USD/CHF Signal- January 2, 2013
Method: Trend anatomy by Elliott Waves counts and Fibonacci.
Wave (i)(ii) range: 0.96960, 0.98900 in a simple form.
Wave (iii)(iv) range: 0.9250, 0.9500 in expanded form.
Wave Alternation: Wave (b) within iv correction is below (iii)
Left Shoulder(S1): Completed.
Description: I will launch a trade anatomy for wave formation focused on trend analysis to realize waves counts, entry/exit levels, patterns, and to focus mainly on popular head and Shoulder trading strategy confirmed by Fibonacci levels as well as some indicators such as RSI and others. I will try my new approach today in USD/CHF where the trend has already completed the above criteria in term of waves (i) through (iii) to reach S which it will become my first bench mark. Wave (iii) was the longest and w(iv) has expanded unlike w(ii) and confirmed the alternation as above. I will sell and hold below the resistance level below .0382 Fibonacci level and close at H which expected to be or below 0.9300. Once we confirm S1 and H, we will invest just at S2 right side (Not Shown). H&S is in a new fashion where the anatomy will show which part is extended, Fibonacci levels, S2 types after H confirmation.
Stop Loss: 0.9300
Target: 0.9000 toward H level.