18th September:

The Wave iii developed with more force than I had anticipated and has stalled just short of the 238.2% projection at 1.3196. I feel this 1.3172-96 area should cap for a correction in Wave iv that ideally should stall between the 38.2%-41.4% retracement between 1.2787-1.2816. However, do allow for as much as the 50% retarcement at 1.2707...

Once complete we should see a final move higher in Wave v that should stall around the 1.3283-1.3380 Wave (b) area for a stronger correction lower.


18th September:

The rally in Wave (c) / (iii) Was a bit stronger than expected and with the ratios not quite as precise as I'd like. Nevertheless, it has approached the 238.2% projection at 1.3196 but fallen sligihtly short. Therefore while allowing for a blip higher to 1.3196 we are due for a correction in Wave (iv). The first drop should move down to just above the prior Wave -iv- at 1.2854 but note the 38.2%-41.4% retracement at 1.2787-1.2816 but we should allow for a little lower to as much as the 50% at 1.2707. I suspect somewhere in the middle. From here we can see Wave (v) developing.

At this point I don't know what corrective structure we should get but I suspect a slow, complex one...

For more information regarding the projection and retracement ratios please see the attached PDF file.

Good trading
Ian Copsey