Elliott Wave Analysis: USD/CHF Pointing Higher Into Final Wave 5

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, 1H

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.

triangle

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

This entry was posted in Stock price and tagged . Bookmark the permalink.
0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments