Swiss Franc Is On Final Stages Of A Huge Triangle: Elliott Wave Forecast

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Written by www.ew-forecast.com |

On USDCHF we are observing final stages of a huge triangle where wave E can also be itself a triangle. If that’s the case then pair is now in final stages of a triangle within a triangle that could complete the corrective move around 0.9200 but definitely above 0.9140. An impulsive reversal and rally above above wave (D) point will be a sign for a completed pattern.

USDCHF 4h Elliott Wave Analysis

USDCHF 4h Elliott Wave Analysis
USDCHF 4h Elliott Wave Analysis

On the intraday chart pair is slow and choppy from the latest low which appears to be another correction within larger downtrend from 0.9455 which we think its a complex double zigzag. As such, be aware of a push down to 0.9180-0.9200 before market bottoms.

USDCHF 1h Elliott Wave Analysis

USDCHF 1h Elliott Wave Analysis
USDCHF 1h Elliott Wave Analysis

What is Triangle Elliott Wave Pattern?

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Written by www.ew-forecast.com |

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.