$GBPCHF: Elliott Wave B in progress

Preferred Elliott wave view is that mid-term peak has formed at 1.5123, wave A completed @ 1.4464 and wave B  in progress toward 1.4750 – 1.4792 area from where the decline should resume. Rally from 1.4463 – 1.4648 consisted of 7 swings and completed wave (( a )) of B. Pair has already tested 50% of wave (( a )) rally but another low to 1.4515 – 1.4532 can’t be ruled out before wave (( b )) completes and pair turns higher in wave (( c)). As this dip holds above 1.4463 low, we like another 3 wave rally toward 1.4750 – 1.4792 region to complete wave B and then would be the right time for the decline to resume to new lows.

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