Thursday, January 10, 2019

EXTREMES

As mentioned yesterday, the market loves to make things difficult. If you recall the puzzle in EURUSD, well it appears that the 1stJanuary high was valid and at 1.1586. The Wave -ii- was 90%. After the deep losses in GBPUSD we saw a 97.4% pullback in Wave (ii) and so AUDUSD decided to follow with a 90.6% retracement in the Wave b/iii. 

Meanwhile, USDJPY was my failure but I struggled to define the development with all the scratchy development. The 109.09 high appears to have been the (blue) Wave i and therefore we have to look for the Wave ii and that appears to need another pullback lower first…

Even USDCHF made a new low but seems to have been a final Wave b/v. This pair is a total pain in the backside but… we should now see stronger Dollar gains now.

To complete the final pair – EURJPY – we have probably seen the final high in the (brown) Wave (b) so we should expect losses, particularly because USDJPY appears to need losses along with EURUSD. 

Good trading
Ian Copsey  






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