EURNZD-zigzag ends with ending diagonal

FX:EURNZD   Euro / 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.
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.
bit of a stretch to label that thing a complete ED
FullTimeTrader NickCoulby
thanks for you comments, i checked it on H4 chart
NickCoulby 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.
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.
Thanks for your comments.
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out