WEEKLY OUTLOOK FOR AUDUSD
DAILY STRUCTURE
24th January:
From the Dollar's performance in general and the slow way in which the rally so far has developed it's probably too skewed to be Wave ^B and therefore I feel more direcyly bullish to the 176.4% projection in Wave -iii- of Wave (c) to the 1.1039 area. From there we should see a pullback in Wave -iv- and then a push higher in Wave -v- which tentatively targets the 1.1325 area.
Only below 1.0200 would concern and perhaps take us down in Wave ^c...
INTRADAY STRUCTURE
6th February:
The upside has developed but in a far more volatile manner. Never-the-less it remains on track for what lloks to be a slightly stronger projection in Wave [iii] to the 398.4%-423.6% projection between 1.0890-18.
On the way Wave iii should stall around the 1.0848 area for a pullback of about 38.2% in Wave iv (around 100 points) before rallying to the 1.0890-18 target to compelte Wave [iii].
This should generate a further pullback - probably around 23.6% given Wave [ii] was a deep 85.4% which could take us down to around the 1.0806 area before higher to the 176.4% projection in Wave -iii- at 1.1039.
For more information regarding the wave relationships please see the attached PDF file.
Good trading
Ian Copsey
HARMONIC ELLIOTT WAVE
