Elliott Wave Update on the USD/CHF Currency Pair by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
Necessity is the mother of invention, and after the invalidation of count on the USDCHF pair (shown in the previous free post), here is the slightly revised wave count. The bottom line: It appears that the USD/CHF currency pair will need a finish to orange (subminuette) waves 3, 4 and 5 before downward movement is complete. Based on R.N. Elliott’s trendline system, and the fact that wave 5 is most often .618 times the net traveled by the prior waves 1 through 3 (in this case, at green/minuette degree), the favored target for the end of downward movement is at .8762.
That being said, there is a way to count the upward movement in EUR/USD as complete, so cheffy may bottom closer to the top of the target range shown by the grey oval on the 360-minute chart above.
