We continue to build the foundation waves

Ian Copsey Harmonic Elliott Wave

At least we’ve finally seen some Dollar gains. It has been a slow process but over the U.S. session, we have finally seen some decent progress. Several pairs are really just building the next higher degree development while others building the lower degrees. This would tend to suggest some swings – a pullback and then later further development to reach the higher degree development. This will likely move into next week.

I’ve been waiting for the first reversal target in USDJPY, but being frustrated, although I suspect we’ll manage to reach the target today – perhaps into the U.S, session. A few days ago, I mentioned that we should reach to the 1.1200-30 area. Hopefully, we may be able to see that today – maybe tomorrow. USDCHF suffered an expanded flat so we should now be seeing the gains I had been waiting for. GBPUSD finally got up from its slumber to see losses and this should provide a decent decline.

In the cross, EURJPY has finally managed some losses and should see more but, as I mentioned the swings above, that could just be a slow, slow process.

The Aussie needs some losses and a pullback…

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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