FullTimeTrader
Short

EURNZD-zigzag ends with ending diagonal

FX:EURNZD   Euro Fx/New Zealand Dollar
378 7 10
This pair is finishing a ABC zigzag , a clear 5-3-5 structure.
Last impulse wave finished with an ending diagonal suggesting a swift decline.
We have also MACD showing bearish divergence.

Best regards.
I agree on your idea, only not sure about another spike or not.
RAINFAL!
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This is a good analysis . However, IF A and B turns out to be Elliot wave #2, wave 5 isn't accounted for yet. In my opinion divergence won't go far if there is no break in a major trendline. If you already opened your position I wish this trade all the best.
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bit of a stretch to label that thing a complete ED
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FullTimeTrader NickCoulby
thanks for you comments, i checked it on H4 chart
snapshot
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NickCoulby PRO FullTimeTrader
Looks clearer/can see rationale on 4hr.. However the post pattern behavior does not support that of a completed ED does it? Further choppiness into a wedge? Ultimately the entire diagonal would need to be retraced in less time than it took to form, which it has not.. Also wave 1 of your diagonal most definitely seems impulsive, leading me to believe this is an expanded flat structure (or WXY) with the final leg building a bullish wedge. Mere speculation until a supporting breakout/pullback, but I would be weary about entering a short on this suspected ED.
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Now price is moving to the bottom side of rising 4H channel. I expect break out this consolidation up. Think this scenario is more probable. Will buy in case of break out up.
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Thanks for your comments.
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