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Originally Posted by patricio_w
My Friend,
Difficult to say, since i think that study Elliot Wave analysis in chart of 15 minutes is a huge task. I use the 15m data only to enter into specifics trades, but never for a hole study.
What i can say is than ABC correction comes after a rally, for example W4 always should dived in ABC because it comes after a W3 that it should always be a rally, bullish or bearish, also W2 should dived in ABC becasue it comes after a W1 that should be always a rally, bullish or bearish. Also ABC corrections comes after a rallly of 1,2,3,4,5 Waves. The particulary of the ABC is than the WA should be divided into 1,2,3,4,5 waves, and what i can see is that i cant divided your Wave A into 5 waves, the WB it seams to be a WB, and the WC is clear a rally, it seams to be also a Wave C.
Also, to put the correct support you should be taking care than WC possible target is the Alternate Price Projection of WA taking the ratios 1.000, 1.618 and 2.618, typical ones, and also the retracements of the WB the ratios 1.000, 1.618 and 2.618, after draw all of them you have to take a look where they form groups, and that should be the typical targets
Daily Chart
I made for you the daily chart, just to telll you than i think you are trading into the correct trend with your 15 data. as you can see the USD/CHF pair works into the opposite direction of the EUR/USD.
If this is a ABC correction after the 1,2,3,4,5, the possible target is the first group in red, so the WC may be in place or near to be complete.
If this is a rally of 1,2,3,4,5 to the downside, the possibles target are the other to zones in red
1HChart
As the same think the Euro is doing, the CHF is moving into a range of a triangulle with a complex correction of a W2 complex of ABCDE correction.
The W2 is looking for its target and i think it will be between the 0.500 and 0.618 of the W1, once it breaks the triaungle it will look for this target. So once the W2 is in place or near completition we will see a rally to the downside od a W3 of 3
Also we see that the Oscilator is in the OS zone, saying than the W2 is near to be complete, if is not complete now
Hope you this analysis helps you
My kindest regards
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