glennmercer
Long

GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley Target

FX:GBPNZD   British Pound/New Zealand Dollar
10 months ago
On the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley ). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average . The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14.

Confluence in the PRZ:
  • Bullish Bat (1D TF)
  • Bullish Gartley (1D TF)
  • Bullish Bat (1HR TF)
  • Previous corrective wave support
  • 200MA support
  • EW Count suggests upcoming bullish impulse
  • .618CD & (A)=(B) target confluence
  • Weekly pivot support
  • Structural S/R Zone
10 months ago
Trade active
10 months ago
Comment: Up +150 pips at the time of this update.
Here is an updated wave count. I expect continued bullish movement as we progress through potentially powerful third waves.
snapshot
10 months ago
Comment: +170 pips & price has reached Bullish Bat target at .618CD
10 months ago
Comment: This position is up +432 pips as we move through those powerful bullish third waves. Here's an updated wave count:
snapshot
10 months ago
Comment: Still going strong, +550 pips so far. Here is an updated count on the 60m TF:
snapshot
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Hiisham
10 months ago
good luck :)
Reply
glennmercer PRO Hiisham
10 months ago
Thanks buddy! Great to hear from you
+1 Reply
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