A five-wave recovery on USDCHF from 0.9541 lows suggests that wave 1 of a higher degree is ending, and that a new temporary, three-wave correction can cause a pullback. We are talking about wave 2, which can unfold a temporary a-b-c setback and can later look for support and a bounce around 0.985 region, or deeper near the 0.974 level.
A correction represents a pause within a trend. In Elliott wave theory we know wave 2, 4 and B corrections, the most common ones. They can consist of three minor legs, or they can unfold a more complex combination(more then three legs).
USDCHF, 4h
