“USDCHF Four Months After The Panic” was published on May 13th, 2015, to prepare you for the long-term recovery suggested by the Elliott Wave Principle. As always, our bullish expectations were motivated by the wave structure of the price action the 4-hour chart of USDCHF made visible. The forecast, first published more than six months ago, is given below.
As the chart shows, we saw a five-wave impulse to the north, followed by a three-wave correction. According to the theory, the trend was supposed to resume in the direction of the impulsive sequence. This chart was the only reason we thought USDCHF was providing a great opportunity for investors and long-term traders. While the pair was trading near 0.9260, we believed “the anticipated surge should surpass 1.0128”. The next chart shows where the exchange rate stands now.
Yesterday, November 27th, USDCHF reached 1.0327 before closing at 1.0292. As visible, the advance did not go smoothly. The w-x-y correction turned out to be only wave A of a larger triangle pattern, which took a lot of time. Nevertheless, the bullish count was never threatened. More than 1000 pips to the north later, the Wave Principle rewarded those, who were patient enough to wait for the target to be reached. Currently, wave (C) is still in progress.