BTW , I had held off on doing a monthly on USDCHF just exactly for the reason above. It was just swinging so wildly that I did not feel any confidence in making any projections. But with yesterday's "breakout", maybe the picture is somewhat more clear now.
The subwaves in the downtrend from the wave (X) highs are broken down here. Clearly the wave (1) and wave (2) of (Y) are done. Breaking down the wave (3) shows that USDCHF could've just finished the wave iii of ( iii ) of the larger wave (3) of (Y). So that means that the wave ( iii ) of (3) is still not done. At present, USDCHF is in the wave iv of ( iii ) retrace.
It's headed lower. That "breakout" I mentioned in the opening is just a retracement and the main downtrend will resume as soon as it's done. Which maybe soon. I will be looking to sell when there is a setup to go short on this pair for the larger move down.
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