On the AUD/CHF 1-hour chart, we're presented with what appears to be an Elliott Wave pattern consisting of an impulsive and corrective wave sequence. The pattern shows a completed five-wave structure, suggestive of an uptrend, followed by a subsequent ABC corrective phase.
As I interpret the chart, it looks like wave (a) has finished, and wave (b) has concluded after a retracement. The market now seems to be in the midst of forming wave (c), typically the final wave in an ABC correction, which could potentially bring the price further down. The dotted blue line extrapolates this expected path.
For potential targets of wave (c), the Fibonacci levels are invaluable. The 1.0 extension level at 0.56934 and the 1.618 extension level at 0.56383 are on my radar as key areas where the corrective phase could find support and possibly conclude. These levels might present strategic opportunities for considering trade entries based on the larger trend context.
As always, it's crucial to complement the Elliott Wave analysis with other technical indicators and the broader market context. Monitoring for confirmation of the trend reversal at these Fibonacci levels will be vital. I will keep a close eye on price action, ready to adapt my trading strategy to the incoming data while maintaining strict risk management protocols.
As I interpret the chart, it looks like wave (a) has finished, and wave (b) has concluded after a retracement. The market now seems to be in the midst of forming wave (c), typically the final wave in an ABC correction, which could potentially bring the price further down. The dotted blue line extrapolates this expected path.
For potential targets of wave (c), the Fibonacci levels are invaluable. The 1.0 extension level at 0.56934 and the 1.618 extension level at 0.56383 are on my radar as key areas where the corrective phase could find support and possibly conclude. These levels might present strategic opportunities for considering trade entries based on the larger trend context.
As always, it's crucial to complement the Elliott Wave analysis with other technical indicators and the broader market context. Monitoring for confirmation of the trend reversal at these Fibonacci levels will be vital. I will keep a close eye on price action, ready to adapt my trading strategy to the incoming data while maintaining strict risk management protocols.
Trade closed manually
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