FX:CADCHF   Canadian Dollar/Swiss Franc
26 0 0
The Schiff pitchfork in TV is a bit different than how I utilize it. I use the midpoint of the prior swing (the Schiff swing) as P0 to construct Schiff pitchforks. The predefined modified Schiff pitchfork of TV yields a similar picture for this particular chart, too. Now the big red candle shows great bearish strength, since one should not expect such a motivated move at that exact point before reaching UMLH. This signals the end of a-b-c correction, and we might expect to see more selling until ML.

The Fib sequence on the chart is calibrated to the Schiff swing, and also plays a confirming role with regard to the EW count. The market may have already targeted one of the extension levels. Stoch crossover below 50% in play. These all tell a bearish scenario. Though we may witness a consolidation before continued downward action.

Related Ideas

Csys
CADCHF daily TA
Csys about CADCHF a year ago
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out