$GBP vs. $CHF Daily Chart.Correction coming to an end |#gbp #chf
Traders,
GBPCHF 's late-August five wave impulse advance from 1.22202 is approaching its upside termination where Fibonacci-Price-Ratio & Proportion measurements collaborate, highlighting a reversal zone standby, yet not confirmed.
This Zig-Zag correction labelled X(circle) has started unfolding since 10.10.2016 from 1.17837 ( C impulsive wave's end).
Wave (A), the first leg of the Zig-Zag, a five-wave pattern uptrend has since unfolded reaching 1.29143
Wave (B) has been developed into a Running Triangle Pattern as wave b. ends beyond the start of wave a. with wave e. undershooting a. - c. line.
Wave (C) subdividing into a five wave pattern where the 5th wave can be seen taking the form of an ending/contracting diagonal pattern.
The reversal signature is still to come, as the diagonal might not have completed yet, even a new higher-high or even a truncated fifth are welcome, although the price action will tell to determine the end of it or not.
Downside targets are towards a long way down, already measured, however, an update of them will follow after the reversal signature confirmed.
Trade with Discipline
Best
GBPCHF 's late-August five wave impulse advance from 1.22202 is approaching its upside termination where Fibonacci-Price-Ratio & Proportion measurements collaborate, highlighting a reversal zone standby, yet not confirmed.
This Zig-Zag correction labelled X(circle) has started unfolding since 10.10.2016 from 1.17837 ( C impulsive wave's end).
Wave (A), the first leg of the Zig-Zag, a five-wave pattern uptrend has since unfolded reaching 1.29143
Wave (B) has been developed into a Running Triangle Pattern as wave b. ends beyond the start of wave a. with wave e. undershooting a. - c. line.
Wave (C) subdividing into a five wave pattern where the 5th wave can be seen taking the form of an ending/contracting diagonal pattern.
The reversal signature is still to come, as the diagonal might not have completed yet, even a new higher-high or even a truncated fifth are welcome, although the price action will tell to determine the end of it or not.
Downside targets are towards a long way down, already measured, however, an update of them will follow after the reversal signature confirmed.
Trade with Discipline
Best
Comment:
Price made a new high and reversed. Would that be the start of the decline?
Watch for short setup opportunity
Watch for short setup opportunity
Comment:
Correcting. Sell setup
Watch that pair closely as it is getting ready