USD/CHF was up sharply last week, although not in five waves, but it appears it may happen since we see current slow price move making a triangle in wave four. We expect push up into wave five; which would then be a confirmation for a change in trend to temporary bullish mode. Wave five has projected area at 0.7560, where bulls can later slow down.
USD/CHF 1 Hour Chart
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subpide 3-3-3-3-3.In our case we see a contracting triangle.
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