I’m glad that I worked through the development and noted the potential irregular triangle in EUR/USD. Even GBP/USD saw losses – not below the Wave [i] but it seems pretty clear that it will continue to look to the downside. Once the break below, it will trigger a target – and it’s a pretty deep one but only in the minimum range. However, that’s for another few months.
Overall, it looks as if all the 4-majors are now on a dollar bullish roll. Of course, we shall see swings on the way, but it is an early signal. Indeed, I can see in some pairs, definite targets and that will help with the ongoing development. USD/JPY will soon reach its Wave v for a pullback – perhaps not too deep. USD/CHF still needs dollar gains.
With the irregular triangle in EUR/USD, it basically provides some decent dollar gains, and this will allow the downside to continue in EUR/JPY. Equally, it looks pretty certain that the Aussie will be panting on its heels to see losses. However, I suspect an early pullback before the next run lower.