GBPCHF Downtrend Underway

The GBPCHF downtrend is underway. The decline from 2.4426 is in 5 waves and is most likely wave 1 of larger wave 3 down. Look for a bounce to at least the former 4th wave of 2.3822 for a chance to get bearish (or add to the position if already bearish). The line drawn off of the 7/25 and 9/4 highs is potential resistance as well. Ultimately, the bearish objective is the 161.8% ext of 2.4963-2.3758/2.4426 at 2.2477