On the USD/CHF 30-minute chart, we're looking at an intriguing Elliott Wave sequence that has played out, suggesting a potential corrective phase ahead. The pattern shows a clear impulsive move with five sub-waves labeled (1) through (5), followed by what appears to be the start of an ABC corrective pattern.
Currently, it seems that wave (a) has completed, and wave (b) is unfolding. Based on this analysis, I'm anticipating the commencement of wave (c), which is typically expected to be either equal to or extend beyond wave (a). The dotted blue line indicates the potential trajectory that wave (c) could take. The 1.0 Fibonacci extension level at 0.87793 may serve as a target where wave (c) might find support.
As the market progresses, I'll be watching closely for price action around these levels as they could indicate both the end of the current corrective phase and a potential turning point for the market. As always, while Elliott Wave provides a framework for anticipating market movements, it's crucial to corroborate these predictions with other technical indicators and market news.
I'm ready to adapt my trading strategy based on new information, keeping a disciplined approach to risk management to capitalize on this and other forthcoming opportunities in the currency market.
Currently, it seems that wave (a) has completed, and wave (b) is unfolding. Based on this analysis, I'm anticipating the commencement of wave (c), which is typically expected to be either equal to or extend beyond wave (a). The dotted blue line indicates the potential trajectory that wave (c) could take. The 1.0 Fibonacci extension level at 0.87793 may serve as a target where wave (c) might find support.
As the market progresses, I'll be watching closely for price action around these levels as they could indicate both the end of the current corrective phase and a potential turning point for the market. As always, while Elliott Wave provides a framework for anticipating market movements, it's crucial to corroborate these predictions with other technical indicators and market news.
I'm ready to adapt my trading strategy based on new information, keeping a disciplined approach to risk management to capitalize on this and other forthcoming opportunities in the currency market.
Trade active:
going in the right direction
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