CHFJPY (Harmonic Patterns and Wave Analysis) - 1h Chart
Updated
First ABC formation was completed at left side leaving a strong support for bullish initiation. (First Elliot Impulse) confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- on this case 1 and 4 overlaped, because of volatility on this pair (shouldn't overlap)
- consolidation after 5 completion (Cypher with ABCs on this case)
We can see a minor Cypher Pattern been formed between 4 to 5, which was completed thanks to another ABC formation leaving a strong support for bullish continuation.
Second Elliott Impulse was formed after ABC formation. confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- 1 and 4 dont overlap
- type of consolidation after 5 completion (on this case got a bearish ABCD formation)
After Ending Channel was completed I measured the entire impulse for 0.786 - 0.886 area, that's the area where Ending Diagonal's and Ending Channel's are completed, the diffrence is that an ending channel has to much consolidation and an Ending Diagonal gives you 5 clear points.
After Elliott Impulse was completed we got a bearish ABCD formation, I measured bearish impulse with Trend-Based Fib Extension for 1.272 - 1.414 area where ABCD was completed for bullish impulse, at this point I saw another Cypher Pattern been completed by respecting each retracements
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 - 0.886 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
We can see an ABCD formation and another Elliott Impulse been completed inside this Cypher Pattern.
At this point I expect price to be bearish for Ending Channel completion.
Good Trading. -1h Chart
- 5 clear points
- 0 to 1 same distance as 4 to 5
- on this case 1 and 4 overlaped, because of volatility on this pair (shouldn't overlap)
- consolidation after 5 completion (Cypher with ABCs on this case)
We can see a minor Cypher Pattern been formed between 4 to 5, which was completed thanks to another ABC formation leaving a strong support for bullish continuation.
Second Elliott Impulse was formed after ABC formation. confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- 1 and 4 dont overlap
- type of consolidation after 5 completion (on this case got a bearish ABCD formation)
After Ending Channel was completed I measured the entire impulse for 0.786 - 0.886 area, that's the area where Ending Diagonal's and Ending Channel's are completed, the diffrence is that an ending channel has to much consolidation and an Ending Diagonal gives you 5 clear points.
After Elliott Impulse was completed we got a bearish ABCD formation, I measured bearish impulse with Trend-Based Fib Extension for 1.272 - 1.414 area where ABCD was completed for bullish impulse, at this point I saw another Cypher Pattern been completed by respecting each retracements
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 - 0.886 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
We can see an ABCD formation and another Elliott Impulse been completed inside this Cypher Pattern.
At this point I expect price to be bearish for Ending Channel completion.
Good Trading. -1h Chart
Note
Update for Cypher's structure inside right leg, elliott impulse looked for new higher high and went bearish, expect bearish continuation.Good Trading. -1h Chart
Note
First 0.5 pitchfork level was respected and got a pulback right away, at this point price is making another higher high for bearish continuation.Good Trading. -1h Chart
Note
Higher high pitchfork level was respected for bearish continuation.Good Trading. -1h Chart
Note
Possible bullish impulse because of this ABCD pattern inside bearish impulse, price could go up back to resistance and make a Double Top for further bearish movement, plus MACD shows bullish space. (0.382 reached)Good Trading. -1h Chart
Note
Pure bearish movement Good Trading. -1h Chart
Note
0.786 about to be reachedGood Trading. - 1h Chart
Trade closed: target reached
Double Floor at -0.27, this marks a strong support for bullish movement.Good Trading
Trade closed: target reached
Note
We can see price going bullish to another 0.786 - 0.886 area. consolidating exactly in that area for bearish impulse.Ending Channels and Ending Diagonals
Good Trading, -1h Chart
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