In the CHFJPY chart above, price is making a bearish (a)-(b)-(c) corrective pattern after the completion of a bullish five-wave impulse.
The corrective pattern will most likely unfold as a zigzag based on the current structure of the decline. I'm expecting a sell-off in wave v to complete five-wave impulse in (a), followed by a corrective pattern in (b), then I will look to go short wave (c).
I'm anticipating wave (a) to terminate at the ascending trendline support, so I will take a short-term sell entry at the market open.
Here is my previous analysis on CHFJPY:
The corrective pattern will most likely unfold as a zigzag based on the current structure of the decline. I'm expecting a sell-off in wave v to complete five-wave impulse in (a), followed by a corrective pattern in (b), then I will look to go short wave (c).
I'm anticipating wave (a) to terminate at the ascending trendline support, so I will take a short-term sell entry at the market open.
Here is my previous analysis on CHFJPY:
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