The development, for some while, has been rather slow and cautious. I’d like to see the end of these Dollar gains but in EUR/USD I suspect a slightly lower decline compared to GBP/USD. Having said that, in GBP/USD, the Wave –c-/-v- has THE potential for a firm decline so we have to take care. Alternatively, we could just see a stubby Wave –v-. Certainly, momentum is slowing and bullish divergences are beginning to develop but we do need losses still. Equally, we should see gains in USD/CHF but I can’t see a strong push higher.
USD/JPY… Oh, apparently the (navy) Wave iii was at 112.18 and not 112.09. Both were valid targets but clearly, I screwed that up. So now we have a (green) Wave –a- at 112.40… I’d like to think that we have seen the Wave –b- also but this will need some care.
EUR/JPY can see further losses but watch for bullish reversal indications – most likely USD/JPY could provide the potential for a reversal higher. Finally, we have seen the (cyan) Wave –iii- and we have either seen the high – or just a little high. Overall, this will need a 3-wave decline to form the Wave –v- and thus a (brown) Wave [b]/[iii].