USDZAR LONG Setup
Updated
The South African Rand has been performing beautifully against the Dollar in the past few months. However it seems that the
time for tables to turn is imminent. On the daily timeframe we have a 5 wave impulse move to the downside that has just been
completed. Therefore, a correction move is to be expected (ABC). The change in direction is supported by a lovely inverse
head and shoulders pattern (indicated by the red body-less arrows). The neckline has been respected multiple times and
as it was tested twice before with one shoulder, we can expect the same with the other shoulder. This second shoulder also
happens to be in confluence with a wave 2 pullback in the 5 wave subwaves that make up a higher degree wave 3.
A lovely alignment of events. I would love to hear your thoughts and ideas of how you see this pair performing in the coming month
Don't hesitate to use the comment section and/or like button. Thank you.
Do stay tuned for the progress updates below.
time for tables to turn is imminent. On the daily timeframe we have a 5 wave impulse move to the downside that has just been
completed. Therefore, a correction move is to be expected (ABC). The change in direction is supported by a lovely inverse
head and shoulders pattern (indicated by the red body-less arrows). The neckline has been respected multiple times and
as it was tested twice before with one shoulder, we can expect the same with the other shoulder. This second shoulder also
happens to be in confluence with a wave 2 pullback in the 5 wave subwaves that make up a higher degree wave 3.
A lovely alignment of events. I would love to hear your thoughts and ideas of how you see this pair performing in the coming month
Don't hesitate to use the comment section and/or like button. Thank you.
Do stay tuned for the progress updates below.
Note
What a beauty, Stop loss moved to break even
Trade closed: target reached
Target 1 hit
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