USDCHF: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

Main scenario: consider long positions above the level of 0.8800 with a target of 0.9352 – 0.9540 once a correction is formed. 

Alternative scenario: breakout and consolidation below the level of 0.8800 will allow the pair to continue declining to the levels of 0.8542 – 0.8250.

Analysis: an ascending correction of larger degree is formed as the fourth wave (4) on the daily chart. A bearish fifth wave (5) is unfolding. The first wave of smaller degree 1 of (5) is presumably formed on the H4 time frame, and a bullish correction is unfolding as second wave 2 of (5),… Read full author’s opinion and review in blog of #LiteFinance