FX:GBPNZD British Pound/New Zealand Dollar
Good question. I did occur to me, but I honestly still believe it to be correct. If you zoom in on the weekly chart, you can see that price movement during those 2 months was clearly impulsive. After that a correction is visible. I would love to give you a quantifiable answer, but I just recognize it to be the first real impulse. what gave me extra confidence is the fact that price corrected very clearly at the 1.27, 1,414 (not drawn) fib extensions of that assumed XA. Hope that makes a bit sense?
Ya, that is certainly a possibility. I would most likely look for signs of buyers failing to push the market further to the upside and wait for sellers to come back in. Let's see how this plays out. But at least we know that any selling opportunity around this region should not be avoided, since big players are very likely to be involved around this region :)