Thoughts on the USD/CHF currency pair by Sid from ElliottWavePredictions.com. Cick on the chart to enlarge . .
This the USD/CHF exact chart and wave count I showed in last week’s “Counts” webinar.
None of the annotations on the chart have been changed since before the surprise announcement from the Swiss National Bank. Suffice it to say, if a trader had been trading my wave count, they would have been on the right side of this move. I guess price moved to my targets several months quicker than I thought it would, huh? . . LOL . .
Seriously, I do think its worth noting that this particular instance of central bank “manipulation” is completely different than all the others we’ve been seeing in recent years. That’s because this one was caused by the REMOVAL of manipulative practices. Let’s hope for more “REMOVALS” in the near future. Could the ECB be next? Why would they blow up their balance sheet now that the Euro has nearly reached parity with the US$? I therefore think there’s a pretty good chance that on January 22, Draghi continues to aggressively jawbone (threatens to act), but does not substantially deliver a solid date and amount that they will print. And even if they did announce a date and an aggressive amount, what would stop them from pulling the plug on the idea later, having never actually re-initiated printing at all?