Linton

EURNZD Is It The Big Break Now Or Not?

FX:EURNZD   Euro / New Zealand Dollar
The corrective structure on EURNZD daily chart has broken to the upside but does that mean that it is time to jump into this trade? In my opinion we need to wait for confirmation of direction before entry. I am expecting to see a flag formation at this level on the H4 time frame which if it breaks up, I will enter the long. The possibility still exists that we will see a bearish formation with a break to the downside and a completion of the next wave down on the larger time frame. I am leaning towards the long at this point in time but will wait for confirmation before entering.

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Linton
Comment: I'm watching this a a possible flag setup. A break of this flag should indicate the start of the big move.

Comment: Seems as though we may see the 5th wave before the break to the upside. Sitting on my hands at the moment waiting for confirmation.

Comment: Currently playing out exactly as predicted. We haven't quite seen the low for wave 5 as yet but we have a smaller bullish formation which is trading close to a break out, marked in red. This break could be the start of the up move or alternatively will be short lived to create a larger correction and complete wave 5 before we get the big break up.

Comment: Trading at the key resistance area of the structure. I will wait for the formation of a smaller structure outside of this larger one before entering the long.

Comments

I see a FLAG so maybe it will break to the upside. for the large uptrend continuation.
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Linton BobbyAxelrodJr
@BobbyAxelrodJr, Nice to have someone from Billions here ;)

Very possible that it will break to the upside but downside potential is still in play at this point.
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@Linton, haha no Billions without me :)
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i think yes it is, and what a beautiful chart, good job mate.
support tested and tomorrow is a good time to Long this pair if today's price closes above the trend line
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Linton Nshan
@Nshan, Indeed. I may wait for a bigger structure to form first but that would be a good entry point.
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