Swiss Franc 5 Waves From 1.1623?

Commentary: The USDCHF is in a very interesting position. The rally from the low (1.1623) may be a 5 wave rally. Waves i and iv do overlap but Elliott?s rules allow for some overlap intraday with highly leveraged markets (FX and futures).

Under this interpretation, price should undergo a brief correction in either wave b or 2 with support strong near 1.1711. This would present an opportunity to align with wave c or 3 higher. Strategy: Look to get bullish close to 1.1711, target 1 at 1.1900