CADCHF - Short within ABC

FX:CADCHF   Canadian Dollar/Swiss Franc
Dear community,

my SHORT idea is based on the Elliot Wave count, Fibonacci Retracement and classic chart analysis. Major facts that support my idea are:

- The price formerly formed and broke out of a beautiful ending triagonal, indicating the end of the impulsive 1-2-3-4-5 up move and the start of the a-b-c correction.

- The price dropped initially forming the A of the correctional a-b-c

- The price recovered and corrected back into the 50% / 61.8% Fibonacci levels, which would traditionally be seen as strong reversal levels


Taking all these very convincing facts into account I am confident to believe that wave b is soon coming to an end, starting the last and most powerful downward wave c.

A potential target can be determined as soon as wave b is complete and wave c has started (to be posted in the updates).

Good luck!
Comment: As per usual, the pair shows itself as being very sluggish. Currently we are stuck in the resistance area - which is also the best spot for opening short positions if that is what you believe is going to happen.

Comment: Wave C has started. Currently wave 3 within the C is building.

Trade closed: target reached: The price reached my target. Trade closed. The a-b-c could be completed at this stage. Wait for clear reversal signals before opening a long trade.

Well done and congratulations if you made some money with my idea.

Alysson x

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