Monday, November 6, 2017

A bit of a mixed bag

I was looking for the corrective structures to come to an end. In many respects, that occurred. I can see some of the structures have come to a point where they have left the correction behind them but then formed a 5-wave move and therefore we’re back into a corrective sequence. However, these should be the lower degree structures. In other pairs, particularly in USDJPY and USDCHF, that have completed a corrective sequence but within a larger corrective structure. So I don’t want to suggest any robust trends today but there will be some potential for the “other pairs” that are in a “correction within a correction” complete their corrections. Once that has been seen we should be able to get on with a larger trending move.

Therefore, today should see limited moves but ones that will provide short-term trades. This process will likely extend into tomorrow. Once we have seen all the pairs complete their corrective structures we can begin on the job of looking for a stronger directional wave in a longer-term move.

If I see any impulsive move, then it’s in EURJPY but even then it’s likely to be a bit choppy.

Best options for impulsive waves are in USDJPY and USDCHF…

Have a profitable week
Ian Copsey  

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