• 753 days Will The ECB Continue To Hike Rates?
  • 754 days Forbes: Aramco Remains Largest Company In The Middle East
  • 755 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,155 days Could Crypto Overtake Traditional Investment?
  • 1,160 days Americans Still Quitting Jobs At Record Pace
  • 1,162 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,165 days Is The Dollar Too Strong?
  • 1,165 days Big Tech Disappoints Investors on Earnings Calls
  • 1,166 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,168 days China Is Quietly Trying To Distance Itself From Russia
  • 1,168 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,172 days Crypto Investors Won Big In 2021
  • 1,172 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,173 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,175 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,176 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,179 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,180 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,180 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,182 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: USDCHF Searching For A Base; A Reversal May Be Near

USDCHF was in a strong uptrend in the last few months of 2016, so recent sideways price move since mid-December is just another correction or pause within uptrend. We see it as wave 4) that seems to be unfolding as a complex correction, with sub-wave C showing qualities of an ending diagonal. As we can see on the updated chart, current bearish intraday movement suggests price trading in final parts of blue wave v of C, that will ideally find some support and make a new turn higher around the lower line of an ending diagonal.

A five wave move to the upside towards 1.0249 level would indicate that bulls are in control.


USDCHF, 4H

USD/CHF 4-Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.


Basic Ending Diagonal:

Idealized Basic Ending Diagonal

 


EW-Forecast.com has a special offer available on yearly membership, with 31% OFF.
Visite http://www.ew-forecast.com/service for details

 

Back to homepage

Leave a comment

Leave a comment