There is one more downside possible. Once it breaks the descending trendline, it will make new highs.
What appear to be the 4th leg of an elliot wave is forming and might bounce off the resistance established 4 times since start of March, I'm setting a sell stop just above the last reversal and my stop loss between the last reversal and where I expect the 4th leg to bounce. Edit : Plus the Resistance level is the same as level 0.382 of the Fibonacci retracement...
Hello Traders, Here we have 3 Wolfe Wave's(WW) WW #1 - In the grey dotted line. This WW is near it's target at #1 Geo Off-Set Rule at point 4. The Geo Off-Set Rule here plays a role in the next 2 WW's. WW #2 - In blue dashed lines. This WW is internal to both the first and third(in purple) WW's. The Geo Off-Set Rule in the first WW act's as a point of reversal...
GBPJPY wave 5 buy set up
buy GBPNZD and target 2.1836.
A bit late on this pair. But there is a clear Wolfe Wave set up. Will watch this for further updates and formations.
Extremely similar to the NZDJPY idea referenced below. A bit late on this one as well. Not the ideal set up but still a nice trade. 2-4 line has already been broken. High probability move to the upside.
I think the NZDUSD is in a C wave, this is how I expect to see the price action move going forward.
Possible bear wolf. Fibonacci 1-2 (1.27) confluence with fibonacci 3-4 (1.618). SL is ATR.
possible wave 4 triangle is forming,i am waiting for a breakout of the down trendline to sell
A nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong. The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market...