Hello traders! I'm currently analyzing the USDCHF pair through the lens of Elliott Wave theory. It seems we've completed a classic 5-wave impulse sequence, with the chart showing a peak at wave (5). What I'm observing now is a potential corrective phase unfolding.
The start of an ABC correction pattern is taking shape, with wave (a) suggesting a strong move down. Wave (b) appears to be a retracement, reaching up towards the Fibonacci levels of 0.618 at 0.91143, 0.5 at 0.91094, and 0.382 at 0.91045. What's interesting here is the precision with which the price respects these Fib levels, giving credence to the potential reversal points.
I'm on the lookout for the final leg down, wave (c), which might extend towards the 1.306 extension at 0.90887. This setup could provide an intriguing short opportunity, with the completion of the corrective pattern potentially marking a reversal zone.
Keep in mind that the USDCHF can be influenced by economic data releases and geopolitical events, so it's vital to stay informed and adjust your trades accordingly. Always ensure you're comfortable with the risk associated with any potential trade setup. Let's stay tuned to see how this pattern resolves!
The start of an ABC correction pattern is taking shape, with wave (a) suggesting a strong move down. Wave (b) appears to be a retracement, reaching up towards the Fibonacci levels of 0.618 at 0.91143, 0.5 at 0.91094, and 0.382 at 0.91045. What's interesting here is the precision with which the price respects these Fib levels, giving credence to the potential reversal points.
I'm on the lookout for the final leg down, wave (c), which might extend towards the 1.306 extension at 0.90887. This setup could provide an intriguing short opportunity, with the completion of the corrective pattern potentially marking a reversal zone.
Keep in mind that the USDCHF can be influenced by economic data releases and geopolitical events, so it's vital to stay informed and adjust your trades accordingly. Always ensure you're comfortable with the risk associated with any potential trade setup. Let's stay tuned to see how this pattern resolves!
Trade closed: target reached
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