Hello TradingView community! I'd like to share my latest analysis and trading idea for CHFJPY, focusing on a buy opportunity based on Elliott Wave theory. Here's a summary of my findings:
According to my Elliott Wave analysis, CHFJPY appears to have completed its corrective phase, typically characterized by an A-B-C pattern. This completion usually signals the beginning of a new bullish impulse wave. From what I've observed, CHFJPY seems to be transitioning into this bullish phase, indicating potential for an upward trend.
The end of the corrective pattern and the start of a new upward impulse wave are typically marked by strong bullish momentum. This initial wave in the new cycle often retraces a significant part of the preceding corrective wave, offering a promising entry point for a long position.
Based on this analysis, I'm considering a long position in CHFJPY, targeting the high of the previous impulse wave. This aligns with the Elliott Wave principle and my expectation of the market dynamics.
As always, it's crucial to use this analysis in conjunction with other technical indicators and to apply sound risk management strategies. I'm eager to hear your views on CHFJPY, so please share your insights and strategies in the comments below. Let's engage in a meaningful discussion!
According to my Elliott Wave analysis, CHFJPY appears to have completed its corrective phase, typically characterized by an A-B-C pattern. This completion usually signals the beginning of a new bullish impulse wave. From what I've observed, CHFJPY seems to be transitioning into this bullish phase, indicating potential for an upward trend.
The end of the corrective pattern and the start of a new upward impulse wave are typically marked by strong bullish momentum. This initial wave in the new cycle often retraces a significant part of the preceding corrective wave, offering a promising entry point for a long position.
Based on this analysis, I'm considering a long position in CHFJPY, targeting the high of the previous impulse wave. This aligns with the Elliott Wave principle and my expectation of the market dynamics.
As always, it's crucial to use this analysis in conjunction with other technical indicators and to apply sound risk management strategies. I'm eager to hear your views on CHFJPY, so please share your insights and strategies in the comments below. Let's engage in a meaningful discussion!
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going in the right direction
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