Veejahbee
Short

ELLIOT WAVE VIEW: AUDCHF SETS TO FALL 400 PIPS IN SHORTER CYCLE

FX:AUDCHF   Australian Dollar / Swiss Franc
Hi Traders,
The AUDCHF daily chart shows that the decline from Dec 2018 high to Jan 2019 low took the shape of a textbook five-wave impulse in wave (a) in red.
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The Elliott Wave theory states that a three-wave correction in the opposite direction follows every impulse. In AUDCHF’s case, wave (b) in red looks like a w-x-y double zigzag retracement.
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Waves (a) and (b) are simple a-b-c zigzags, while wave (c) is still in progress but almost completed. If this count is correct, once wave (c) completes the 5-3 wave cycle the trend can be expected to resume in the direction of the impulsive sequence.
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With regards to traditional technical analysis , price is currently rejecting a weekly resistance that lined up with 78.6 Fib ratio which suggests the high-probability reversal is expected from the near current level.
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One of the guidelines for EW zigzag formation is equality of wave A and C, in this case, wave (a) will equals wave (c) around 0.67489 area. So targets below 0.68298 are highly probable for wave (c).
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Thanks for reading!
Veejahbee.
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