“There is little doubt that the advance from .9647 is corrective because a triangle separates the two legs.
The only question is whether or not the rally from .9647 is a complete 3 wave rally or just the first wave of a larger more complex correction.” The down-up-down-up sequence since the 1.0624 top is most likely a series of 1st and 2nd waves. A bearish bias is warranted against 1.0473. Still, the USDCHF pattern is not nearly as clear as the EURUSD pattern, so confidence in this pair is low right now.