GBPCHF currently stuck within this falling wedge of the lower timeframe. Looking like we are about to start a wave 5 down and this is why.
-BXY(£) Has formed a reversal Head and shoulders pattern which is testing the neckline so we could see the £ fall
-Wave 4/5 if correct
- previous resistance and key pivot point to short
- Long set up almost ready down at the previous reversal and wick fill
- Good RR ratio to short
Watch out for the long opportunity as highlighted down at the last turning point. I believe buyers may fill the wick and bottom out. If we reject and then break the wedge up as the pattern suggests we could have a nice long.
-BXY(£) Has formed a reversal Head and shoulders pattern which is testing the neckline so we could see the £ fall
-Wave 4/5 if correct
- previous resistance and key pivot point to short
- Long set up almost ready down at the previous reversal and wick fill
- Good RR ratio to short
Watch out for the long opportunity as highlighted down at the last turning point. I believe buyers may fill the wick and bottom out. If we reject and then break the wedge up as the pattern suggests we could have a nice long.