I'm currently evaluating a potential long opportunity for EUR/CHF using Elliott Wave principles. My analysis indicates that we might be entering a bullish phase following the end of a significant corrective sequence.
The chart shows a completion of a corrective wave pattern labeled (a), (b), and (c), with wave (c) demonstrating a decisive final drop. We are now potentially at the beginning of a new upward trend. It's essential to monitor the development of this new trend, which could begin with a strong initial wave, followed by minor retracements.
For those considering a long position, the start of this new bullish cycle suggests excellent potential. The completion of the corrective wave and the initiation of a new impulse wave often provide a robust entry point for traders. It's advisable to watch for the completion of a small retracement in this new phase to confirm bullish momentum.
I recommend setting targets at key Fibonacci retracement levels from the prior downtrend, with initial targets near the 0.618 level and further potential up to the 1.0 or even 1.618 extensions, depending on market strength.
As always, it's critical to employ stringent risk management strategies. Setting stop losses below the recent lows can help minimize potential risks while maximizing the upside.
I'll continue to monitor this setup and provide updates on key developments and entry points. Let's stay tuned for a potentially lucrative wave up!
The chart shows a completion of a corrective wave pattern labeled (a), (b), and (c), with wave (c) demonstrating a decisive final drop. We are now potentially at the beginning of a new upward trend. It's essential to monitor the development of this new trend, which could begin with a strong initial wave, followed by minor retracements.
For those considering a long position, the start of this new bullish cycle suggests excellent potential. The completion of the corrective wave and the initiation of a new impulse wave often provide a robust entry point for traders. It's advisable to watch for the completion of a small retracement in this new phase to confirm bullish momentum.
I recommend setting targets at key Fibonacci retracement levels from the prior downtrend, with initial targets near the 0.618 level and further potential up to the 1.0 or even 1.618 extensions, depending on market strength.
As always, it's critical to employ stringent risk management strategies. Setting stop losses below the recent lows can help minimize potential risks while maximizing the upside.
I'll continue to monitor this setup and provide updates on key developments and entry points. Let's stay tuned for a potentially lucrative wave up!
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