The GBPCHF 15-minute chart provides an intriguing perspective for a potential SELL based on Elliott Wave Theory. We observe the completion of a five-wave upward sequence culminating in wave (5), suggesting that a corrective phase might be underway.
From the peak at wave (5), we can see the start of a downward correction. The corrective wave (a) has already made a significant move downwards, and it seems the price is retracing in wave (b). Wave (b) appears to be approaching the typical Fibonacci retracement levels where reversals might occur. The 0.382, 0.5, and 0.618 Fibonacci levels at 1.14934, 1.14970, and 1.15006, respectively, are potential resistance points where wave (b) might stall.
If wave (b) concludes around these levels, a continuation downwards in wave (c) is anticipated, with potential targets being the previous Fibonacci extensions of wave (a), namely at 1.14708 (0.382), 1.14580 (0.5), and 1.14452 (0.618). These levels could provide excellent profit targets for a SELL trade.
From the peak at wave (5), we can see the start of a downward correction. The corrective wave (a) has already made a significant move downwards, and it seems the price is retracing in wave (b). Wave (b) appears to be approaching the typical Fibonacci retracement levels where reversals might occur. The 0.382, 0.5, and 0.618 Fibonacci levels at 1.14934, 1.14970, and 1.15006, respectively, are potential resistance points where wave (b) might stall.
If wave (b) concludes around these levels, a continuation downwards in wave (c) is anticipated, with potential targets being the previous Fibonacci extensions of wave (a), namely at 1.14708 (0.382), 1.14580 (0.5), and 1.14452 (0.618). These levels could provide excellent profit targets for a SELL trade.
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