USDCHF Elliott Wave Analysis: Anticipating the Final Descent
Dear Traders,
USDCHF is currently undergoing the final phase of its downward trend, known as “wave 5” in Elliott Wave Theory. In accordance with the scientific description of waves, wave 5 consists of 5 sub-waves. At present, wave 1 has been successfully completed, and wave 2 has retraced to approximately the 0.618 Fibonacci level.
Wave 2 retracements often approach the 0.618 Fibonacci level, but it’s essential to note that this is not a fixed rule. Market dynamics can vary, and wave 2 retracements may deviate from this level.
The setup appears to be in place for a forthcoming decline towards our initial take profit target at 0.8668. Following this, we anticipate that wave 4 will manifest as a flat wave correction. Subsequently, the final descent is projected to steer the price towards approximately 0.8538.
Please be mindful that there is a possibility of the price declining further, potentially breaching the 0.85 level. Therefore, exercise caution and remain vigilant in your trading endeavors.
Best regards,
USDCHF is currently undergoing the final phase of its downward trend, known as “wave 5” in Elliott Wave Theory. In accordance with the scientific description of waves, wave 5 consists of 5 sub-waves. At present, wave 1 has been successfully completed, and wave 2 has retraced to approximately the 0.618 Fibonacci level.
Wave 2 retracements often approach the 0.618 Fibonacci level, but it’s essential to note that this is not a fixed rule. Market dynamics can vary, and wave 2 retracements may deviate from this level.
The setup appears to be in place for a forthcoming decline towards our initial take profit target at 0.8668. Following this, we anticipate that wave 4 will manifest as a flat wave correction. Subsequently, the final descent is projected to steer the price towards approximately 0.8538.
Please be mindful that there is a possibility of the price declining further, potentially breaching the 0.85 level. Therefore, exercise caution and remain vigilant in your trading endeavors.
Best regards,
Trade active
Excellent beginning. This position is projected to require approximately 17 days to reach our initial take profit target.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.