Swiss Franc 5 Wave Impulse

Commentary: The count is tracking perfectly. We wrote yesterday that an expanded flat may have ended at 1.2151 and to remain bearish as long as price is below 1.2215. The clear 5 wave decline from 1.2151 to 1.2010 confirms that the thrust below 1.1815 is in its early stages.

Allow for a 3 wave correction to at least 1.2062 and possibly 1.2097 (61.8% of 1.2151-1.2010). That sets up an opportunity to get aggressively bearish against 1.2151 for wave iii of 3 lower. Strategy: Remain bearish, move risk to 1.2151 (from 1.2215), target below 1.1815