EURNZD - Daily, huge corrective pattern leading to long setup
This is on the daily chart so the potential reversal zone is huge, between 1.48982 and 1.44329. Once we get there I'm waiting to see some sign on the daily that this corrective move down is finally complete. After that I'm watching smaller timeframes for a long setup.
**FROM THE LINKED IDEA BY CHARTISTRY BELOW**
"Look for 1.46653 as your highest probability target and 1.42175 as the second highest probability target before any upward momentum sets in"
There are a couple ways of looking at this pattern. Because point B is more than 50% retracement of the XA leg it could be measured as a Gartley pattern. Making the completion point D near the 78.6% retracement of XA (1.48982)
However, since point B is also less than 61.8% it could be seen as a Bat pattern. Making the completion point D farther down, near the 88.6% retracement of XA (1.44329)
Measuring AB=CD (red lines) points to a completion nearer the lower target, but still right within the 1.48982 to 1.44329 kill zone.
Considering the initial impulse up (XA leg) was almost 5,000 pips I think this one bears watching closely
**FROM THE LINKED IDEA BY CHARTISTRY BELOW**
"Look for 1.46653 as your highest probability target and 1.42175 as the second highest probability target before any upward momentum sets in"
There are a couple ways of looking at this pattern. Because point B is more than 50% retracement of the XA leg it could be measured as a Gartley pattern. Making the completion point D near the 78.6% retracement of XA (1.48982)
However, since point B is also less than 61.8% it could be seen as a Bat pattern. Making the completion point D farther down, near the 88.6% retracement of XA (1.44329)
Measuring AB=CD (red lines) points to a completion nearer the lower target, but still right within the 1.48982 to 1.44329 kill zone.
Considering the initial impulse up (XA leg) was almost 5,000 pips I think this one bears watching closely
