CHFJPY formed an ending diagonal triangle and closed below 50MA, I´m not entering this opportunity as I´m already short GBPJPY, AUDJPY and NZDJPY , so it´s up to you to take this idea
SL @ 131.41 on a daily close and target of 128.2 (roughly risk reward ratio 2:1)
Wave 1 needs a move from below your labeled point 1.
It's not a wedge if it doesn't have a 3 part leg leading up to it.
David Alcindor calls this a wolfe wave, but not an EW wedge. More like a corrective advance, wxyxz thing, but not a wedge.
IvanLabrie
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Can also be a 5 wave advance and pending a corrective sideways chop, and then more up.
Realisto_FX
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Yep, I favour a corrective move till next support level , without considering an EW count . Many harmonics are based on 5 waves and follows with a corrective move which is the case here.