I sense some swings

Ian Copsey Harmonic Elliott Wave

The pairs are getting out of balance. Yesterday’s losses in EURUSD were in a 5-wave and that it rather strange because GBPUSD has only a 3-wave decline – and that’s the Wave v. I took a look at the (cyan) [a] and Wave [b] and realised that we had a 3-wave rally. I still feel that EURUSD will see losses but should be in a final zigzag. That should match the Wave –iii-, -iv- and Wave –v-.

This will need an expanded flat higher in EURUSD. USDJPY – we have seen a double zigzag. Will we see a triple three – or just a break above 112.14? We are also looking to the upside in USDCHF but this will need a deeper correction.

The Aussie has formed the (cyan) Wave a and that will then require a deeper correction…

As for EURJPY, well… it could be tricky. Most likely dips in EURUSD but USDJPY has the option of either direct gains or a final zigzag lower.

Author

Ian Copsey

Harmonic Elliott Wave

Ian Copsey has been around in financial market for over 30 years, the last 23 years as a technical analyst. He focuses heavily on price development and structure as "it is the only way to generate accurate support and resistance".

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