Monday, June 20, 2016

Elliott wave analysis of CHF/JPY - The ending diagonal resistance-line near 109.44 about to be tested again



CHF/JPY - The ending diagonal resistance-line near 109.44 about to be tested again

On June 10 I posted an article saying the the ending diagonal resistance-line near 111.50 was about to break (you can see that post by clicking here). Well I was a wave too early and the ending diagonal resistance-line held for one final decline to 107.13. 
This final decline performed a classic under-throw of the ending diagonal support-line and quick return into the ending diagonal formation, which normally is a strong indication of the bottom being in place. To confirm that the ending diagonal is complete, we need a break above the ending diagonal resistance-line currently near 109.44 and above here will call for a rally towards the origin of the ending diagonal at 117.41, within half the time it took to build the ending diagonal. 
Long term, much higher levels will be expected. 

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