Yesterday was a rather lackluster day, but it did manage to generate some targets. I suspect that we are going through the lower degrees to build the higher degree development that will finally provide the stronger dollar gains. In this respect, it tends to suggest a rather ragged development that can be rather difficult to judge targets. Once we get to the higher degree levels there should be an easier process to define the larger degree targets.
I’m still rather uncertain about EUR/USD, whether it has seen the final high – or not. Having said that, USD/CHF managed a modestly decent rally but even here we are looking at the lower degrees to build the higher degrees.
At last, GBP/USD generated decent losses. However, it’s still in the lower degrees so there is going to be some swings later on – but then to find the higher degree.
There’s still a risk of a minor new high in EUR/JPY but it was a rather difficult outlook. I sense that we could see some consolidation before we actually get EUR/USD to see stronger losses along with GBPUSD.
As for the Aussie, I’ve found the decline rather difficult but yesterday’s additional losses and pullback tends to suggest a Wave -a- and perhaps the Wave -b- - but could be higher. Once again, even here down-under appears to be building the higher degrees still.