Wednesday, November 22, 2017

Is it Christmas already?

I only say that because the market really appears to not want to trade. Well, perhaps we can include Thanksgiving into the picture also. Gosh, the development has been so sluggish for some while now that the lower degree waves are finding even lower wave degrees to build up into the “normal” lower degree waves. I have been finding myself dropping into the tick-bar charts to make any sense and in the process the analysis is getting more and more complicated with complicated corrections.

Basically, we should continue with the sideways to Dollar bullish outlook. Take care when a structure begins to turn in on itself that could be the trigger for a haemorrhage that will extend any complex corrections.

Note that USDJPY still appears to need further losses initially – along with EURUSD - and that will likely pull down EURJPY. The Aussie is now in a bullish correction but even that pair can be pretty slow and even generate corrective patterns.

So, not an easy day. Probably EURUSD and USDJPY appear more likely to generate a limited follow-through and this mean taking profits when seen…

Good trading
Ian Copsey  

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