Sleepy hollow

Ian Copsey Harmonic Elliott Wave

I wasn’t really expecting too much yesterday but it turned out to be an underwhelming day.

EURUSD just couldn’t decide what to do. So basically, the outlook I had hoped for may develop today. Either it’s a break above 1.1327 or a break of 1.1230. If the former, then it’ll complete a triple three and then it’ll go lower. I’m still looking for losses in USDJPY after a day of the sleepy hollow.

USDCHF managed to form a Wave I so now we need a pullback – and that may suggest that EURUSD will see a new high. Equally, the comments I gave yesterday in GBPUSD remain. I just have a doubt in my mind that we could see a new high before losses resume. Otherwise, we’ll just see a direct decline.

The Aussie was equally slumberous and soporific but should now go lower.

As for EURJPY, well we did see a 1 point high that could imply an expanded flat – but really? Just 1 point? It’s possible but I’m not sure I’ve seen a single point to complete an expanded flat…

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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