Elliott wave analysis of EUR/USD; GBP/USD; EUR/JPY; EUR/NZD and Crude Oil

 EUR/USD - What looks a prefect triangle developing one day looks different the next day. That's how corrections works. That said we could still be building a triangle and if we are there is no more room to the downside. If we break below the starting point of wave B at 1.2804 the preferred corrective pattern becomes a flat correction, which will likely takes us down to 1.2775 to complete the flat correction. However, as long as support at 1.2804 stays intact I will keep the triangle scenario as my preferred count.

GBP/USD - What looked like a prefect break above the Inverted S/H/S neckline was invalidated just as quick. However, it's very likely that the right shoulder is under development and a new rally higher towards 1.6175 soon should be seen. Short term we could see a move a little lower towards 1.5982, before the next test of the neckline will be seen.

 EUR/JPY - We have most likely seen red wave ii end at 103.99 and red wave iii should gather more momentum soon and ensure a powerful decline to at least 101.45 and likely even lower towards 101.00 soon.
It will still take a break above 104.42 to invalidate my preferred count and call for a new high closer to 104.75.

 EUR/NZD - I was somewhat surprised to see the powerful breakdown on Friday, but it has not changed my preferred count. Only a break below 1.5453 will do that. As long as support at 1.5453 protects the downside I do think we very soon should see a powerful rally begin as wave C of the expanded flat correction comes to an end. However, if we break below 1.5453 that would change the bigger picture and tell us, that the big wave 2 correction from 1.5905 (the top of wave 1) is still unfolding and that we ultimately should see a low near 1.5300.

Crude Oil - Here I'm still looking for a break below important support at 83.45 for a continuation down to 78.69 and long term a much deeper decline. However there is a risk, that support at 83.45 protects the downside for a new rally above 93.67, that would call for a move towards the 100 - 102 area before down again. My preferred count is a continuation down through support at 83.45, but please be aware of the risk. A break above resistance at 87.80 will be a first warning.