Hello dear fellow analysts.
I tried to make a self explanatory chart but i'll highlight few important things:
1) well, obviously we are in a huge down-trending channel (Red).
2) we are waving inside this channel and we already completed wave 1, 2 and 3.
3) by the formation of these waves we can assume we have a Wolfe Wave pattern emerging. which is a very good...
Here are 2 possible Wolfe Wave scenarios. Wolfe Waves are usually drawn 123456 not 012345 so just increase all the numbers by 1.
The final point 5 (usually marked as 6) just has to be somewhere on that purple line from 0-3 (usually drawn as 1-4) It could hit the line sometime in 2020 at 50k or so...
Until now USDCHF is running as expacted.
Please find the analysis in the previous chart/ trading idea linked below.
We´re now waiting for a second push to the upside to fill the pending order:
Decide. Commit. Succeed.
If it´s a winner, LET IT RUN!
I wish you success!
As expected, the price reached to SP1 area twice, also we have three areas SP1, SP2, and SP3. The bottom should be one of these areas. To confirm that, we can see three Wolfe Waves and the bottom could be on one of these areas.
- Two bearish Wolfe Waves, and the remaining targets for these waves are number 5 where these could be in the around the same price.