BUY for GPBNZD after short retracement (ELLIOT WAVE THEORY)
MAJOR TIMEFRAME
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for GBPNZD. Based on my mapping i believe we are currently completing LEG C of the FLAT corrective structure in the major timeframe which should go above or at the least to the start of LEG A. As for LEG C I will be expecting it to unfold in a 5 waves up pattern.
MINOR TIMEFRAME
Looking at the minor timeframe we may see a short pullback possibily a 76.4% retracement of the previous Impulsive / 5 waves up movement before pushing further up to complete Wave 3 of the expected 5 waves up for LEG C
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to have a good push up in the long term
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for GBPNZD. Based on my mapping i believe we are currently completing LEG C of the FLAT corrective structure in the major timeframe which should go above or at the least to the start of LEG A. As for LEG C I will be expecting it to unfold in a 5 waves up pattern.
MINOR TIMEFRAME
Looking at the minor timeframe we may see a short pullback possibily a 76.4% retracement of the previous Impulsive / 5 waves up movement before pushing further up to complete Wave 3 of the expected 5 waves up for LEG C
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to have a good push up in the long term
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.