S&P500 cash market gapped
lower in this week, exactly after prices tested 1560-1570 resistance area for
wave (iii) as highlighted several times to our members last week. As such, latest
retracement should be wave (iv), which made three sub-waves down and found a
support at very typical 38.2% Fibonacci support level compared to wave (iii).
With that said, larger trend remains up as we need one leg up to complete a
five wave rally from 1485 Feb 26 low. Ideally market is now trading higher in
wave (v) headed through 1558 high which will open the door for a push up to
1578 projection, where wave (v) equals to wave (i).
USDCHF Technical Analysis - Sell at 0.9955
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