The development from the 1.1327 high was a one in a thousand. It had me tricked all the way through. Clearly, I now can see the strong 5-wave decline and the very deep pullback. At least, we can get on with the (purple) Wave -iii- and onwards. This should carry GBP/USD lower also. I am allowing for a final high in GBP/USD but overall, we should now be seeing a 5-wave decline that should roughly see the low around the time EUR/USD finds its low. That should, at least, see a deep pullback but that’s a story for another month – or more.
Having seen a triple three that finally stalled at the 86% retracement, USD/JPY should now begin to form the Wave i and Wave ii. That should take up much of today. This should provide a balance between EUR/USD and USD/JPY in EUR/JPY on the downside but it looks a rather ragged development. Most likely EUR/USD will see a stronger decline compared to USD/JPY.
I provided two options in USD/CHF – a shallow pullback and a deep Wave b/v or a pullback that should reach around 1.0135. It reached 1.0126. So now we have the pleasure of working through the 3-wave rally.
The Aussie is down a bit and we should see a pullback higher and then for some solid losses to compare with EUR/USD.