dojitrader
Long

Potential to get on board a Wave 3

FX:USDCHF   U.S. Dollar / Swiss Franc
173 4 1
As I write this may already be the bottom of wave 2 but, I'm hoping that 1 more zig or zag will finish the a-b-c correction with an entry @ .9100 or so. This would be into the more common 38.2 fib of wave 1 and an 1.272 extension of wave a. This is also near the bottom of wave 4 of one lessor degree - also common corrective behavior. Stops should probably go just below the 1.618 extension area. If this is a start of wave 3 of 5 then, at the very least the minimum target would be .9450 *where wave 3 = wave 1. However, it's more common for wave= 3 of 5 to = 1.618 of wave 1 which projects to .9670. *
Follow up on this entry set up --- Move stops to .9175 as anything below wave 1 makes this analysis wrong.
Break even if you're extra conservative.
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Have not entered this trade as I'm waiting for the fine tuning numbers to hit. Interesting that the Euro correlation his been taken out on stops but this has not. Must be a clue to something but, I don't know what. Perhaps, I'm just trying to be too
smart for my own britches.
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Update/Fine tuning - Drilling down towards a slightly lower entry.
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The b leg of what looks like a final a-b-c down to the target was deeper than I would have anticipated BUT, it did not
violate any structure. Thus the idea is still valid. Plus, the inverse correlation of this Euro sell:
=== is very supportive.
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