Slow going

Ian Copsey Harmonic Elliott Wave

It’s been a bit of a snore fest in EURUSD. I’m hoping that today will break below 1.1135 to then see a reversal. Please, please let that we shall begin to see a reversal higher. I’ve also had a slight difficulty in USDJPY. The pullback lower in from the 110.32 high is abnormally deep compared to the Wave ii. I tried to see if there was a possible triangle that would allow a shallower Wave iv. Maybe… Otherwise, the run-up to the high did have a valid projection target in the lower degree Wave c/iii but then the pullback in Wave iv was 1.4% and the Wave v 4.6%. That’s a bit crazy. However, let’s see if we do get a triangle.

USDCHF has formed a Wave -i- so we need to find the Wave -ii-. GBPUSD was as slow as EURUSD. I’m still battling with a potential new low – or just direct gains.

As for EURJPY, we have EURUSD moving lower and USDJPY higher but quite how the balance will play through is another issue… Ideally, we should head higher.

The whip back higher in AUDUSD has required an adjustment and that will allow a deeper pullback higher – but it could just see direct losses again… This pair is slightly difficult to really provide a definitive direction.

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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