These lower degree developments have been really tough to follow. Look at a bar. One bar. Is that a 5-wave move? A Wave i and Wave ii and Wave a/iii? With this sloth-like development, it has been a horrid, ragged and painful move. If I tried to get down into the tick level, it would take forever to work through the structure. It may well occur today, but let’s see. I’d like to see the EUR/USD target I have provided. Most likely we’ll see a pullback and then a final low. It’s pretty much the same in GBP/USD.
Now for the tale of USD/JPY. Did we see those micro mini percentages earlier on? Well, interestingly the rally we saw yesterday approached the Wave v at 74.3% - just 2 points to the (normal) Wave v. Ah! But then, with a 3-wave rally, we may have seen a Wave i. Life is a can of worms. We still have to consider both alternatives.
Even USD/CHF could just see further gains but there is still the risk of a deeper (blue) Wave -ii-…
The Aussie saw losses but held above the 0.6864 low. Can it still move higher to form a zigzag or will it decide to break lower, or even an expanded flat.
The only thing in EUR/JPY, as long as the lower degree development has been correct, we should see a new high – but then a pullback lower.