I have been rather frustrated over the past few days. Normally, the Wave iv has a balance depending on the Wave ii although there are options when alternation will skew the depth of the Wave iv. These past few days have tended to reach targets, then edges higher again. However, I feel that we should now see these Wave v’s begin to develop. We have these situations in EUR/USD and USD/CHF. As USD/JPY reached it’s low, we should now see a pullback higher.
The GBP/USD is a mess. I am struggling to work out whether we shall see a break below 1.2978 or a stronger rally to complete a triple three. I’d just suggest waiting to confirm which option should develop.
The Aussie went into overdrive. I had thought we had already satisfied the expanded flat but instead, we had a double whammy – it actually saw a higher high due to a deep Wave b/iii. So now we should be seeing losses – but could still see a pullback before deeper losses.
I was looking carefully in EUR/JPY also – wondering whether it would break the highs. Thankfully, it didn’t and we are now working through the downside now.