DavoodWadi
Long

Wave iv Completion in USDCHF

FX:USDCHF   U.S. Dollar/Swiss Franc
122 7 2
This is an update to what previously was a setup to ride the 3rd wave (wave iii             ).
Now I believe it is completed and we are currently seeing the completion of wave iv as well.

I have set my own setup in the chart.
I hope you can benefit from it.
Looks awfully corrective to me, specially if it fits that paralell channel. Can't be a wave iii there I think.
Reply
DavoodWadi IvanLabrie
2 years ago
too bad there's no disagree button ;)
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IvanLabrie TOP DavoodWadi
2 years ago
It would be a good addition indeed.
I don't disagree 100%, just an observation about the count. Looks corrective to me.
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hussein.ahmed
2 years ago
I agree with you, but I would wait to break and close above the 0.94 resistance level.
+1 Reply
Definately appears to be 5 waves internally on wave (iii).

Are you considering this a diagonal pattern? (since wave (iv) overlaps wave (i))
+1 Reply
DavoodWadi JWagnerFXTrader
2 years ago
Thank you for your comment JWagner,
Well, when we get wave i and iv overlaps, the only way we can fit the analysis to Elliott's terminology is to count it as a diagonal.
But in our case, the line connecting end of wave i and wave iii is not converging with the line connecting ii and iv. In fact they are parallel with good approximation.
Reply
JWagnerFXTrader PRO DavoodWadi
2 years ago
True - you can also have an expanding diagonal if the lines don't converge.

As you imply, the 95 handle would be a hot zone for a reaction lower.

Good luck!
+1 Reply
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