USDCHF is in a long bearish diagonal W timeframe. Currently it suggests further downside to the 0.986 area 4H TF. From there it could start to go up and break the 1.01 strong resistance, or go down further to touch the support trendline at 0.965 area. The question is whether the Daily pattern is an ascending triangle or a bearish diagonal. If it is an ascending...
AUDUSD has broken through the Daily bearish downtrend (a weekly downtrend, although, is still intact). On the 4H timeframe, it is forming a bearish diagonal, which may push it upwards to 0.738 area. RSI divergence however suggests it will test the previously resistance-now-turned-support trendline.
We are still in a major correction from the uptrend leading to 1.47.
Currently (daily chart), we are on Wave C of a Running Flat correction (3-3-5 formation)
Wave C looks to be an expanding diagonal, which means that:
- Wave 4 can enter the territory of Wave 1.
- Wave 5 can go beyond Wave 3.
Wave 5 may reach the region of 1.27 which runs along a support...
We are in wave 5 of an uptrend that started in March 2018 - an expanding diagonal with 5 subwaves.
Wave c of the expanding diagonal coincides with wave D of the bearish gartley that is forming - which might reach 113.5 area.
When it reaches resistance at 113.5 area, it will go down to form the fourth wave, which might reach 111.9.
We are in a corrective structure (ABC) - wave ((2)) - from the high of 1.25 - wave ((1))
There is a support trendline from the lowest point of Oct 2000, which was touched again at the start of wave ((1)), which I also believe we will touch again at 1.06 at the end of wave ((2)) early next year.
- We are now at wave B of the corrective structure, which is a flat...