Hello TradingView community,
We are examining the CHFJPY pair on the 4-hour chart, where Elliott Wave theory presents a promising long opportunity. After a significant upward movement marked by an impulse wave sequence, the price has retraced in what appears to be a corrective wave.
Currently, the pair seems to have completed wave (a) of this correction and is now in the midst of wave (b), potentially stabilizing around key Fibonacci retracement levels. The levels of interest for wave (b) are 171.199 (50% retracement) and 172.111 (61.8% retracement). These points are crucial as potential reversal zones where wave (c) could initiate, driving the price upwards.
For traders looking to capitalize on this setup, entering a long position near these Fibonacci levels could be highly advantageous. Setting a stop-loss just below the low of wave (a) will protect against potential downward moves. The expectation for wave (c) is to push the price beyond the high of wave (5), targeting new highs, making this setup particularly attractive for its favorable risk-reward ratio.
As always, it is essential to monitor the trade closely and adjust your strategy based on new market information. The precision of the Elliott Wave pattern provides a strong foundation for this bullish outlook, but maintaining sound risk management practices is crucial
We are examining the CHFJPY pair on the 4-hour chart, where Elliott Wave theory presents a promising long opportunity. After a significant upward movement marked by an impulse wave sequence, the price has retraced in what appears to be a corrective wave.
Currently, the pair seems to have completed wave (a) of this correction and is now in the midst of wave (b), potentially stabilizing around key Fibonacci retracement levels. The levels of interest for wave (b) are 171.199 (50% retracement) and 172.111 (61.8% retracement). These points are crucial as potential reversal zones where wave (c) could initiate, driving the price upwards.
For traders looking to capitalize on this setup, entering a long position near these Fibonacci levels could be highly advantageous. Setting a stop-loss just below the low of wave (a) will protect against potential downward moves. The expectation for wave (c) is to push the price beyond the high of wave (5), targeting new highs, making this setup particularly attractive for its favorable risk-reward ratio.
As always, it is essential to monitor the trade closely and adjust your strategy based on new market information. The precision of the Elliott Wave pattern provides a strong foundation for this bullish outlook, but maintaining sound risk management practices is crucial
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