EURCHFDaily,240,Commentary to follow

Eurchf Long term count Upwards

Above is Elwave count Up

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240 alternative Break of poseidon trend line down

240 alternative count down

CONCLUSION

Trend value reflects a short-term sideways price movement which developed as the price approached the strong support level at 1.2800. This reversed the preceding down trend and formed the first connecting point for the lower support line of this chart pattern. The price has just reversed down from the combined resistance level. This level is made up of the upper resistance line, the round price level 1.3000, as well as the 38,2 % Fibonacci Retracement of the preceding down impulse. The pair is expected to fall further in coming sessions.

HOWEVER  ALTERNATIVE VIEW

Eurchf is up  above the 100 day moving average  prices presently @ 1.2892 which is back within the wedge can count five waves up ending at 1.31 then an A=1.31 B=1.28 the a possible c target at 1.3319.

However i can see the alternative count down if prices fail to break above the middle Bbands 1.2908 on the 240 chart. However i do believe that the short term prices target are to the down side and prices may travel back to the edge of the wedge near the 1.27 area. the long term c target will be invalid if  1.2779 is taken out

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