AUDNZD long (Elliott Wave analysis on 1D time frame chart)
Updated
If we take a look into the AUDNZD initial uptrend starting on the very end of January , we can break the chart into Elliott Wave fractals.
As shown in the analysis , waves 1 , 2 and 3 of the motionwave have already happened and wave 4 is happening .It's expected for wave 4 to continue dropping the price until the 38.2% or 50% Fibonacci retractions from wave 3.
As you can see , there are 2 possible outcomes :(1) and (2). Now if you want to take the conservative path, order (1) is the way to go but keep in mind that price range might not meet the 50% Fib retraction.Finally about profit targets, it's expected for wave 5 to go approximately as long as wave 1 (1900 pips in this case).
you can manually adjust your positions as market progresses.
Best of luck !
As shown in the analysis , waves 1 , 2 and 3 of the motionwave have already happened and wave 4 is happening .It's expected for wave 4 to continue dropping the price until the 38.2% or 50% Fibonacci retractions from wave 3.
As you can see , there are 2 possible outcomes :(1) and (2). Now if you want to take the conservative path, order (1) is the way to go but keep in mind that price range might not meet the 50% Fib retraction.Finally about profit targets, it's expected for wave 5 to go approximately as long as wave 1 (1900 pips in this case).
you can manually adjust your positions as market progresses.
Best of luck !
Note
** main trend line is the dark green one .
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