Elliott Wave analysis for GBPCHF
Let’s analyze forex pair of GBPCHF with Elliott wave theory. Let’s look at the daily chart of it.
In daily chart we can see that wave 1-2-3 are completed and wave 4 in progress. 1.2538 is very strong resistance for current move which may come or not. For more clarity about wave 4 let’s see 4 hour chart of the same.
As per 4 hour chart wave 4 is unfolding as simple zigzag. Within wave 4 A and B is completed and wave C is in progress. 1.38 Fibonacci level of C I comparison to A is coming at 1.2424 which will act as major resistance. To understand progress of C let’s see the chart in hourly time frame.
We can see that wave 1-2-3-4 of C of 4 looks completed and wave 5 is in progress. Within wave 5 wave 1-2-3 looks completed and 4 may be completed or in progress. As pattern is showing double top this may turn into a flat or irregular wave 4. As of now divergence is visible. Also 1.2412 and 1.2464 should act as strong resistance. So we can say that as of now we should watch for completion of 5th of C in the range of 1.2412 to 1.2424. if we get this confirmation, we can again sell for new downtrend for the target below recent low of wave 3 of 1.1672.