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HARMONIC ELLIOTT WAVE

Thursday, August 11, 2011

Softly, softly catchy monkey…

Stronger moves are coming… of that I’m sure but the market has been caught in the blinding headlights of a steam train thundering down the track. In the nick of time it’ll jump to escape that steam train and probably not stop for some while as it runs away…

Right now the Dollar has been caught in corrections or range trading. Even USDJPY, having reached its downside target is due a correction. EURUSD has begun to sense an invisible outer limit to it trading range while USDCHF has taken hold of a convenient branch temporarily in its decline down a sheer cliff. GBPUSD… ahhh… now there seems to be a clue… After making that marginal new high at 1.6476 it has taken advantage of being freed from the constraints it had and plotting its correction lower.

Note the word “correction” used… We are waiting for the end of that correction and probably the clearest of all should be GBPUSD. It’s not that far away from finding a corrective low, but not quite yet and there could still be more disjointed and befuddled moves through to the end of trading tomorrow. However, I sense that next week could see something that will start the larger move.

For now… take it easy… don’t try for too much… softly, softly catch a monkey…

Good luck
Ian Copsey

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