USDCHF 9860s an Important Level
240 Minute Bars
Prepared by Jamie Saettele, CMT
The correction underway from 9971 is coming into form. 9866, not only former resistance but also the 100% extension of the advance from 9694, is resistance along with short term channel resistance. “The anticipated reversal has materialized in the USDCHF and we can now focus on how far the decline is likely to extend. Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (9334-9001) was sharp (retracing over 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex. Shallow means a 38.2% retracement of wave 3, which comes in at 9600.” 9830/66 is resistance.
LEVELS: 9737 9777 9800 9833 9866 9912
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