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There is not much to say here, there is a clear irregular ABC correction and the beginning of wave 5 of the parent degree.
Because the ABC correction is a running flat, Wave C should have ended before wave A, it pushed the line further and returned, this is a very strong sign that wave 5 of the parent degree really started.
There is a very little chance that...
Elliot Wave 5-3 Completed on 6.5.2020 15:00
Motive 5 and Correction 3 is been validated several times
New Cycle (validated through last 5-3 cycle) Started on 7.5.2020
Wait to break above 107.434 to entry. More secure entry point is the 107.780 above the end of wave 1 of the new cycle
Latest Elliot Wave Cycle began bullish indicating the complete cycle will be bullish.
Usually, the 2nd wave retraces bellow 50% fibonacci of the 1st wave, place entry point at 50% fibonacci. If you like a more secure entry point, place entry point above the end of wave 1.
Corrective wave 2 doesn't go bellow start point of wave 1, except it is an irregular...
Entry price: 1.08277
Stop Loss Price: 1.07457 (82 pips)
Take Profit Price 1: 1.09913
Take Profit Price 2: 1.10395
Take Profit Price 3: 1.11468 (320 pips)
Estimated Duration: 5-12 Days
Probability to Meet Target: 75%
Unfortunately, USDHF did once again something unexpected. After last swing down 24. and 25.8, everything looked like the trend down is a safe thing. A correction was expected but now the correction engulfed the original swing and broke the trend line valid since 7.5.
Now if the day candle closes above the trend line or brake the MA (100) and the next candle...
The USDCHF is the most manipulated pair in market. SNB doesn't like a strong nor weak CHF, that's why, you will never find a clear trend .
Looks like it wants to first hit the trend line / MA (100) and then resume trend down.