traderWgun
Short

UPDATE: a flat in the marking

FX:GBPNZD   British Pound/New Zealand Dollar
116 2 1
This is a flow up for this idea from 23 days ago:
First leg in a big correction


We got a bearish reaction (in 3 waves) as expected, but then the market retraced
around 90% of the fall in 3 waves, which give this price action a look of a flat.

The market should now drop in 5 waves and at least challange the 1.95 level,
but it could go lower.
ForceFollower
2 years ago
I can see you predict a significant weakening of the sterling. I may be wrong, but that would run contrary to my expectations. The psychological barrier of 2.000 no longer exists here, and it should be possible for it to advance upward. But overall, I don't know, very hard to say.
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traderWgun ForceFollower
2 years ago
-no, the pound will probably remain strong in the long term (until gbpusd reaches 1.73) but I think the NZD will be stonger in the coming weeks at least.
The weekly and daily candle sticks on the gbpusd are not very bullish and the market should remain weak for a while.

The market pyschology is very confused, which it should be in a flat, but in terms of EW; 5 waves up followed but 3 down and 3 up is always a sell.
Could be a triangle mind you, but the bigger market structure does not support that view at the moment.
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