I've been tracking a few FX pairs with Elliot wave principle. Chance upon this NZDUSD chart, which is at the terminal stage of wave 4.
Bearish Impulsive wave 5 should start very soon.
Pattern invalidated with close of above 0.738, by Elliot rule of wave 4 cannot overlap into wave 1
Trade idea : Short at 0.73, SL 0.738 (Close), TP : 0.513 (1.618 x Wave 1)
Bearish Impulsive wave 5 should start very soon.
Pattern invalidated with close of above 0.738, by Elliot rule of wave 4 cannot overlap into wave 1
Trade idea : Short at 0.73, SL 0.738 (Close), TP : 0.513 (1.618 x Wave 1)
Note
Trade still active. Looks like a H&S top. Break of 0.725 will have confirmation bearish bias for the above pair
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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.