CADCHF is resting this week

4 Sep 2017

CAD/CHF 's Double top formation on the Daily chart has finished forming around the .78 level; market has failed to create a higher high while respecting that long-term resistance level.

For Elliot Waves, the market has been patiently making the 123 impulse wave pattern, and now it has to go south in order to form the 4th wave.

the 4th wave may go down as long as it does not interfere with wave 1's range. this is valid for .382 and .50 Fibonacci levels of the 123 major upwards move.

In addition, the Gartley formation (XABCD) adds confluence to our logic by suggesting to go short after the D point (around .78 level)


Taking Profits:

Traders are advised to take 50% of the profits around TP1= 0.754

while keeping the other half open until hitting TP2= 0.746