Yes, with the limited Wave a/b within a long and direct development it was a very tricky move. However, we are seeing the last legs in one or two pairs so we're looking at a reversal back to the dollar upside.
So, let’s say that we should be heading back to the dollar downside. However, with the particularly long Wave [i] in EUR/USD it’s difficult to judge the Wave [ii] – but having said that, GBP/USD made a new low but appears to then need a pullback higher in an expanded flat. This may provide a clue as to the upside limit. Even then, we have recently seen GBP/USD in sideways consolidations so we’ll have to be aware of the other pairs that will clearly need to see a weak dollar.
Overall, USD/JPY has found its high and we confirmed the high in USD/CHF. Thus, we should be looking for losses. EUR/JPY will likely push higher but with USD/JPY bearish and EUR/USD bullish it doesn’t seem like the cross will get very far.
The Aussie saw a final 5-wave decline – allow for a little lower – but we should see the pullback develop.