CHFGBP, Developments In Ascending-Wedge, Bounce And Pullback!


Welcome to this analysis about CHFGBP and its 12-hour timeframe perspectives. CHFGBP in the recent times established important structures and recently formed a interesting bounce in its structure, besides that I discovered further determinations that are worthwhile to look at. As when looking at my chart now we can watch there how CHFGBP emerged with this main ascending-wedge-formation marked with the boundaries in blue. Within this wedge-formation CHFGBP has the coherent wave-count and the waves A to C already completed, with the wave D now developing CHFGBP is approaching this dedicated support-base marked in orange in my chart, because of the several supports within this region also determined by the point-of-control of the volume-profile marked with the red line this is a zone where a bounce has a high possibility and should be expected. Once this bounce emerged CHFGBP will move on with the development of the wave E to approach the upper resistance level to finalize the whole wave-count and pullback from there, when this happen it can be the appropriate setup of the ascending-wedge-completion which will happen when CHFGBP finally bounces below the lower boundary.

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Information provided is only educational and should not be used to take action in the markets.
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