We’re getting through some decent moves. It will remain choppy in the larger picture due to the pairs that have deep Wave b/iii’s and I can see that we’re not too far from a reversal again. Of course, there are shallow pullbacks and deep pullbacks but so we’re going to have to be flexible at each stage. Most likely, further on, the market will gradually realise that we’ll get even stronger moves but I can’t see that being imminent.
Certainly, EURUSD and USDCHF have been reacting in quite a volatile development. The other two Majors, USDJPY and GBPUSD, have been less lively. Particularly in GBPUSD, the downside has been relatively shallow at this point. It does make me a little cautious just in case that we see a triple three. It’s something to keep in mind but we’ll need a catalyst to trigger the downside in the Pound. USDJPY is just a royal pain in the arse at the moment – but is developing slowly on a more bullish route.
I was a bit surprised with EURJPY. I originally had the Wave [a] above the Wave [i] and felt there could be a deep lower degree wave -a- to provide a deep Wave -b- but was far too deep. At this stage, if I use the original Wave [a] and Wave [b] it would imply the Wave [c]/[iii] of over 461.8%. I’m still looking for an alternative but overall we should still see losses.
As for AUDUSD, just look at the bullish divergence…
Good trading
Ian Copsey
FRACTAL FORECASTING – A COMPREHENSIVE GUIDE TO FORECASTING
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