AUDNZD is consolidating in the shape of a Flat correction . I'm looking for a bullish move for the coming week which should be followed by a last impulse lower to complete the corrective structure on the daily time frame.
See below for the wave count of lesser degree:
Watch for continuation after minor consolidation.
AUDNZD doesn't look the way I like it, I'm already long as mentioned before and will hold that position. However this current corrective structure looks very much like a Flat correction where wave C hardly ever overshoots the length of wave A by much. This can indicate two things; 1st, this correction is over soon and we continue lower towards our longer term projected bottom. Or 2nd, this correction will turn into a more complex corrective combination. (This ABC will only be 1 part of the overall structure) I will therefore manage my long and take profit if we break lower. In that case I will re-evaluate whether or not to re-enter.
Trade closed: target reached:
Target was reached (shown on last post) Now I will re-evaluate whether this was the start of a complex correction or not. I think it might very well be the case and price will correct more but it is too soon to tell. updates will follow.