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HARMONIC ELLIOTT WAVE

Thursday, March 10, 2011

The Dollar appears to be setting itself up for further gains

With some slight variations and one rather larger one the Dollar managed to correct lower but found a string of support levels across most of the currency pairs which appears to suggest the it can make further gains today and into tomorrow. There are a couple of issues to look out for, and ones that have potential to break this larger correction, but overall I can’t see that we’ve seen a complete correction within the larger bearish structure. We may find it useful to be aware of the key supports though frankly if these are revisited it would see a little surprising. Breach of these would have a more dramatic impact.

Overall, however, the Dollar should be making further gains today with the only other potential snag being the risk of a more complicated sideways correction within the underlying correction. This latter issue is something that has been on my mind from the start given the time frame that appears to be required for this to qualify as a correction. Needless today, corrections being the most complex of all price movement it will be best to be aware of such potential.

Therefore there is little more I can say except be aware that we should still be expecting the Dollar to make corrective gains and note key levels to break…

Today’s free analysis is for EURJPY and can be found on http://www.fx-forecaster.com/DailyForecast.html.

Good luck
Ian Copsey

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