gbpchf basing pattern?, page-8

GBPCHF 3H Chart:

It looks very messy, however there may be a Basing attempt in play.
I call it 'W M W' [I think the E wavers call it ABC X ABC]
This may be a False Break of the recent 1.5367 Low.
The Jan '09 Low was 1.5367, and this may be a False Break of that Low.
The DEC '09 Low was 1.5125 [don't want to go there!]
12pm [London] would be the ideal timing for a reversal rally.
[in about an hour from now]
Cheers,
U2