There is slow development and I can’t see the stronger decline after the EUR/USD triangle. On that point, EUR/USD did make a new high but basically, we saw a 76.4% leg in the Wave ^C – so there is nothing to worry about. Now we are moving back to the Wave ^D, but it is difficult to judge how long this will need to reach it.
Having seen further losses in GBP/USD I have to concede to the fact that the current low was the Wave -i-. The pullback has been limited. Perhaps it can be a shallow Wave -ii- at 38.6%, but we’re going to need to be aware of any direct break lower.
USD/JPY formed the Wave i and Wave ii so we’re heading higher in the Wave a/iii. At the same time, USD/CHF saw even deeper losses in the Wave iv but basically, the ratio was ok. Now we should see these two pairs rallying.
By Ian Copsey
May 13, 2019 12:17AM ET