Minor Follow -Through and Pullback – Perhaps Range Trading

Ian Copsey Harmonic Elliott Wave

The Dollar provided the push higher for the most part and we should see those highs early in the Asian centre. EURUSD should soon see the (cyan) Wave -a- for a pullback – equally USDCHF also. GBPUSD saw some decent losses – but equally quite a deep pullback in the Wave iv. This tends to suggest the potential for a minor new low to form the (cyan) Wave -a-/-iii- and a pullback in Wave -b-/-iii-. I had expected a stronger rally in USDJPY but instead decided that it wanted to form an expanded flat - although it hasn’t yet completed.

This tends to suggest that we should be looking to take short-term profits over today and maybe into tomorrow.

Even EURJPY is approaching a (purple) Wave -a-/-iii- so that basically should see a pullback and once USDJPY has completed the expanded flat it should rally to the targets I had expected yesterday. That should provide a decent pullback in the cross.

As for AUDUSD… well, it failed to reach above 0.7314 but finally decided that it would just go and break below the Wave iv… So we should have seen the high…

Overall, take care today. It suggests a ragged development…

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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