Elliott Wave theory enthusiasts might find the USDCHF pair particularly intriguing at this juncture. The pair completed an apparent impulsive wave and is now poised for a corrective phase. Following the end of sub-wave (5), a bearish trend appears imminent, as indicated by the recent downturn and the start of a corrective wave (a).
Technical projections suggest potential retracement targets at common Fibonacci levels of the preceding impulsive wave. The (c) wave often extends to the 1.618 level, a target we’ll be watching closely. Complemented by bearish momentum indicators, these levels could present attractive exits for a SHORT position.
Current price action suggests a continuation of the corrective pattern, with entry points just below the recent low of sub-wave (5). Setting stop-loss orders above the peak of wave (5) offers a strategic risk management approach. This trade is positioned to exploit the anticipated bearish correction, riding wave (a) to potentially profitable depths.
Technical projections suggest potential retracement targets at common Fibonacci levels of the preceding impulsive wave. The (c) wave often extends to the 1.618 level, a target we’ll be watching closely. Complemented by bearish momentum indicators, these levels could present attractive exits for a SHORT position.
Current price action suggests a continuation of the corrective pattern, with entry points just below the recent low of sub-wave (5). Setting stop-loss orders above the peak of wave (5) offers a strategic risk management approach. This trade is positioned to exploit the anticipated bearish correction, riding wave (a) to potentially profitable depths.
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