GBPCHF Possible top coming into place (early warning)
I am long GBP/CHF from 1.4550 but if this count is correct a top could be forming soon. I currently have my stop at 1.4930 just below b of 5.
I have my preferred count is that we are working on a expanded flat wave II. If this is the case I have price working a wave c of B with c being an ending diagonal. For this to be valid price can not go above 1.5409. If it does wave 3 (of c) will be the shortest and therefore invalid. My preference is that we are working a final wave (c) of 5. If this is valid the next move will be down in 5 waves to complete the flat correction. This should move below 1.3809.
I have a bullish alternative labelled. If this is the case we are working a leading diagonal wave (1) of iii. In this situation 1.5409 would still be the maximum we should reach but after than the correction should be in three waves followed by a wave 3 of iii of III which would be a rapid move up. I will post further information as price unfolds.
I have my preferred count is that we are working on a expanded flat wave II. If this is the case I have price working a wave c of B with c being an ending diagonal. For this to be valid price can not go above 1.5409. If it does wave 3 (of c) will be the shortest and therefore invalid. My preference is that we are working a final wave (c) of 5. If this is valid the next move will be down in 5 waves to complete the flat correction. This should move below 1.3809.
I have a bullish alternative labelled. If this is the case we are working a leading diagonal wave (1) of iii. In this situation 1.5409 would still be the maximum we should reach but after than the correction should be in three waves followed by a wave 3 of iii of III which would be a rapid move up. I will post further information as price unfolds.
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