Wednesday, August 7, 2019

A BALANCE BETWEEN AN IMPULSIVE DAY OR A COMPLEX CORRECTION

Having said that we should see a Dollar bullish day, I still have concerns over USDJPY. The Wave ^E is just too deep. I will provide the weekly chart today and that does seem to have the potential for Dollar losses. Let’s just say that we need to be cautious in case we see a sharp drop once more. 

Overall, there is the potential for complex corrections – and that seems to be a pattern through some of the pairs. Keep that in mind.

Otherwise, the outlook does look Dollar bullish. Yes, we can see pullbacks early in the day, but the outcome should be a bearish GBPUSD and EURUSD and a bullish USDCHF. I note that in EURUSD, the rally we saw came in a 3-wave move and therefore we may see a complex correction – perhaps a triangle. Otherwise, we could just see losses.

GBPUSD may see a complex correction. USDCHF needs gains.

EURJPY is another 3-wave move so there could still be a complex correction – or just losses back below 117.67…

AUDUSD … finally completed the Wave v but don’t get too concerned about the pullback because the next decline is going to be firm…


Good trading
Ian Copsey

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