So we saw most of a triangle in USD/JPY. How deep the 5-wave decline will be is just not possible to forecast but once it’s done I feel that we should be looking back to the upside.
EUR/USD dipped and rallied. We should then be looking for a bearish reversal lower to see further losses. USD/CHF is close to finding a temporary high – but needs a modestly deep pullback in a Wave iv. GBP/USD is closing in on the (purple) Wave iii. Therefore, we’ll be looking for the Wave iv and then for the Wave v to reach the (brown) Wave -iii-.
EUR/JPY saw an expanded flat - so we should be heading lower. Indeed, it could be quite a firm decline with USD/JPY expected to see losses while EUR/USD could slow things down but by the end of the day, losses should resume.
The Aussie should continue the downside but just keep in mind the potential for an expanded flat higher. Therefore, take things carefully and be aware of the two alternatives.