This is How the 5-0 Pattern Looks Like #forex

FX:EURNZD   Euro / New Zealand Dollar
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This is not a forecast that the pattern will complete. This is just an illustration of the harmonic 5-0 pattern. (Price could go in any direction from current levels).

The Pattern
  • The first requirement for the pattern is a new low that exceeds the prior low( Point B and X)
  • Point B should be within the range of 1.13 and 1.618. Shouldn't exceed 1.618 extension of wave XA
  • A rally should followe now, creating wave BC , where it should reach at least near the 1.618 extension of wave AB, and can reach up to 2.24.
  • A correction of wave BC should follow, the correction should complete wave CD at point D.
  • Point D should be around 0.5 retracement of Wave BC . Thats the "Potential Reversal Zone" OR PRZ of the pattern
  • This is not a place where you immediately Buy. Its a place to look for buy confirmation signals over the lower time intervals.

As you can see, the pattern on chart is still a potential pattern, and far from complete. So that doesn't mean that we should look to short now looking for a move to point D.

Good luck
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great stuff but the Cpt needs to be a 1.618 minimum to setup 5-0
Excellent!!!! Congractulation!!!!
EURNZD, the measured move is 1.52. Let's see if we get a pulback.
Thanks much. This kind of post is much appreciated.
Very nice chart. I couldnt have done it any better.
But NZDUSD W1 pin bar massive sell orders got hit.
Should push your EURNZD higher.
dionvuletich PriceActionTrading
yes it is also on the AUDUSD and GBPUSD
dionvuletich dionvuletich
= supposed dollar strength
I would say NZD weakness being triggered as AUD/GBP/EURUSD have not landslide yet.
But both assumption are also true.
Technician PriceActionTrading
Coming up : AUD Retail sales and China PMI . will AUD Follow?
+2 Reply
dionvuletich Technician
Check the weekly AUDUSD if it breaks the low = bearish kangaroo tail sell signal
+1 Reply
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