AUDNZD long (Elliott Wave analysis on 1D time frame chart)
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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.