coffeeground
Long

EURNZD: Bull Wolf (uptrend continuation)

FX:EURNZD   Euro / New Zealand Dollar
Bull Wolfe Wave ( falling wedge ) on uptrend pullback. This maybe an indication uptrend will continue.
Why did you pick that point 1 location?
It's a very strange looking wedge...I see a 3 part corrective zigzag in Elliott Wave terms...notice the 1.27 extension.
Reply
coffeeground IvanLabrie
i dont know how to explain this. im sorry didnt learn alot about elliott wave, but what i know is wolfe wave (the current technique im using) is a variation of elliott wave. i dont see point 1 is important in this type of trading strategy. where point 3 and 4 is whats important. i zoomed to M30 TF and plot below image. As you can see point 3 and 4 is the same. Fibonacci retracement also the same:
snapshot
+1 Reply
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