EverythingForex

ANALYSIS: USDCHF - Still Rising in a wave (3)

FX:USDCHF   U.S. Dollar/Swiss Franc
584 0 15
This pair has just been on a tear rising up from a completed expanding triangle. It seems intent on reaching back up the upper TL of that expanding triangle. How is it getting there?

On this DAILY chart , focusing in more on the wave C advance, it can be seen that there is still more upside to go in this pair.

WAVE COUNT
BIG waves in this pair! What I see is that this pair has been on a wave III             move for weeks. More specifically, it has been on a wave (3) of III             . It has just broken through a MAJOR SR Structure and is approaching another one. And this is still in it's wave (3). But it should be coming to an end soon. But the larger wave III             does not appear to be over. Following this wave (3) is of course the wave (4) and then the wave (5) up to complete the wave III             . Because of the size of the moves earlier in this up move, I believe that the ending waves here will not be large and we should see more sideways movement than large trending moves.

PATTERNS
There are 2 POTENTIAL patterns in play here. There is a crab and a butterfly . The crab finishes near the upper TL of that expanding triangle (seen on the WEEKLY chart) and also just slightly above the MAJOR SR Structure. I believe the completion of that crab should mark the ending of the wave III             . The butterfly pattern completes higher and could be marking the ending of the larger wave ( III             ).

MONTHLY CHART - In A Corrective Phase
USDCHF: MONTHLY CHART

WEEKLY CHART - Expanding Triangle
USDCHF: WEEKLY CHART

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