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CHFJPY Elliot Wave Trade Idea In the CHFJPY chart above, price is making a bearish (a)-(b)-(c) corrective pattern after the completion of a bullish five-wave impulse. The corrective pattern will most likely unfold as a zigzag based on the current structure of the decline. I'm expecting a sell-off in wave v to complete five-wave impulse in (a), followed by a corrective pattern in (b), then I will look to go short wave (c). I'm anticipating wave (a) to terminate at the ascending trendline support, so I will take a short-term sell entry at the market open. Here is my previous analysis on CHFJPY:
Short
by Veejahbee
3
CHFJPY Pattern Sets a Stage for a CorrectionThe daily chart above reveals CHFJPY's entire progress since October 2019 low. It looks like the past 4 months have resulted in a textbook five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v) and the five sub-waves of wave (iii) are also visible. Look how the entire structure fits into a base channel. The guideline of alternation has been taken into account, too. Wave (ii) is a complex correction, while wave (iv) is a sharp zigzag. This pattern means CHFJPY’s larger trend points north. The problem is that according to the theory, a three-wave correction in the opposite direction follows every impulse. If this count is correct, we can expect a notable decline in CHFJPY very soon. The support area of wave (iv) that lined up with support zone and mean value is a natural bearish target. What's your view on CHFJPY?
Short
by Veejahbee
2
CHFJPY Possible H&S Formation Hi Traders, here is the full analysis / Breakdown for CHFJPY. Keep this pair on your watch-list. Possible H&S Forming on the Daily / 4 Hour Time-frame! Conditions - 1. Wait for confirmation ( Environment Change / Retest Of Previous Structure ) 2.Use Risk Management ( Risk 1% of your capital ) 3. Do your Own analysis! 4. Follow for more Analysis like this ! Dont forget to give me a like & Follow Let me know in the comment section below if you have any questions. Your Support is much appreciated! See You in the next Video / Analysis! Global Fx Education Team
Short
by Global_Fx