Friday, April 27, 2018

THAT WAS A ROUGH DAY

In general, when coming to the last stages of a 5-wave move, the Wave v has a stronger tendency to be in the lesser half of the range of the Wave v. It looked like it was going to take the low road – but the market decided to take the higher road – in some pairs towards the 66.7%-76.4% projections. Yes, it was a frustrating day… However, we’re done now with the Dollar upside for the moment…

So, as I suggested yesterday, we should now be looking towards the Dollar downside. USDCHF will most likely provide the general limits of the Dollar losses. The reason why? Well, USDCHF will be seeing a pullback in a Wave iv. With no alternation present that implies the normal Wave ii/Wave iv balance will provide the support. Ideally, if all pairs stall at the same time, then USDCHF will be the trigger. However, this will likely move into next week. Corrections can be pretty tough.

Given USDJPY rallied less aggressively compared to EURUSD, we have seen the expected losses in EURJPY. I had considered the potential for a consolidation but perhaps that will develop a bit later…

Basically, we should see Dollar losses today.

Have a great weekend
Ian Copsey  






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