Wednesday, October 4, 2017

All Hail Lethargy…

Are we in August right now? It seems like it - or maybe I’m too keen to get on with things. That I had to work through a lot of painful lower degree structures was tough enough. Having said that, USDCHF has done the job I had been looking for but for the next move we’re going to have to be patient in order that foundation waves to develop.

Meanwhile, back in EURUSD and USDJPY, there’s a suggesting of a good move in EURJPY. Clearly, we need the individual pairs to work within their own structures but I suspect we have that potential. Overall, I do feel there is potential for the downside in the cross but I don’t expect a landslide.

As for GBPUSD, it’s creepy. It edges one way then the other, slowly knocking out supports. I’m beginning to consider the depth of the losses from 1.3655 as being an extreme. I am certainly not comfortable with the alternative outlook of a Wave -iv- anymore… That said, I am looking for a stronger directional wave to develop once all the parties have agreed.

The Aussie appears to be mapping out an expanded flat so we still have some swings to complete.

Once all these foundation waves have been completed I suspect a stronger directional wave to develop.

Good trading
Ian Copsey  

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