Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of CHFJPY, published in members area of the website. As our members know, CHFJPY is showing impulsive structures within the rally from the 108.79 low. We were calling for further extension higher in the pair recently. The pair was expected to made another leg up in wave ((v)) before larger pull back corrects cycle from the 108.79 low. In further text we’re going to explain Elliott Wave Forecast.
CHFJPY 1 Hour Elliott Wave Analysis 1.8.2020
Our Elliott Wave view suggests cycle from the 108.79 low is unfolding as 5 waves rally. We believe wave ((iv)) ended at 110.932 low. Short term pull back already shows 3 waves down against that low. As far as the price stays above 110.932 the pair can resume trading higher within wave ((v)).
CHFJPY 1 Hour Elliott Wave Analysis 1.9.2020
110.932 low held nicely and the pair keep finding buyers we expected. We got nice rally when the price eventually broke above 12/ 30 peak, suggesting next leg higher still can remain in progress. The pair is now bullish in short term. Current short term view suggests cycle from the 110.932 low is unfolding as Impulsive 5 waves rally, when we’re now in wave (iii) blue .
CHFJPY 1 Hour Elliott Wave Analysis 1.14.2020
As we can see on the chart below, the pair continued to trade higher. The price reached 1.618 fib ext and can be giving us wave (Iv) pull back. After short term correction, another leg up can follow to complete 5 waves up from the mentioned low. We believe cycle from the 108.79 low should be ideally ending soon at 113.61-114.25 area( marked blue box). At the mentioned zone buyers will be taking profits ands ellers should ideally appear. So, the pair can see pull back which will correct the cycle from the 108.79 low.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast