Hi folks, it’s the weekend again! Hope everyone has something enjoyable planned out. For me, it’s time to look at the charts again and see what things might possibly go. I find the markets difficult to read, and the Euro crisis may be throwing the waves into greater strength or weaknesses across all currencies.
Let’s take a look at the USDCHF.
Daily Chart
Each vertical section in the chart is 1 month, so we get to see the monthly movement for USDCHF. My preferred wave count is that we are in the middle of a complex correction, with limited upside before it makes a wave C downwards to complete it’s correction. I’m looking at around 0.8600 where my wave 4 is for that correction.
If that’s correct, it should be making its way upwards to complete its wave (2) or (B).
The alternative wave count is that wave A is in fact the full retracement, and price is on its merry way up to far far away land from here. But the movement after preferred count wave A seems more corrective than impulsive. So that will be my alternate count.
8H Chart
* Each vertical segment represents 1 week in this 8h chart.
Counting up from preferred wave count A. I’m not sure if the move up is completed. My inclination is in fact, that wave 3 had extended, and we are merely completing wave v of 3.
So generally, looking to go long in the short term, until I see strong signs of reversal, which I will then be inclined to look for short trades in favor of a Wave C downwards.
Well, that’s my opinion of USDCHF right now. Remember, personal due diligence, and good money management!
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