With the recent spike up in prices before the FOMC, I just wanted to update my last post (see Related Ideas: "ANALYSIS: USDCHF - Still Rising in a wave (3)"), on this pair.
The idea is still intact however I had to readjust the TL's defining the . It is still valid. I've also updated the wave count for what I am seeing as the ending wave 5 of (3) of this price advance. So now this recent "spike" up is most likely the ending of the wave ( iii ) of 5. This point defines the 2nd point of that upper TL of the so depending on whether it continues higher or not, that TL can still change.
However, if that was indeed the ending of the wave ( iii ) of 5, then prices should decline in a wave (iv) of 5. But projecting to the lower TL, the wave (iv) should not be deep but shallow before seeing the wave (v) of 5 of (3).
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