“Do I see a pattern I recognize?” is the question every Elliott Wave analysis should begin with. The 1-hour chart of GBPCHF gives us the opportunity to answer “yes”. It shows a very clear five-wave impulse with an ending diagonal in the position of wave 5.
As visible, the diagonal has just been broken, which means that we have enough reason to believe, that the theoretical target of 1.53 should be reached. 1.53, because usually prices go back to the level, where the diagonal had started. If this is the correct count, GBPCHF is more likely to move to the south as long as the top of 1.5533 stays untouched.
