It’s that time of year again. Suddenly we have seen some relatively robust moves but within a larger picture – and that suggests we could see some deep pullbacks. The added problem is that the lower degree waves have proliferated and that can cause risks in the structures. I’d like to say that we will see strong moves, but as I mentioned above, that could cause deep corrections. Thus, keep eyes peeled for divergences that could warn of a reversal.
It is now quite clear that all pairs are now Dollar bullish but I do have some reservations in EURUSD. Yes, it is Dollar bullish but towards the end of a trend. That also implies swings in the Wave (v), perhaps even complex corrections.
Take note of EURJPY also. Here we have a balance between USDJPY and EURUSD as their respective trend develop. Thus, it may just trigger a complex correction although I’m not clear on the 3-wave rally…
The Aussie is just the same – some pretty firm losses occurring but keep track of momentum. Overall, it still has some way to go.
Have a great weekend
Ian Copsey
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