Hello friends
In the NZDCHF currency pair chart, we are witnessing the formation of a complete Elliott wave pattern. These waves from 1 to 5 are clearly defined. Now this 5-wave pattern is an upward contracting triangle that usually forms in waves 1 or 4 or 5 or C.
Considering the counting of the previous waves, which is a wide ABC with a C wave extended or waves 1 to 3, we assume that we are facing wave 1 or 4. It is definitely not wave 5 or C.
So if it is wave 1, then it must correct at least 50 to 61.8% of Fibonacci from wave 1.
So the first target is the 04800 range.
If it is wave 5, it must go below the bottom of wave 3 and the second target is at least the 04600 range.
This movement usually occurs with a break of the trend line and a pullback to it.
Good luck and be profitable.
In the NZDCHF currency pair chart, we are witnessing the formation of a complete Elliott wave pattern. These waves from 1 to 5 are clearly defined. Now this 5-wave pattern is an upward contracting triangle that usually forms in waves 1 or 4 or 5 or C.
Considering the counting of the previous waves, which is a wide ABC with a C wave extended or waves 1 to 3, we assume that we are facing wave 1 or 4. It is definitely not wave 5 or C.
So if it is wave 1, then it must correct at least 50 to 61.8% of Fibonacci from wave 1.
So the first target is the 04800 range.
If it is wave 5, it must go below the bottom of wave 3 and the second target is at least the 04600 range.
This movement usually occurs with a break of the trend line and a pullback to it.
Good luck and be profitable.
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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.