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HARMONIC ELLIOTT WAVE

Friday, September 9, 2011

That correction… it didn’t happen yesterday … but maybe late today?


The Dollar never really made much of an attempt to correct lower yesterday did it? I was obviously a bit too hasty in looking for that but it should come and may even reach its high later today to start the reversal. What does strike me is that the failure in GBPUSD seems to point to more losses there and could approach close to the 1.5780 low… I don’t think it’ll break and actually I don’t think it’ll get below 1.5800… Conversely the drop in EURUSD is looking like it will get pretty close to the 1.3837 low…

Even USDCHF extended its rally and by a lot more than I had expected. Here I feel the rally is tapering off and is due quite a deep pullback. Clearly there has been a lot of hype with this one. Even after a correction it should move to higher highs, but I still have this as a correction only. I have been bemoaning the lack of daily deep Wave (iv) corrections here… the depth of this one has certainly resolved that issue! Once it’s over I’ll expect a decline to new lows…

EURJPY is edging closer to the precipice… I can see the next day or two as being controlled in its decline while USDJPY completes its sideways correction today and pushes higher… but once that rally is compete the cross looks like entering an abyss as we’re due a much larger decline in USDJPY also… and well below 70.00…

So far today – it should be much the same as yesterday but this time we should see the Dollar reach its current highs…

Have a great weekend
Ian Copsey

AN INTRODUCTION TO HARMONIC ELLIOTT WAVE VIDEO

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