USDCHF could be a great daily buy soon

10 May 2015

The larger structure outlook has been mapped and linked below; this post seeks to determine a high probability reversal zone for the large correction. We currently look to be in a sub wave 4 of a larger C, showing its corrective hand to be a zigzag and alternating from the flat displayed in sub wave 2. Another drop of 300 pips would place us in a big convergence zone that includes: the bottom channel line of the entire ABC wave 2 decline, the .618 retrace of the wave 1 run-up that precedes the wave 2 correction, a 1.38 multiple of wave a, and some internal C wave subdivisions that include a .50 multiple of sub waves 1-3, and a 1.00 multiple of wave 1. This is an extremely sensitive zone, and I would expect to see MACD showing a divergence at new lows, presenting a great buying opportunity. Support the post if you agree, leave a comment/suggestion, and lets capture these pips.