Hello friends
In the USDCHF currency pair, we see the formation of a 3-wave pattern.
In counting Elliott waves, these 3 waves are considered either a zigzag pattern or 3 waves out of 5 impulse waves.
Therefore, in both cases, there is a need to correct the price.
Now, considering the formation of a terminal triangle pattern in wave 3 or C, we consider the possibility of a zigzag formation more.
So the price should be reduced.
Currently, the price has broken a reliable support and made a pullback to it, which is a confirmation of this analysis. Therefore, we expect the price to decrease until the next support, which is at 0.8900.
In case of further decrease, the second price target is 0.8732.
To support me, I recommend that you install Trading View software on your phone and see my analysis and support me with your comments and Boost.
Be successful and profitable.
In the USDCHF currency pair, we see the formation of a 3-wave pattern.
In counting Elliott waves, these 3 waves are considered either a zigzag pattern or 3 waves out of 5 impulse waves.
Therefore, in both cases, there is a need to correct the price.
Now, considering the formation of a terminal triangle pattern in wave 3 or C, we consider the possibility of a zigzag formation more.
So the price should be reduced.
Currently, the price has broken a reliable support and made a pullback to it, which is a confirmation of this analysis. Therefore, we expect the price to decrease until the next support, which is at 0.8900.
In case of further decrease, the second price target is 0.8732.
To support me, I recommend that you install Trading View software on your phone and see my analysis and support me with your comments and Boost.
Be successful and profitable.