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HARMONIC ELLIOTT WAVE

Thursday, March 8, 2012

Still waiting for the last leg…


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The market somehow construed to make as much work as they could to get nowhere – a pretty good effort as well… So really we’re back where we started yesterday although perhaps with one difference in USDJPY. As far as Europe was concerned it was more a case of rabbits and headlights.

So we’re really back to square one and yesterday’s comments really continue to apply. I still see the need for the Dollar to make a final push higher against the Europeans but that should provoke a decent reversal lower that should eventually lead to what I feel will be a solid decline. I’ll still add that if GBPUSD dips very much below the 1.5644 low then we could have a deeper pullback in the Euro and Swissie. And do be aware of the downside risk in GBPUSD that could carry it quite strongly lower.

USDJPY failed to push any lower. It should avoid the recycling back to the 80.01 low. I’d like to think it can rally directly but there’s still a risk we could see another dip but not quite that low. EURJPY still seems to need one more dip also and one that should be quite deep so it does seem to require both EURUSD and USDJPY to make downward forays. Equally, on the next drop for EURJPY the reaction should be back higher.

So probably the early part of the day could remain as cagey as yesterday so start to look for movement come European trading…

Good trading
Ian Copsey

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