USDCHF Waiting on A Drop, Nasdaq for A Bounce – Elliott wave Analysis

Hi traders,

USDCHF is currently unfolding an intra-day drop from the 0.9955 high, which can be first suggestion of a top in place. However, this weakness can also be a temporary minor corrective leg within blue wave v, in which case a new rally would take place. That said, if we get a further drop and a break below the 0.9891 level, then this would suggest a deeper three-wave reversal.

USDCHF, 1h

NASDAQ can be making a big A-B-C correction, where current impulsive five-wave decline may go straight into new lows. So, be aware of a bounce once it hits new lows around 7300 area. Keep in mind that only if we get that bounce followed by five sub-waves up, only then we may consider a completed correction.

Nasdaq, 1h


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