AUDNZD reversed as planned, going down

FX:AUDNZD   Australian Dollar / New Zealand Dollar
247 11 4
AUDNZD             executed all three waves of a flat correction and is heading down, a good first impulse is completed (visible on 1H charts). I expect the movement to continue and to reach the target of 0.92 of wave 5 of a larger movement. The correction was large enough in terms of duration which makes me believe it will be a simple one (no X waves this time).

Note that this is a very long term movement - the decline may last 6 months or more, so it may not be worth you margin in order to keep this position active.

(See original projection attached).
The count gets really strange here, don't you think?
Do we fade this rally? I'm not sure yet.
AndyM IvanLabrie
the correction could be a flat.. I'll hold my position for a while. There was an impulse down, with nothing else related to it - so we need to have a 5 then a 3 and then again a 5 at least once..
AndyM IvanLabrie
the problem is that the markets seem frozen these days. July and Aug are dead. After Jan-June good trading I was not used to such slow movements ..
Not only slow, but chaotic.
Maybe it's time to stay away.
AndyM IvanLabrie
Personally, I'm waiting for the big bang with no big positions these days. This will be the opportunity of a lifetime, and luckily it happens this year - so I'm very excited by that.
+1 Reply
Hanu727 AndyM
Big move on AUDNZD. Wonder if it will blow past the last high of 1.1430 or start to make its way back down. Good Luck
Hey, very interesting analysis, i'm also short

there's a bullish rally at this moment, what do you think?
AndyM PhilFX
I think it's a correction - could retrace 61.8% to 1.1272 but more likely will stop at 38.2% at 1.1175.
PhilFX AndyM

makes sense, i was so absorbed with other indicators, i forgot about the basics!

thank you
Interesting take, expanded flat.

I'm short as well, reentered today.

Had shorted the top but somehow chickened out.

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