Friday, January 26, 2018

THE DAILY PULLBACKS ARE COMPLETE

We still required some Dollar losses yesterday. This week has been a bit rabid and difficult to manage the ratios through the minor and up to the higher wave degrees. If there was one element I really enjoyed it was the 1.4344 high in GBPUSD. That was the precise limit of the Wave (iv) that was given in my spreadsheet. I hadn’t been expecting to actually see that high. The wave (iv) had already satisfied alternation – but it did its job and decided to reach the Wave (iv) ratio limit. It has taken just over one year to complete.

That means we are now in an impulsive mode. These tend to be more straightforward – but, of course, we’ll have to work with the intermediate pullbacks.  

We've seen the initial reversal higher in the Dollar. We therefore now require how to work out the next leg. I note that the reversals have basically reached the 4-hour Price Equilibrium Clouds that are still in bearish trajectories. Therefore, the start of the day could see pretty limiting ranges – but that’s the forte of the Asian centre.

Once Europe and North America enter the fray, we should begin to see further Dollar gains.

Have a great weekend
Ian Copsey  







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