A Shallow pullback or an expanded flat?
|That’s the case for EURUSD. With GBPUSD breaking below its own expanded flat this has now formed a (lower degree) Wave i and therefore should see a pullback in Wave ii. With the final high in USDJPY in a pretty strong Wave -i- it tends to suggest that we shall see Dollar losses today – but relatively limited to (most likely) the expanded flat in EURUSD. Ideally, both USDJPY and USDCHF should see losses. Ideally, USDCHF should decline to the current Wave a.
So basically, we are not looking at a massive pullback in the Dollar but a relatively limited correction. From there it tends to suggest fireworks and it’s not even November the 5th.
The Aussie should see a pullback, rather like the Majors but then to turn back lower.
EURJPY, which I have been rather reluctant to commit, should see losses once EURUSD tops out…
Have a great (long) weekend
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