Showing posts with label GBPCHF Daily Elliott Wave Count. Show all posts
Showing posts with label GBPCHF Daily Elliott Wave Count. Show all posts

Saturday, July 20, 2019

#GBPCHF Daily Elliott Wave Count - Looking for a move above 1.3850

#GBPCHF Daily Elliott Wave Count

I am looking for the GBPCHF to bounce somewhere near the 1.2000 handle and make a run above 1.3850 for a C wave that could complete a three wave move up for a of Y.  This would be followed by a 3 wave pullback before another leg up to complete the Y wave.

With this count I am looking for a deeper correction of a 5 wave move down that is seen on a weekly chart.  This 5 wave move down occurred from July 2007 to Aug. 2011.  The correction to this 5 wave move down has been shallow at best so a deeper upside correction toward 1.8000 and the previous wave 4 high is possible.

IF the correction to the 5 wave move down is complete then the C wave move up I am looking for could be a wave 2 with wave 1 replacing what I have labeled as wave X.

I am also showing a correlation chart below of the GBPCHF and the USDCHF.  As you can see they are pretty correlated.  If the USDCHF count I have is correct, I am expecting the USDCHF to move higher with 5 waves up from the low already completed.  A 3 wave pullback is also in progress and should be completed soon with a 3rd wave up comping in the near future.

GBPCHF Daily Elliott Wave Count

GBPCHF Daily Elliott Wave Count
GBPCHF Daily Elliott Wave Count

GBPCHF - USDCHF Correlation Chart

GBPCHF - USDCHF Correlation Chart
GBPCHF - USDCHF Correlation Chart