GbpChf - M Pattern H1

Let's have a look at this reversal set up on GbpChf (H1).

Elliot wave has completed a bullish cycle (0 to 5 green)

Market has formed M on top.

Short has been issued on neckline level.

StopLoss above the last leg.

Takeprofit located on the theoretical target zone.

Let's have a look on higher timeframe :

Market is bullish, and the last W pattern on H4 managed to reach target zone.

At this point, Elliot wave on H4 also indicates a completed up trend cycle.

We notice that the target zone from the M Pattern H1 is in fact a return to the previous entry price level of the last W Pattern H4 (neckline)

On Daily, Elliot wave also shows completed bullish cycle