USDCHF Short-term Elliott Wave Analysis 10.29.2014

USDCHF held 0.9447 – 0.9429 inflection area as expected & has shown a strong reaction higher. Traders long from inflection area should already be in a risk free position. New high above 0.9560 would make it 5 swings up from 0.9356 low moving invalidation higher to 0.9438. Ideal area for 5th swing to end is 0.9562 – 0.9591 from where pair is expected to pull back in wave ( b) and make another push higher toward 0.9639 – 0.9686 to end 7 swings up from 0.9356 low. We don’t like selling the pair & like staying long for above area. Wave ( b) pull back will offer next short-term opportunity for buyers provided pivot at 0.9438 low remains intact. We always try our best to teach members how the markets operates and the best way to trade without stress which is not following the news but following the cycles, pivots and invalidation levels.

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