Wednesday, February 6, 2019

WE SHOULD SEE THE DOLLAR REVERSE OVER TODAY

From the end of January, we’ve been looking towards the Dollar upside for quite some while. I suspect this will see the low today. This will need a follow-through – not excessive but enough to form, for most of the pairs, to complete a Wave [a]. We may need a little more time for GBPUSD. That covers EURUSD, USDCHF and GBPUSD. The final of the 4-majors is USDJPY. However, we have a different structure here but this may help us to work out how deep the corrections will be in the other three pairs. 

So, once the 3-majors find their Dollar highs we shall expect Dollar losses – and probably USDJPY as mentioned above with its alternative structure. How deep? Well, at this point it’s almost tossing a coin – but not quite. If I now bring in the Aussie, it really hasn’t made very much impact on the Dollar upside. This could then see a final zigzag higher – so be aware.

With EURJPY having reached the final (blue) Wave a in a triple three, we should see limited losses and then for a final 5-wave rally to complete that triple three. This tends to suggest a stronger reversal throughout the majors. It won’t happen today but more likely next week…

Good trading
Ian Copsey  






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