USDCHF seems to have completed a 3 wave correction at a minor degree. It's possible that the wave 4 correction of the move down from 1.17 is complete and the price could take out previous swing lows to complete wave 5. However, given that wave 2 was very shallow we might see a much deeper wave 4 correction. The correction that seems to have completed may just be the first wave of a 3 wave correction. It's possible that this could evolve into a triangle wave 4 correction or some other complex form of consolidation before another leg down to complete wave 5.
I was hoping for the current move to go up to 1.0050 to go short as posted last week. I would now look for a pullback to go short.
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