CHF/JPY finished 5 waves up on the daily chart and reached the 100% Fibonacci Extension level (118.862), so we expect an ABC correction to retest the previous wave 4. You have clearly noticed that I use this formation a lot (5 waves up and a retest to the previous wave 4) and I love it.
We were waiting for the break of the trendline in white, and after retesting it, we are now sure that it is finally the start of the downside move that we have been waiting for. Also, notice the amazing reversal candle confirming our analysis.
We were waiting for the break of the trendline in white, and after retesting it, we are now sure that it is finally the start of the downside move that we have been waiting for. Also, notice the amazing reversal candle confirming our analysis.