AUDNZD waiting for corrective structure.

FX:AUDNZD   Australian Dollar/New Zealand Dollar
2130 22 99
IF the analysis i did is correct we have a 5 wave up and i am looking for a 3 or 5 wave corrective structure .
Short term sell in the corrective structure is possible if I see a lower degree correction in C wave.
Let's see what it does .

Trade with care and don't trade anyone's setup unless it fits your trading strategy.
Training : add to skype mangal457
this is perfect
+1 Reply
all can see the trend line placed
+1 Reply
People want to short it.
I don't want to go long here, but it looks bullish still.
As you say, pending correction.
anilmangal PRO IvanLabrie
Selling for a short term is possible, but I like to wait for proof it is going up or down before I take a trade. So a bear flag on 60 could be a reason to sell . I am still looking for position traders up if this proves to be a corrective structure.
+5 Reply
I am bullish on this pair. NZD CPI was poor last week, dairy prices also plunged. RBNZ interest rate decision is on Wednesday and there is a fair bit chance that they will cut further or at least be very dovish. I see a hammer on the 4 hour chart so I am guessing a lot of traders will be pre positioning themselves in to the rate decision. I have an existing long position already 100 + pip up and will be opening another long position once I see further confirmation.
+1 Reply
I learned one thing at least from this chart . really thank you
this is my view on weekly time frame; i think we must wait this week for some clues and see how price acts at these levels
+2 Reply
FullTimeTrader farid_ardavani
Nice, i have the same view
+1 Reply
Thank you for this idea Anil, here is an 11 months old idea supporting the drop
+2 Reply
NidalDarawsheh HamzaLeith
not sure how this supports the drop or even supports any thing, ST hit before TP all your lines failed with flying colours!! (that does not mean I am a bull)...just wondering
HamzaLeith NidalDarawsheh
These median lines act as support/resistance lines, The orange one was just a small one signaling a correction, Although broken, notice how price tests its different parallels. Currently price is sitting below its upper parallel. The median line I(red line) of any pitchfork gets tested many times. I am not saying this slope dictates the price movement but it is does support the corrective drop and a retest of the median line is highly probable. Hope that makes sense? I am expecting that this pair still has one push upwards.
AUDNZD correction is not over yet!!
i am ready to set up short on this pair
sir what you think now ? we should buy or not ?
I still think we had a flat and a C wave up. Now we are likely to continue down. The correction was very confusing, very deep, but the upward momentum was very strong as well.
I'm not sure about the longer term count yet, but I think the move down from the top isn't an impulse.
Please post the chart so i can see which moves you re talking about.

+1 Reply
AndyM PRO anilmangal
AUDNZD reversed as planned, going down
Anil, another good move seen! Mr. Elliot would be proud of you hahah

Congrats again!
Thank you Xaff, if you want to learn the MAGIC you should take my course , SKYPE me for more info ;mangal457.
+3 Reply
prakki79 anilmangal
Sir, I too want to learn from your course. What I need to do next?
skype me
+2 Reply
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out