USDCHF is moving sharply to the upside, now approaching the 0.9800/0.9850 area where resistance can be found based on our triangle count. This suggests that the leg up from 0.9537 is wave D) then, so wave E) is still missing. That said, be aware of a turn down into a three wave decline which, however, may not be so deep as some may think. Sometimes waves E) can be very small compared to other legs.
USDCHF, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic triangle pattern: