USD/CHF Idea for 4th wave of Elliot wave

9 Nis 2021

Since finding support and reaching a bottom in beginning of the year, pair has been moving in up direction. After reversed Head and Shoulders pattern it continued its up move for more then 700 pips. On Daily chart you can clearly see 7 waves and we are currently in termination of 8th wave or 4th in extended motive wave. Pair has reached 38.2% retracement and found some buyers right at that zone. 0.9200 is some 50 pips bellow which might be tested again. There is a RSI divergence on Hourly chart and also MACD shows buying pressure.
Idea is to buy pair at this level with stop loss being bellow 0.9200 support line and first take profit right at 50% retracement of down move. Final target area will be full retracement as confirmation of 5th impulse wave (9th extended wave).