Nov 15th – USDCHF

  • Posted by Houssine
  • Date November 15, 2021

The retracement so far looks like a three wave move. It already retraced 50% of the preceding decline, but we see no signs of a downturn yet. Perhaps it needs to move to the 62% before it is exhausted, so the dollar will be favored until we see signs of a downturn.
Moving above the 62% will put prices above the Cloud and jeopardize this interpretation. Critical Resistance is at 9368. We have been using 9365 as stop for our short position.

NOTE: Other available counts not shown on my chart also call for higher prices but a downturn below 9368, so our stop should be good enough…

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.