Following the Wave Trend

[FiboLoki]

OK here is a analysis I just did on the current EURCHF that I'd like some feedback on, if anyone is interested. After today's session with Johan I felt very inspired and having read through Mihai's EW documentation I think I have spotted an interesting EW taking place in this pair. (And I got to use an AP, which I dig too)

What I first noticed was that the EURCHF is in a long period down trend, which after having crested a previous EW is apparently on its voyage of the C leg on the Downtrend.

(see longview.gif)

You can possibly see that there is a flag formation (I'd call it that) which traverses the Median trend line of the larger AP hitting the Resistance before heading back down towards the median and possibly the bottom of the AP Support.

Within this new 'Pole' there is a channel containing the most recent break to the down trend.

(see tendntend.gif)

Where quite nicely is occurring, I believe, an EW that I have labeled.

(see tendntend2.jpg)

Here in lay the newly discovered EW.

You will notice the sharp re-tracement of the 2nd wave and shallow re-tracement of the 4th wave before hitting the channel support completing wave 5.

Where I (to this point) have labeled the A leg of the EW following like a text book example so far.

Hope is that I'm correct on this analysis and the B and C will follow suit, setting up for a really nice long 'Short' back to the channel support bottom.

If so, this would be a trade following the overall trend down in the down trend - i,e, a good trade?

Just thought I would share this with everyone to get some feedback as to what others see and if I am correct we can all profit!

Thanks and good pip hunting.

FiboLoki

PS the median of the AP on the 'pole' is holding well, as you see the price hits it, bounces, breaks it and respects it. Nicely.