CHFJPY Calling the Rally After Double Three Elliott Wave Correction

In this blog, we are going to look at the recent developments in CHFJPY forex pair. CHFJPY rally from 10.4.2019 (106.72) to 10.21.2019 (110.39) was in 3 waves and unfolded as a zigzag Elliott wave structure. Then pair pulled back to correct the cycle from 10.4.2019 low, it did 3 waves back to 109.11 but failed to break to new highs above 110.39 and turned lower again so we called a double three elliott wave correction toward 108.87 Р108.06 area. We highlighted the area with a blue box as we expected 7 swings lower from 10.21.2019 (110.39) peak and expect the pair to either resume the rally  from the blue box or bounce in 3 waves at least.

CHFJPY 21 November 4 Hour Elliott Wave Update

CHFJPY December 12 4 Hour Elliott Wave Update

In the chart below we can see that pair reached the blue box between 108.87 – 108.06 and rallied to a new high above 10.21.2019 (110.39) peak. It saw a perfect reaction from the blue box and the reaction higher allowed any buyers from the blue box to get into a risk free position. We can see pair has reached the area where it is expected to end wave ((w)) i.e. cycle from 11.24.2019 (108.79) low and then pull back in wave ((x)) which should again unfold in the sequence of 3, 7 or 11 swings. Pair is currently showing 5 swings up from 10.4.2019 low and has an incomplete sequence against 11.24.2019 low so as wave ((x)) dip hold above this level, we expect the pair to make another push higher toward 112.45 – 113.32 area at least.

CHFJPY 12 December 4 Hour Elliott Wave Update

CHFJPY 12.15.2019 4 Hour Elliott Wave Update

Latest 4 Hour chart update shows pair has completed wave ((w)) and now pulling back in wave ((x)) which is expected to find buyers again in 3, 7 or 11 swings as far as pivot at 108.78 low remains intact and we don’t like selling it as the right side is up.

CHFJPY 12.15.2019 4 Hour Elliott Wave Update