Still some bits and pieces to be finalised

Ian Copsey Harmonic Elliott Wave

OK… GBPUSD has topped out. EURUSD appears to need a new high – along with AUDUSD. USDCHF has found its low. USDJPY, having been the leader of the bull pack, is coming to a high. What a ragged set of pairs that can’t generate any correlation…

Shame on them!

Ok, that’s a bit harsh but it has been a rather strange development over the past few weeks particularly with EURUSD, GBPUSD and USDJPY all pushing higher together. With the exception (in the near term) that EURUSD will see a final minor new high, we should all majors working together. However, I suspect this will only find a quorum after the weekend – and that tends to suggest some consolidation/foundation wave building before any strong moves. Therefore, keep trades tight for the moment until all pairs are developing together.

Even AUDUSD still seems to have further gains to be seen but once the high been established we shall begin to see losses resume.

Finally, I sense we have seen the final high in EURJPY. Thus, we should be 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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