First time since 2007, SNB have increased their interest rate by 50 basis points. This occured as soon as the FED raised their interest rates. We saw a surge in the market one that day in CHFJPY. Therefore, the next step was us to wait for a 3 or a 7 swing correction. A good way to take advantage of the weak yen.
The opportunity we spotted – 1 Hour – 23th June 2022
Wave 4 is unfolding in a zigzag. Also met the minimum Fibonacci Retracement requirement of wave 4 of up to 23.6%. As you can see from the above we entered into the BlueBox zone. The BlueBox zone is wave ((c)) = ((a)) at the extreme of wave ((b)).
How is it looking now? – 1 hour – 24th June 2022
We quickly responded to this by taking 50 profits off the table, as soon we reached 50% back from wave ((b)). And then we moved the stoploss at the extreme of wave 4.
Now that we are risk-free, we will immediately wait for wave 3 extreme to break. Our target is Fibonacci Inversion of 1.236% of wave 4 at 142.37 – minimum target of wave 5.
Alternative this can turn into a double correction – either way – we will buy again then considering that we are now risk free.