 Following up with yesterday’s update, “Assessing Possible Bottom”, indeed a rally emerged from the 50 period moving average in the 4H chart. The rally is strong, so the projected path of the rally from yesterday’s post should be revised. We could extend the current rally to… |
 Trying to find a bottom after a sharp decline is a dangerous endeavor. Traders liken it to “catching a falling knife”. Some say you will have “smelly hands” for trying to catch the bottom. Also, the weekly… |
 The USD/CHF has been in a free-fall since hitting the 1.1750 area. The end of last week and beginning of this week saw the USD/CHF in sideways action, or a correction, or maybe finding a bottom. In the daily, we saw Friday’s candle attempt to match Thursday’s decline. The start of this week is looking to continue this rally. In the daily, it is not clear if the market is simply in a correction or if it is winding up for… |
 The USD/CHF has been essentially in a free-fall since topping near 1.17 as anticipated. The strength of this decline however comes as a surprise, and the extent is farther then expected… |
 The USD/CHF pair has been in a very persistent decline for 2 weeks, dropping from 1.17 to 1.10 (700 pips). This decline was anticipated, as a wave iv, but I also entertained that we could have ended an extended v. In any case, the decline was projected to 1.1250 then to 1.11/1.10. The market did not really stop at 1.1250, and went… |
 As anticipated in my previous posts, the USD/CHF has topped off and is in a significant correction. I did not anticipate such a sharp reversal. The plan is still to look for bottoming action. If this is a wave 4, it should not go below 1.0930. There is support at 1.11 and the market is at 1.1130 at the moment… |
 Since last stalking the USD/CHF, it has taken another week for the topping action to complete. I am anticipating that a second part of the correction is to come and it would be a (c) wave, which could have potential to be strong. The daily, shows a possible wave count, where the pair may be in wave (iv). (c) can be supported at … |
 The 4H chart shows the EUR/JPY pressured, breaking below support near 109. This break is still “naked” or unconfirmed. The RSI is in oversold territory but is very bearish. When the market resolves the OS condition in the 4H time-frame, we may continue the down move. The target using measured moves projected to the most recent downswing attempt aims at an area between 104.15 and 104.50. |
 It works both ways. The larger structure also gives “tracks” for smaller internals to adhere to. Thus making Elliott Wave Count only satisfying to those who can juggle multiple scenarios. |
 The USD/CHF continues to poke at its resistance at 1.17. We can see in the weekly that the 1.1760 area is the 78.6% retracement, and hits a previous support line… |