Ian Copsey
Harmonic Elliott Wave
It was hardly surprising that the market went on strike. It always does on U.S. holidays. However, the general expectation I had was for pullback lower in the Dollar. Having seen EURUSD make a new low the high risk will be for an expanded flat – and this hasn’t yet completed. This should see the other USDJPY and USDCHF completing a 5-wave decline that should last into the European session at the very least and more likely into the U.S. market.
I’m slightly concerned about GBPUSD. The balance of the structure suggests a limited upside and later further losses - but there’s a wider range to be seen in the other 3 Majors. This will need some care but at the end of the day, we should be looking more towards the Dollar upside.
The Aussie has completed a zigzag higher. Can it form a double zigzag or just a direct decline? It has been a slow-moving development but just take care.
As for EURJPY, we have seen a double zigzag higher – Note the Wave x that will send price lower – or a final zigzag to form a triple three.
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