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HARMONIC ELLIOTT WAVE

Wednesday, August 17, 2011

The building is being constructed…


Yesterday, while not exactly as planned again has actually seemed to progress a level from foundation to starting on the actual construction. More than anywhere GBPUSD seems to have the stronger structure now, the anticipated correction being much shallower than I had looked for and this does point to quite firm gains for the rest of the week – probably into next.

EURUSD is not far behind though still in the early building stage. Having said that, for both GBPUSD and EURUSD, while the immediate pressure is higher I do see a modest pullback before too long that, depending on how long the additional poke higher takes, could extend into tomorrow… However, both seem destined for higher levels afterwards.

USDCHF appears to have run out of steam. I still think it has further to go on the upside so no reversal yet but it’s beginning to point to a more terminal extension that should see a reversal maybe next week. The Aussie remains firm and USDCAD held in a sideways range.

That leaves USDJPY… sleeping diligently, perhaps in a coma even… and likely to extend that comatose state for today that will allow EURJPY to make another push higher but itself limited by EURUSD. The interesting part will come when USDJPY awakens from its coma. Having seen continued range trading I am turning marginally towards a second dip lower – not too far at this point – but then a correction. As long as EURUSD resumes its rally as I suspect then we should see the cross rally much higher over the coming week.

Today… limited moves but in line with the general trends…

Good luck
Ian Copsey


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