CHFJPY WAVE ANALYSIS (NEAR TERM PICTURE)

This symbol is probably one of the most difficult if not the most difficult forex symbol to trade. No wonder it has such obscure waves and exhibit some of the anomalies of wave analysis which Ralph Nelson Elliot talked about in his book. We have identified the five-wave correction from the January 2023 low (137.5). The January 2023 low is wave a of the long-term bullish trend from September 2019. And the current high of 147.5 (wave 5) is wave correction b of the long-term bullish trend of Sept 2019 and also the 0.786 fib of the September 2022 high. With these established, we are set to go down from here. Further, the huge RSI divergence between wave 3 and 5 adds to the bearish bias. The symbol has currently made a first minor wave correction down. If our wave analysis is right, I expect price to hit the near-term target at 143.7 soon.