Tuesday, March 13, 2018


Yikes, what a horrible day. Having said that, it was expected but the development was more like spider tracks after drinking a bottle of whiskey. I sense we’re not that far away from the end although my confidence in the outcome is not exactly high. Of all, it was GBPUSD that really caused a problem with a very ragged development but which may well see one more high before the reversal. This may well be the trigger for the reversal.

Even then, the other pairs hardly put their best foot/feet forwards. USDJPY has seen a 46% retracement in Wave -b-. That’s not too bad but it’s beginning to need a reversal back higher. Equally, EURUSD has managed a 42% retracement in a Wave ii but USDCHF has only managed 31.5%.

Overall, I feel that we need to look for Dollar bullish divergences and a break of the first spike high that should help it on its way back northwards. Perhaps AUDUSD can help out in this. We have seen a 75% retracement in a Wave -b-/-iii- and there’s not much room headroom before we’ll need to see this reversing…

That just leaves EURJPY that has been making a ragged and nasty decline that appears to be continuing. Therefore, there’s a fine balance between USDJPY and EURUSD that should, at some point, begin to see firmer losses.

Take care and observe for the potential reversals.

Good trading
Ian Copsey  

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