The EUR/CHF 15-minute chart displays an Elliott Wave pattern consisting of a five-wave uptrend followed by a typical ABC correction. After the completion of wave (5), indicating the end of the uptrend, the currency pair seems to be in the midst of a corrective phase.
Wave (a) has been completed, and it appears that wave (b) has also concluded, often characterized by a retracement against the direction of wave (a). Currently, the market is potentially forming wave (c), which is generally expected to extend beyond the end of wave (a), often completing at or past the 1.0 or 1.618 Fibonacci extension of wave (a).
The two potential targets for the end of wave (c) are indicated by the dotted blue lines, with the first target at the 1.0 extension level of 0.95919 and the more extended target at the 1.618 level of 0.95758. These areas could act as support levels where the correction might pause or reverse.
As with any Elliott Wave analysis, it's important to consider the larger market context, including economic indicators and news events that could affect the currency pair. Confirmation from other technical indicators can also provide a more robust signal for potential entry or exit points.
I will continue to monitor the pair for signs of completion of wave (c), which could signal a potential end to the correction and a resumption of the prior trend or further price action development. As always, maintaining sound risk management practices and staying adaptive to the market's changing conditions is crucial.
Wave (a) has been completed, and it appears that wave (b) has also concluded, often characterized by a retracement against the direction of wave (a). Currently, the market is potentially forming wave (c), which is generally expected to extend beyond the end of wave (a), often completing at or past the 1.0 or 1.618 Fibonacci extension of wave (a).
The two potential targets for the end of wave (c) are indicated by the dotted blue lines, with the first target at the 1.0 extension level of 0.95919 and the more extended target at the 1.618 level of 0.95758. These areas could act as support levels where the correction might pause or reverse.
As with any Elliott Wave analysis, it's important to consider the larger market context, including economic indicators and news events that could affect the currency pair. Confirmation from other technical indicators can also provide a more robust signal for potential entry or exit points.
I will continue to monitor the pair for signs of completion of wave (c), which could signal a potential end to the correction and a resumption of the prior trend or further price action development. As always, maintaining sound risk management practices and staying adaptive to the market's changing conditions is crucial.
Trade closed: target reached
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