Buy opportunity seems to be coming up in AUDCHF
The channel support was broken but slightly but now prices are back into the channel so potential upward move within the channel is a possibility
We are wave C of Z in the daily correction channel
Within wave C, it seems like wave 3 of wave 1 of C is almost complete. I would wait for completion of wave 1 and then wave 2 and buy in wave 3 of C.
Buy Entry: 0.744 (above the estimated wave 4 of 1); this may change depending upon where wave 4 of 1 ends.
Alternative buy entry can be above wave b of wave 2 of C
Another aggressive alternative can be above wave 4 of wave c of wave 2.
SL: 0.724
TP1: 0.762
TP2: 0.77 (just below 1.618 fibonachi extension level for wave 3)
TP3: 0.776 (just below 38.2% extension for wave 5)
The TP levels are based on the estimated end of wave 1 and retracement of 78.6% for wave 2. These may change depending upon the wave 1 and wave 2 end points
To be confirmed before entry:
Wave 2 has finished with a,b,c of 2 identified in 4 hrs or 1 hr chart. Identification of divergence b/w wave 3 & 5 of c of 2.
prices closing above EMA
Stoch 76,4,4 in 4 hours to be above 20
The channel support was broken but slightly but now prices are back into the channel so potential upward move within the channel is a possibility
We are wave C of Z in the daily correction channel
Within wave C, it seems like wave 3 of wave 1 of C is almost complete. I would wait for completion of wave 1 and then wave 2 and buy in wave 3 of C.
Buy Entry: 0.744 (above the estimated wave 4 of 1); this may change depending upon where wave 4 of 1 ends.
Alternative buy entry can be above wave b of wave 2 of C
Another aggressive alternative can be above wave 4 of wave c of wave 2.
SL: 0.724
TP1: 0.762
TP2: 0.77 (just below 1.618 fibonachi extension level for wave 3)
TP3: 0.776 (just below 38.2% extension for wave 5)
The TP levels are based on the estimated end of wave 1 and retracement of 78.6% for wave 2. These may change depending upon the wave 1 and wave 2 end points
To be confirmed before entry:
Wave 2 has finished with a,b,c of 2 identified in 4 hrs or 1 hr chart. Identification of divergence b/w wave 3 & 5 of c of 2.
prices closing above EMA
Stoch 76,4,4 in 4 hours to be above 20
