CHFJPY SHORT
Official 5 waves are done now, so we might expect a correction to the downside with a ABC type of pattern from Elliott Wave.
I expect a 50% drop for the whole structure, so my target would be around the 110.266 area and the 0.5 fibonacci retracement region where we see many confluent reasons such as the top of wave 1 and the corrective wave 2.
We also see the RSI IN very overbought region on the 4 hour timeframe at 78.3 at the time of writing this and the MACD Histogram starts to tick to the downside as well.
Always do your own analysis before entering a trade and be carefull in the markets.
I expect a 50% drop for the whole structure, so my target would be around the 110.266 area and the 0.5 fibonacci retracement region where we see many confluent reasons such as the top of wave 1 and the corrective wave 2.
We also see the RSI IN very overbought region on the 4 hour timeframe at 78.3 at the time of writing this and the MACD Histogram starts to tick to the downside as well.
Always do your own analysis before entering a trade and be carefull in the markets.
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