I hoped to see firmer dollar gains. At least, we should see the (purple) Wave –iii- today and hopefully the Wave –v- but that Wave –v- needs to see a 76.4% projection to reach the (cyan) Wave [iii]. The Wave [v] can be stubby. This tends to suggest that GBP/USD will likely see a final Wave –v- but it has the potential for a strong Wave –v-.
In USD/CHF, I had to re-adjust the levels to a stronger Wave iii. We’re moving up towards the (blue) Wave –c-/-iii-. That will need a pullback and then a new high. This tends to match with EUR/USD and GBP/USD.
As for USD/JPY, we have the Golden Week holiday and this year, due to the new emperor, they added an extra few days. This makes life rather difficult to judge the market – but it is likely a rather ragged development. I’m not too sure what will happen – perhaps a complex correction for a while?
This could then impact on EUR/JPY. This should see losses in EUR/USD but I tend to feel that we should see USD/JPY moving higher but quite how the balance will be is rather an unknown and if I have my count correct, then we have a limited downside here.
The Aussie has seen the (brown) Wave [a]/[iii] and a rally. The question here is “just how deep will the pullback higher be?”