Gbpnzdsetup
GBPNZD - EDUCATION - 10. JUNE. 2019DACAPITALTRADING V2.0:
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FOR FOREX AND CRYPTO-CURRENCY MARKETS EVERY DAY!
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1 HOUR
Small upside momentum right now
4 HOUR
Bearish waving market probably we will see new lows before heading back up
DAILY
Bearish market found support right now.
OVERALL
Expecting market to wave below previous week lows or pin that area before heading back up to our level
and even higher. Market is strongly oversold and need a pullback.
GOOD LUCK
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HAVE A GREAT WEEK
ALAN
ELLIOT WAVE: GBPNZD BEARS READY TO RESUMES A LONG-TERM DECLINEHi Traders,
The GBPNZD daily chart above revealed that the sell-off from the high at 2.0476 to the low at 1.8132 was an Elliot wave impulse structure, labelled 1-2-3-4-5. According to the theory, a three-wave correction in the opposite direction follows every impulse.
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The retracement after the impulse unfolded as a W-X-Y double three corrective structure with a simple zigzag in wave W & X, and double zigzag in wave Y. If this count is correct, the 5-3 wave cycle seems complete. The theory states that we can now expect the larger trend to resume in the direction of the impulsive sequence.
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Besides, wave (2) has already entered 78.6% Fibonacci levels, where second waves often terminate. Wave Y also equal wave W at the same level, typical relationship for a double zigzag. And last but not least, there is also a bearish rejection candle at the key resistance level.
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Wave (3) decline should easily move the prices below the low of wave (1) in the months ahead. A break below the blue ascending trendline will further confirm the bearish idea.
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Thanks for reading!
Veejahbee.
