Thursday, June 8, 2017

A dizzy day

I was extremely satisfied with the Dollar gains – at first – but then the market suffered from swing sickness. That’s rather like seasickness… It just swung one-way and then the other and made me dizzy. Indeed, these swings were so swift that I had to resort to working out the structures in the 1-minute charts – occasionally tick-bar charts – to confirm what was being seen.

Very clearly there’s still the battle of the bulls and bears but as far as I can see there is only one option. I am expecting the same today but hopefully without the raging battles. It seems the Dollar bears have been protecting their positions although we have a large contingent that is boxing the other way round. Yesterday’s “twaaaaannnngs” were just a mini version of what I am expecting…

Even USDJPY – finally – managed to find its final low. It should make some steady gains now but most likely EURUSD will outstrip USDJPY for a while. It seems as if it’s going to lag and this could imply the lower of the two daily projection targets I have noted from way back. I suggest this because it looks like EURJPY will continue to see losses in the larger picture.

The Aussie tricked me – by shifting the 5-wave moves higher. This is expected to see losses today but at some point it’ll have to push to a new high before losses resume.

Good trading
Ian Copsey  

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