GBPCHF could be forming a flat corrective pattern.
It has made the (3-3)-5 structure so far and has made the first wave of the 5 wave structure.
If the 5 waves are made it would confirm the flat.
The fist wave has been coupled with a correction which I expect to terminate at the 61.8% retracement.
Following a break of this short term trendline it would confirm that the 3rd wave is in place.
The aim of this would be to catch the 3rd wave to the downside with stops just above the previous high.
Take profits would be at the 1.618 extension.
If this plays out correctly you could expect to see further downside to complete the 5 waves and confirm the flat pattern,
however it may become more complex before anything else can be said.
Any guidance, feedback or advice is appreciated.
Thanks.
It has made the (3-3)-5 structure so far and has made the first wave of the 5 wave structure.
If the 5 waves are made it would confirm the flat.
The fist wave has been coupled with a correction which I expect to terminate at the 61.8% retracement.
Following a break of this short term trendline it would confirm that the 3rd wave is in place.
The aim of this would be to catch the 3rd wave to the downside with stops just above the previous high.
Take profits would be at the 1.618 extension.
If this plays out correctly you could expect to see further downside to complete the 5 waves and confirm the flat pattern,
however it may become more complex before anything else can be said.
Any guidance, feedback or advice is appreciated.
Thanks.
Comment:
I see the flat being completed and expect upside movement unless it decides to become a more complex structure.