Sunday, August 14, 2011

Eur/Chf : Bottoming?

Eur/Chf has had a very impressive decline as everyone seems to run to safety away from the euro and into the swiss franc. But at the end of last week there was a big rally, forming a bullish hammer on the weekly chart. This is a strong signal indicating a possible bottom. The elliott wave count is complicated. At first i started counting the decline as an impulsive wave, where the fib levels are pretty good, but where price was stuck in a range between 1.50 and 1.60 kept giving me trouble. That's why i'm now counting this range as a triangle in a bigger complex correction.


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