Ian Copsey
Harmonic Elliott Wave
I spent some time over the weekend to clarify a few of the pairs. The very clear problem I have had is in GBPUSD. The structure I had been using had a Wave -iii- was out of range. I’m still somewhat unsure, but I feel the only outcome was a triangle but the first 3-wave rally is rather difficult. Having said that, it tends to fall into balance with the other pairs. I was expecting a pullback lower in the Dollar – and that has been seen. Ideally, the 1.3133 high should not break but there is a risk of an overlapping rally. Once that is seen, then this will tend to blend into the (most likely) 3-wave rally to complete a triple three.
Equally, USDJPY has seen a Wave -a-/-iii- so we should see losses while USDCHF has the potential for a new (probably) minor break below 0.9998. So overall, the start of the day looks like a corrective development.
The Aussie saw a new high. There’s even a risk of a higher high but not above the (brown) Wave -ii- so overall, later in the day, we should be heading lower again.
Finally, in EURJPY, it seems that we are seeing the final legs of an expanded flat.
Hopefully, by the end of the day, we should be heading back higher in the Dollar.
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
Recommended Content
Editors’ Picks
GBP/USD clings to recovery gains above 1.3200, as BoE looms
GBP/USD sustains the recovery above 1.3200 in early Europe on Thursday, having found buyers near 1.3150. A fresh US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements.
EUR/USD holds higher ground above 1.1100, focus shifts to ECB-speak
EUR/USD is holding higher ground above 1.1100 in the early European session on Thursday. The pair is underpinned by the renewed US Dollar retreat, as traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
Gold price jumps back closer to all-time peak, $2,600 remains in sight amid fresh USD weakness
Gold price regains positive traction following the previous day's pullback from the all-time peak and builds on its steady intraday ascent heading into the European session on Thursday.
BoE expected to keep interest rate unchanged at 5% as price pressures persist
After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.