glennmercer
Short

EURCHF Short: Ending Diagonal & Wolfe Wave Reversal to Pivots

FX:EURCHF   Euro Fx/Swiss Franc
EURCHF             has completed a possible ending diagonal and has made a reversal in a confluent PRZ. Wolfe Wave theory defines the sweet zone, or the area of a probable reversal, as the area between 1-3 and the 2-4 parallel extension from point 3. Similarly, EW theory suggests that wave 5 will often overshoot in an ending diagonal which may be followed by a swift and powerful reversal. This area also coincides with 1.272AB=BC, the 2.5 projection of wave 2, and 707AB. To add to bearish bias, there is also a missed weekly pivot , missed daily pivot , unhit weekly pivot , and an unhit monthly pivot below current levels, all of which could drag down price. Profit is typically taken at the 1-4 target line or at any of the unhit pivots .

If price should extend past the September, 2015 pivot I will start looking for long opportunities in the bullish shark PRZ.
Trade closed: target reached: Target Achieved at Monthly Pivot: +195 Pips
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