USD/CHF, 2D chart. The last upward three-wave price movement could be labelled as wave ((W)) of a larger corrective structure. The following wave ((X)) is likely is taking the form of a double zigzag. In this case, we should keep an eye on the 0.618 retracement level as a potential target for the ongoing downward correction.
USD/CHF, Daily chart. It seems like wave ((iv)) took the form of a triangle. If so, a fifth-wave might be already underway. That’s why bears are likely going to break the low of wave ((iii)) in the short term.
Get 30 Days FREE Trial
Professionally done-for-you daily Elliott Wave analysis.
Instant access - no credit card required