Reversal

Ian Copsey Harmonic Elliott Wave

There were a few kinks in the development yesterday. However, they’ve all be ratified and basically, we are looking to the Dollar upside once more. Of course, we shall see pullbacks and in the Asian centre it’s normal to see pullbacks but over the day we should be heading lower once more. Even the Dollar Index managed a relatively deep pullback – but we have seen the low so we should be looking for some solid gains.

Even so, we are at an early stage of the larger Dollar rally so we are going to have to work through the lower degrees to generate the larger degrees and that’s going to take a month or two I would guess. USDCHF has a hard task following the deep pullback but over time we’ll be seeing new highs above the current highs. That’s pretty much the same in USDJPY and EURUSD.

We have also seen a high in EURJPY – something I have been waiting for some time. The only problem is how fast or slow the losses develop.

The Aussie… I’m still looking for losses…

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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