Elliott wave on EUR/USD; USD/JPY and GBP/USD

 EUR/USD (Monthly) - Overall we are in a rising channel. After testing the top of the channel at 160.38 in July 2008 ending wave [C] of a major correction, which began way back in March 1985. After testing the top at 160.38 we have seen a decline towards the mid-point of the channel. Looking at the structure (a complex correction) we need more downside pressure, which a break below the support in the 126.20 - 126.50 will confirm and call for a decline towards the channel support, which currently comes in just below 95.00.

 EUR/USD (Weekly) - Zooming in on the last part of the price-action since the top at 160.38 in July 2008. We can see that a complex correction is evolving. The most likely scenario at this point is, that we have seen wave A of wave Y down and that wave B of Y ended at 134.86, but we need a break below 129.70 and more importantly 126.23 to confirm this count.

 EUR/USD (4 Hour) - Zooming even closer in and just looking at the price-action for wave B of Y and what looks like the start of wave C of Y down. The most likely scenario is that we have ended minor wave i and ii and are working on wave iii down.
Short term I'm looking for 131.47 to protect the upside for a break below 130.88 and more importantly the 129.70 - 130.10 support area to confirm the test of important long term support in the 126.20 - 126.50 area. However as the correction from 129.93 (yesterdays low) became bigger than I first anticipated we will have to accept a slightly bigger correction towards 131.60 before the next serious pressure to the downside will be seen.
The aggressive trader should sell close to 131.60 with a 132.25 stop and the more conservative trader will wait for a break below 130.85 with the same stop.

 USD/JPY - Here we should be very close to the end of wave 4 down from 84.17. The ideal target area for this wave four is in the 79.85 - 80.25 range, but looking at the short term structure we could already have seen the low slight above the ideal target-area at 80.31 a break above 80.85 and more importantly 81.20 confirms the bottom for a new rally towards 84.17 on the way to 85.50.
Under no circumstance are we allowed to break below 79.51 as that would leave us with an overlap between wave 1 and 4, which is not allowed under the Elliott Wave Principle.
Therefore buying USD near 80.25 or waiting to the break above 81.20 should pose a low risk opportunity with a stop at 79.45 for the aggressive trade and below the bottom of wave 4 for the conservativ trader that waits for the break above 81.20.

GBP/USD - The correction from 158.16 (yesterdays low) first stalled at the 159.10 resistance, but here too we must accept a slightly higher correction towards 159.45, which I would use to short GBP against USD with a 160.00 stop, for a break below 158.59 that will confirm the next short term downside pressure.
The more conservative trade will await the break below 158.59 before shorting GBP with a stop just above the high set before the break below 158.59.
A break below 158.59 should confirm the next decline below 158.16 for a decline towards 156.05.