Novo Nordisk cuts full-year sales and profit guidance, stock plunges
USD/CHF has made a big pullback since end of 2015 that we see it as a corrective and temporary decline. Notice that falling price action was overlapping; thus it has evidence of a contra-trend movement so we suspect that downtrend is finished now, especially after we identified an ending diagonal in wave C-circled of a big wave IV.
Ideally, the market is now making a new bullish turn up into wave V that should be made by three waves. If we are correct, then current triangle represents wave B-circled that will send price up into wave C later this month. Decisive rise above the upper channel resistance line will confirm our bullish view.
On the other-hand, a break beneath 0.9444 swing would require a different outlook.
USD/CHF Daily
A triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature.
Triangles move within two channel lines drawn from waves A to C, and from waves B to D.
A triangle is either contracting or expanding depending on whether the channel lines are converging or expanding.
Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Patterns:
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