Timeframe: 4h
We have analyzed the wave count by examining a consolidation area with significant trading activity following a sharp decline in USDCHF. Observing the slope of the fall, it appears that this congestion area could represent a correction on the 4-hour timeframe. The wave count indicates that wave B has formed a contracting triangle, with wave (e) of wave B completing at 0.8396.
We are at wave (C), which has can be move forward after breaching a strong resistance of 0.85154. The currency may have some pullback for public participation, but it shouldn’t exceed the low of wave B. The setup can be formed after the breakout of wave B, for the distance up to 0.8618.
Fibonacci Calculations are given below:
- Wave C = 1.618 of Wave A
- Wave C = 0.786 of the previous impulse
- Wave C = 1.618 of the previous impulse
Additional information will be provided shortly.
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