wstipp18

Daily GBPNZD Bat Pattern Setup With Elliott Analysis

Short
OANDA:GBPNZD   British Pound / New Zealand Dollar
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3
Now in these next few weeks GBP is going to weaken, giving us numerous trade opportunities. I'm shorting GBPNZD because I think we have had enough corrections to complete the Y leg and we are now looking for the fall. It's not going to be impulsive but rather more choppy with numerous pullbacks. These pullbacks actually give us more opportunities to get in more trades on lower timeframes like the M60 or M240. I don't trade advanced patterns like the bat on their own but this one lines up with my Elliott analysis. We've also just bounded off a major area of resistance. I think we are probably in a corrective contracting triangle in the bigger picture.