Wednesday, December 5, 2018


I clearly got caught with the expanded flat in GBPUSD – the high within a whisker of the extreme. I hadn’t expected that pullback because the earlier Wave ii was deep enough already. That allowed EURUSD to make a new high – again with the high a mere 4 points below the extreme. In USDJPY I’ve had to adjust the 5-wave moves higher to accommodate the extreme pullback in a Wave -ii-. All of these still provide valid (Dollar) upside daily targets. I’m still working through a 5-wave in USDJPY that began in June 2013…

So… we’re going to form bullish foundation waves in USDJPY before any stronger move. EURUSD, USDCHF and GBPUSD need a pullback lower in the Dollar. Once they have been established we can get back to the larger Dollar upside.

With USDJPY moving higher along with the pullback in EURUSD, we should see a pullback in EURJPY. Yesterday’s low was the second 5-wave decline and therefore it formed a Wave i. The pullback higher will form the Wave ii. Once EURUSD has had enough on the upside we should begin to see losses once more.

I had to work through the daily losses AUDUSD to form the Wave (a)/(iii) and from there – as far as I can see, we need one more push higher before losses resume. 

Good trading
Ian Copsey  


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