AUDNZD, 60M, BUY
AUDNZD, 60M:
TREND(Higher Time Frames - 4Hr and D): UP
WAVES COMPLETED: W1, W2, W3
WAVE IN ACTION: W4
COMMENT ON CURRENT WAVE: W4 still in Corrective Channel. It is showing ABC structure and its not a sharp wave. So it can touch 0.382 of W3 (1.11943) and then re-trace to form W5.
RECOMMENDATION: Either BUY at 0.382 of W3 (1.11943) with a tight SL (which I won't recommend because it can even go to 0.618 of W3) or Wait for UPPER BREAK then wait for consolidation and then BUY for the W5.
NOTE: I am not an expert. Still learning... This is what I feel... May be wrong...
TREND(Higher Time Frames - 4Hr and D): UP
WAVES COMPLETED: W1, W2, W3
WAVE IN ACTION: W4
COMMENT ON CURRENT WAVE: W4 still in Corrective Channel. It is showing ABC structure and its not a sharp wave. So it can touch 0.382 of W3 (1.11943) and then re-trace to form W5.
RECOMMENDATION: Either BUY at 0.382 of W3 (1.11943) with a tight SL (which I won't recommend because it can even go to 0.618 of W3) or Wait for UPPER BREAK then wait for consolidation and then BUY for the W5.
NOTE: I am not an expert. Still learning... This is what I feel... May be wrong...
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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.