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USDCHF Correction Interpretation Remains

USDCHF Correction Interpretation Remains

2012-08-02 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-chf_body_usdchf.png, USDCHF Correction Interpretation Remains

Prepared by Jamie Saettele, CMT

The USDCHF correction continues to mature. Today’s spike lower and subsequent rally serves to correct the decline from 9971. Focus remains lower towards 9600. To review; “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.”

LEVELS: 9690 9770 9826 9898 9912 9971

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