Daily impulse from bottom opens the path for higher prices
#NZDCHF Price made a daily impulse in 5 waves overtaking 2 corrective highs, supported by a bullish and impulsive sequence of AO blocks. This is likely to attract bulls to come in as the following correction draws to an end. The Modified Schiff Pitchfork lays out a channel pointing to a larger untapped supply zone created by 2015 highs. If this will be a 3 or 5 waves move on a larger degree is too early to tell but the larger FX swings tend to come in waves of 3 as price oscillates between the highs and lows.
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I expect one more low here
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Also possible we will get a triangle here as last push to a new low, with a tiny margin, was made in 3 waves. So shouldn't qualify as wave (v)
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The pair is still moving in a down sloping corrective 4h channel, currently trying to break up. If that break fails we will probably see yet one more bearish wave (as of the red Alt# count) before it's ready to break higher. I'm convinced that sooner or later this break will come though, unless new and game changing risk off information comes into the price.
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Pair still looks very bullish but it's too early to say what kind of structure we will get on higher time frames, if it will be 3 or 5 waves for A, a 1-2, 1-2 extended structure etc. As the latest high is made with qualified divergence (QD) it leans currently to either 3 waves or a 1-2,1-2 structure, but the AO block is still open (unconfirmed) so a lot can still happen. Undoubtedly though, we have a higher low and a higher high in this sub structure pointing towards more gains.
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Possible triangle here in blue wave iv of 1, but we need to be cautious as 1 may turn out to be wave c in a smaller abc pattern. Too early to tell. No trade yet and while I may be tempted to take a small size at wave (e) out of the triangle, we have to be aware that it would be the last wave in the sequence. So, I'm more interesting in taking a trade from wave 2 in case I deem it to not be a b or x wave, which is harder to measure the end of.