The Elliott Wave pattern on GBPCHF suggests an incoming wave to the downside. Having completed an impulsive move and a corrective pattern, the pair is potentially gearing up for a bearish wave (c), which is often the longest and strongest wave in a corrective sequence.
Technical indicators, such as the recent bearish price action and a retracement reaching the Fibonacci level of 0.618 of wave (b), align with the expectation of further declines. These suggest that now may be an opportune moment to consider a SHORT position.
The Fibonacci extension levels of 1 and 1.618 provide logical points for potential take-profit levels, while a stop-loss can be strategically placed above the start of wave (b). This setup is poised to capture the anticipated bearish momentum, with careful risk management to safeguard against unexpected reversals
Technical indicators, such as the recent bearish price action and a retracement reaching the Fibonacci level of 0.618 of wave (b), align with the expectation of further declines. These suggest that now may be an opportune moment to consider a SHORT position.
The Fibonacci extension levels of 1 and 1.618 provide logical points for potential take-profit levels, while a stop-loss can be strategically placed above the start of wave (b). This setup is poised to capture the anticipated bearish momentum, with careful risk management to safeguard against unexpected reversals
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