Elliott Wave Analysis: USD/CHF Trading In A Triangle Correction

USD/CHF was in a strong uptrend in the last few months of 2016, so current sideways price move since mid-December is most-likely just another correction or pause within uptrend. We see it as wave 4) that can be a triangle with current wave E down in play, after recent bounce to the upper side of a range unfolded as wave D. Ideally this whole structure will be finished later this week near 1.0120/1.0140.


USD/CNH, 4-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.

Basic Triangle Pattern:


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