Long

USDCHF: Elliott Waves suggest that wave-3 will ignite soon!!

Updated

According to my analysis, USDCHF is very close to end the correction on short term basis. Current Elliott Wave outlook suggests that we are going to have a sharp rally happening very soon all the way up to 1.13000 price handle. Current price is good to enter but Stop-Loss point is very far at 0.95500. The R:R is still good but conservative trading is what I prefer which means we should get waves-i and ii of wave-3 in place on lower degree to get the best R:R ratio.
I will update the chart with detailed Elliott Wave labels plus SL/TP targets as soon as the price action confirms.
Guys remember that its gonna happen only if my analysis is correct!!
I wish you all very profitable trading...

Comment

USDCHF has recently shown very nice corrective price action, hence I am still bullish on USDCHF with two different bullish scenarios. This holds true only above the origin of wave-1 in both scenarios. Good luck!
Preferred Wave Counts - Ending Diagonal:

Alternate Wave Counts - Impulse:

Comment

Sorry about a little wrong interpretation in last comment. In 'Alternate wave counts' scenario, wave-1 should not be three but five wave move as shown in below chart:

Elliottician_SamRoy

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