USDCHF: Elliott wave analysis and forecast for 17.05.24 – 24.05.24

Main scenario: consider short positions from corrections below the level of 0.9224 with a target of 0.8325 – 0.8050. Alternative scenario: breakout and consolidation above the level of 0.9224 will allow the pair to continue rising to the levels of 0.9451 – 0.9838.Analysis: the downside fifth wave of larger degree (5) is presumably unfolding on the daily time frame. As its part, wave 1 of (5) is formed, a bullish correction is completed as second wave 2 of (5), and the third wave