Friday, June 22, 2018

THE EARLY STAGES NEED CARE

Well, that wasn’t what I had expected… The early stages were pretty ok although I had expected deeper gains in the Dollar. I had my evening meal and just before laying my head on the pillow I saw these dirty great Dollar losses. The outcome is rather tense. I’d like to think that EURUSD has topped out but there is the risk of a push above 1.1646 for a reversal. 

This also screwed up GBPUSD. The adjustment I made looks kinda ok but I do have reservations. I certainly wouldn’t want a break above yesterday’s high… The Wave iv I have used was a 56% retracement so it doesn’t really have much room before a deep pullback.

This allowed a deeper pullback in USDCHF and USDJPY – but I caught the latter and knew we’d have to see a deep pullback. However, it’s rather close to the break level that would extend losses even further. This takes us to EURUSD. We shall either see an expanded flat; or… we’ve seen an expanded flat for direct losses… 

Meanwhile, the Aussie made a new low by 2 points. It was enough – and with hourly & 4-hour bullish divergences. How deep any pullback will be is totally unknown but I can’t really see losses at this stage…

Have a great weekend
Ian Copsey  






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