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Introduction
Local trend reversed upwards in the specified point as it was supposed in Monthly-1007. The result is given in picture C1.
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Figure C1. Final 120 min chart of October forecast, 2007.
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Though upward movement was not quite linear and the expected wave pattern did not manage to complete in October. The result is given in picture C2.
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Figure C2. Final daily chart of October forecast, 2007.
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For illustrative purposes schematic forecast of CHF movement a month ago is given in the chart.
Current variant of wave counting
For survey wave counting of CHF refer to Annual-07(2) and article Let's Analyse Zigzag Wave Construction .
At the moment two variants are equally probable. I suppose the depth of the expected correction will help choose one of them.
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Figure C3. Wave counting on the weekly chart. Variant 3-1.
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The first variant in accordance with scenario v.3 keeps forming correction X in the shape of the skewed triangle (or triple three) after which the final downward double zigzag Y of (B) is expected.
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Figure C4. Wave counting on the daily chart. Variant 3-1.
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To confirm this variant the price should reverse upwards in the nearest future and break 1.1919 level in the shape of wave [e] of X.
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Figure C5. Wave counting on the weekly chart. Variant 3-2.
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According to the second variant correction X is not so long as it was expected at first and it is completed in the shape of the horizontal triangle. In this case the first zigzag [w] of Y of the final double zigzag Y of (B) is also completed.
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Figure C6. Wave counting on the daily chart. Variant 3-2.
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To confirm this variant price should also reverse upwards in the nearest future though its rise should not be as high as in the first variant. The area around 1.20 will be optimal for wave [x] of Y of (B) ending.
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
October 28, 2007
When using any part of the article for publication or analytical materials reference to the author and Alpari IDC Corp. is obligatory.
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