These formations almost always show confirmation before playing out. A push up here would serve to stop out all traders who shorted prematurely and allow us to get the best entry possible.
Since August 2017 we've been in an uptrend. Like EURUSD , we can assume EURCHF trades higher when DXY trades lower. Even though this formation looks strong I will need to see EURUSD pull away from the highs before I trade this short. If EURUSD is due for a pullback this opportunity will be superior .
I personally thing EURUSD could go just a little higher, which would push this market to our entries.
Waves aren't exact, just show our intentions. Also check out the monthly stochastics on the chart posted below in the comments. I will be posting entries exits and comments so stay in tune!
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Oanda data shown. Material is educational only. Trade at your own risk!