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HARMONIC ELLIOTT WAVE

Friday, October 8, 2010

Was that it..? Maybe… maybe… but maybe not…

With Monday being Columbus Day holiday in the States the next report will be on Tuesday


I woke up (much too early) this morning, turned on my PC, looked at EURUSD and thought… “yup… that should do it.” However, going through the analysis I began to have some doubts. First came USDJPY… oooh, didn’t like that one, then EURUSD… well could have seen the high, but hmmm, if I look at it this way I could see one more high. USDCHF next... no, definitely need a new low here; GBPUSD … oh, still a mess… but you know what I reckon that needs a new high too; AUDUSD… difficult to call yesterday as the final high…

To add to that I still think DJIA needs another spike higher too – probably to the nearer target at 11,088…

So by a vote of 5 ½ to ½ we still need another push lower for the Dollar. However, that should be the final low… The move has done enough and a correction is due across the entire range of currency pairs, DJIA… gold… well, I have to think about that one…

What is more, by and large it looks like the correction from yesterday’s Dollar lows is complete. Maybe there’s a small risk of marginally deeper corrections in AUD & GBP but the rest really don’t have much more room in the correction without spilling over onto the edges of direct continuation of the larger correction. So do bear that in mind also…

I’ve just had an email kindly telling me that it’s NFP day. No, I didn’t know, though if I had time to sit and think then I guess it’s obvious. So that may well put paid to 75% of the day with 90% of the day’s move likely in the space of 2 nano-seconds after release…

Today’s free analysis is for USDCHF and can be found on http://www.fx-forecaster.com/DailyForecast.html along with yesterday’s Trader Package Review & Trade Set up report. (+50 pips)

Have a great long weekend.
Ian Copsey

FX-forecaster Trader Package now available at €20.00 pm
For MT4 users

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