reganjohnd
Long

EURNZD Trend Reversal

FX:EURNZD   Euro / New Zealand Dollar
16 0 1
A triangle seems to have formed in the shorter time frames.
In the longer term it seems the current downtrend could be a corrective move for the previous uptrend. It has retraced about 50% which is a common corrective move retracement.
I'm waiting to see a break to the top, a test of the now resistance line (then support) and then a new up trend to start.
Any Elliot Wave Theorists who think we've got wave one (previous uptrend) and wave two (Current downtrend) here?
Lets see what happens.
Comment:
Comment: As predicted, the dark green triangle broke up.
The bright green trend line is a triangle from a higher timeframe which, as you can see, was broken to the top but then came down again.
I'm not sure why it did that. I think it's the first time I've seen something like this so I'm going to watch it to see what it does.
Any ideas are welcome.

Lets see what happens :)
Comment:

As expected, still going up.
Don't get eager and buy the highs.
Use indicators that you're comfortable with to determine the best low to buy at.
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