On this technical weblog, we analyze the historic efficiency of the CHFJPY 1-hour Elliott Wave charts, as offered to members of ElliottWave-Forecast. The evaluation highlights an impulsive rally that started from the October 15 low and concluded on the October 27 excessive, which surpassed the prior peak from October 8—signaling a possible bullish extension. Based mostly on this growth, we really useful that members keep away from quick positions on the yen cross and as an alternative take into account shopping for the dips in 3, 7, or 11 swing sequences inside the designated blue field areas. The next sections will element the wave construction and supply our up to date forecast.
CHFJPY 1 Hour Elliott Wave Evaluation [October 30 Asia Update]
Impulsive Rally from October 15 to October 27
The chart highlights a robust impulsive rally that started on the October 15 low and peaked on October 27. This upward transfer unfolded in a traditional five-wave impulse, confirming bullish momentum. Notably, the October 27 excessive exceeded the earlier October 8 peak, suggesting an extension to the upside.
Zigzag Correction in Progress
Following the rally, CHFJPY entered a corrective part, forming a Zigzag Elliott Wave construction — a 5-3-5 sample the place waves (a) and (c) each consist of 5 sub-waves. On this case:
• Wave (a) developed as a typical impulse.
• Wave (c) reveals overlapping traits, indicating it’s seemingly unfolding as a diagonal.
Worth has already reached the 100% Fibonacci extension of wave (a) measured from wave (b). Nevertheless, the decline from the wave (b) excessive at the moment reveals solely three waves. This means {that a} marginal new low could also be wanted to finish 5 swings inside wave (c), thereby finalizing the three-wave pullback from the October 27 peak.
Blue Field Assist Zone and Forecast
We anticipate consumers to emerge inside the blue field help space between 190.70 and 189.89. So long as value holds above the 161.8% Fibonacci extension degree at 189.89, the bullish outlook stays intact. From this zone, we anticipate both:
• A continuation of the rally towards a brand new excessive above the October 27 peak, or
• A minimal three-wave response larger.
CHFJPY 1 Hour Elliott Wave Evaluation [October 30 Midday New York Update]
Following our earlier evaluation, the chart confirms that consumers did certainly step in on the blue field help zone between 190.70 and 189.89, triggering a robust rally that swiftly broke above the October 27 peak. The character of this advance seems impulsive, reinforcing the bullish outlook.
Pullback Construction and Assist Expectations
Given the impulsive character of the rally, we anticipate any pullbacks to stay corrective — ideally unfolding in 3, 7, or 11 swings — and supported for additional upside extension. Merchants who entered lengthy positions from the preliminary blue field zone ought to now be in a risk-free place.
Subsequent Space of Curiosity: 191.85 – 191.46
Trying forward, the 191.85 – 191.46 zone marks the following potential help space, the place we anticipate one other blue field to type. This area is prone to appeal to recent shopping for curiosity and will function the launchpad for the following leg larger. Nevertheless, it’s essential to notice {that a} break under the October 30 low at 190.47 would invalidate this bullish situation and recommend a deeper correction could also be underway.
Supply: https://elliottwave-forecast.com/foreign exchange/chfjpy-perfect-rally-from-blue-box/