Pullback

Ian Copsey Harmonic Elliott Wave

Yesterday, we have seen the Dollar highs for now in EURUSD, USDCHF and GBPUSD. Therefore, we should be looking at a corrective process. How deep this will be is pretty difficult to judge although if you look at EURUSD it doesn’t seem to have a massive pullback. USDCHF has formed a Wave -i- and therefore will need a pullback in Wave -ii-. GBPUSD … maybe a modest pullback but overall, as we know, corrections can be slow.

Now, the final major – USDJPY – has seen deeper losses and frankly, while there could still be a pullback, we should be heading higher…

I ended up screwing up in EURJPY. The Wave i I had was incorrect and instead saw a stronger move lower and overall has formed a (brown) Wave -i- and, like the other three majors, we should be heading back in a Wave -ii-…

Downunder, we have formed the (brown) Wave (iii) and will either see the limit of a Wave (iv) – or we shall see a deep Wave (b)/(v)…

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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