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Elliott Forecast

Daud Bhatti

CHFJPY Impulse Structure Should Extend Higher

November 16, 2023 By

CHFJPY continues to make a sequence of higher high suggesting the pair is in a bullish market. Recent impulsive move higher looks incomplete and pair should continue to extend higher. Sequence from 10.3.2023 low is in progress as . Up from 10.3.2023 low, wave 1 ended at 168.41 and dips in wave 2 ended at 164.96. Pair has resumed higher in wave 3 with internal subdivision as an impulse structure in lesser degree.

Up from wave 2, wave ((i)) ended at 167.22 and pullback in wave ((ii)) ended at 165.69 as the 1 hour chart below shows. Up from there, wave (i) ended at 168.4 and dips in wave (ii) ended at 167.49. Pair rallies higher in wave (iii) towards 169.82 and dips in wave (iv) ended at 169.08. Wave (v) higher ended at 170.535 which completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress to correct cycle from 11.3.2023 low before the rally resumes. Near term, as far as pivot at 165.69 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside. Potential support for wave ((iv)) comes at 23.6 – 38.2% Fibonacci retracement of wave ((iii)). This area comes at 168.7 – 169.4.

CHFJPY 60 Minutes Elliott Wave Chart

CHFJPY Elliott Wave Video

Source:-forecast.com/news/chfjpy-impulse-structure-extend-higher/

16/11/2023 1 EN

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Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Daud Bhatti

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