Elliott Wave Analysis: USDCHF Trading in Final Stages of a Complex Correction
USDCHF is in bearish mode since start of the year which for now it’s in three waves from 1.0350 high, therefore it can be a corrective move. From an Elliott Wave perspective, we see pair in wave E of a big triangle B from a daily chart that can be in late stages. However, there is still room for a drop even down to 0.9700 Fib. support zone so before we turn bullish, it’s important to wait on impulsive reversal, thus small five wave rally from current lows back above 1.0000 psychological level.
USDCHF, 4H
USDCHF, Daily
Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.
Basic Triangle Pattern:
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