GBP/CHF Thrust lower from a triangle on the way?
GBP/CHF looks like it is making a contracting triangle in the wave 4 position.
So far I have labelled this triangle as being in the middle of making wave e which is the final wave of an Elliott Wave triangle.
I will be selling on a break of 1.4660 looking for an initial target of 1.4509 (38.2% Extension of wave 1-3)
The second target is 1.4317 which is the 61.8% extension of wave 1-3, Wave 3 was 2.618 of wave 1 and was therefore extended. In these situations I look for wave 5 to tend towards the size of wave 1.
So far I have labelled this triangle as being in the middle of making wave e which is the final wave of an Elliott Wave triangle.
I will be selling on a break of 1.4660 looking for an initial target of 1.4509 (38.2% Extension of wave 1-3)
The second target is 1.4317 which is the 61.8% extension of wave 1-3, Wave 3 was 2.618 of wave 1 and was therefore extended. In these situations I look for wave 5 to tend towards the size of wave 1.
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