BUY FOLLOWED BY MAJOR SELL (ELLIOT WAVE)
MAJOR TIMEFRAME
For NZDUSD, we seem to be doing a FLAT structure after a 5 Wave movement to the upside. Within the flat structure we seem to have completed LEG A which completed in a 3 wave patterm and now we are in the midst of completing LEG B which should also unfold in a 3 wave pattern. After the completion of LEG B we will be looking for MAJOR SELLS for LEG C of the FLAT which will unfold in a 5 wave pattern instead.
MINOR TIMEFRAME
As mentioned above we are currently in LEG B of the FLAT STRUCTURE in the major timeframe. We expect this LEG B to also unfold in a 3 wave pattern similar to its LEG A. Since we are expecting a 3 wave pattern for LEG B we can see that it has completed the first two of its 3 expected wave movement. Therefore now we will give focus to the 3rd wave of LEG B which is expected to go all the way to the start of the LEG A or even exceeding it by a little before falling down again for LEG C to complete the whole FLAT STRUCTURE.
ENTRY
1.As the price stands right now I will be looking for a Buy for the completion of LEG B of the flat structure in the major timeframe. Conservatively my SL would be the support level right beside the current price point. For a little more risk I may wait till the price breaks my trendline. My TP would be at the start of LEG A
2. After the completion of LEG B I will be looking for MAJOR SELL POSITIONS. I will be looking for these sells at about the start of LEG A. However price can still break slightly above before making a drop here. So beware!!!
ELIOTT WAVE STRUCTURES
FLAT (3-3-5)
ZIGZAG (5-3-5)
TRIANGLE (3-3-3-3-3)
For NZDUSD, we seem to be doing a FLAT structure after a 5 Wave movement to the upside. Within the flat structure we seem to have completed LEG A which completed in a 3 wave patterm and now we are in the midst of completing LEG B which should also unfold in a 3 wave pattern. After the completion of LEG B we will be looking for MAJOR SELLS for LEG C of the FLAT which will unfold in a 5 wave pattern instead.
MINOR TIMEFRAME
As mentioned above we are currently in LEG B of the FLAT STRUCTURE in the major timeframe. We expect this LEG B to also unfold in a 3 wave pattern similar to its LEG A. Since we are expecting a 3 wave pattern for LEG B we can see that it has completed the first two of its 3 expected wave movement. Therefore now we will give focus to the 3rd wave of LEG B which is expected to go all the way to the start of the LEG A or even exceeding it by a little before falling down again for LEG C to complete the whole FLAT STRUCTURE.
ENTRY
1.As the price stands right now I will be looking for a Buy for the completion of LEG B of the flat structure in the major timeframe. Conservatively my SL would be the support level right beside the current price point. For a little more risk I may wait till the price breaks my trendline. My TP would be at the start of LEG A
2. After the completion of LEG B I will be looking for MAJOR SELL POSITIONS. I will be looking for these sells at about the start of LEG A. However price can still break slightly above before making a drop here. So beware!!!
ELIOTT WAVE STRUCTURES
FLAT (3-3-5)
ZIGZAG (5-3-5)
TRIANGLE (3-3-3-3-3)
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.