Friday, June 10, 2016

Elliott wave analysis of CHF/JPY - Is about to break above its ending diagonal resistance-line

CHF/JPY - Is about to break above its ending diagonal resistance-line 

I normally don't look at this pair, but when I saw that it has the same ending diagonal pattern as EUR/JPY I became interested. As you can compared to EUR/JPY ending diagonal, the ending diagonal here is almost about to break the resistance-line and when that happens a rally back to the origin of the ending diagonal at 117.42 should be seen, within half the time it took to build, which will be within one and half months. 
The ending diagonal resistance-line is currently sitting near 111.50 and a break above here confirms the rally back to 117.42 and above. 
The long term picture calls for a much higher rally than the 117.42 and actually calls for rally that ultimately will break above 138.92 top. 

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