Slowly unwinding

Ian Copsey Harmonic Elliott Wave

The past few days have been rather complicated. Only USDJPY and AUDUSD appear to be “normal.” Perhaps, having seen the development in GBPUSD develop, we should see follow-through but it was a surprising, ratcheting rally that I hadn’t anticipated - but the politicians and their egos will always play silly games.

In particular, EURUSD has still to complete what looks to be a complex irregular triangle and that’s going to need a day or two to resolve by the look of things. USDCHF is still a rather complicated pair. Did we see a 58.6% projection down to the 0.9641? I rarely see these projections within an impulsive move. However, yesterday it managed to complete a 5-wave rally. The next break will probably provide a follow-through.

I’ve adjusted the structure in EURJPY. This makes more sense. The only issue is a possible expanded flat in USDJPY along with a minor pullback in EURUSD. How the balance between these two pairs develops will tend to suggest an initial consolidation before a stronger move.

The Aussie has a limited upside before further 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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