my take on what is going on with Swissy. It is almost the exact inverse of the EUR/USD pair except that several important trend lines have already been broken, whereas the Euro has only broken through one. I believe we are going consolidate and retest one of those trend lines before the next upside move.

USD/JPY Hourly Chart

The USD/JPY pair looks to have completed a leading diagonal. A deep retracement to around the 61.8% Fibonacci is expected from here. This may correlate with dollar weakness across the board and may coincide with a push higher from other US pairs.