GBPNZD is in the major descending channel with the 618 fib falling exactly on the channel resistance. The inner channels upper resistance also lines up with the 618 fibonacci. Will be looking at shorting this soon - only after confirmation!
Would like to give thanks to @loudon3 for pointing out some of the things you see in this chart!
@Femfam, Hi Fem, I don't strictly go base don Elliot waves but I use it for corrections such as impulse corrections usually have 3 waves and end of trend corrections usually have 5 waves. Hope that helps!
Femfam
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@Wicktator, Thanks
FaheelFA
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How to check confirmation of reversal? A brief explanation will help a alot. Thanks
WicktatorFX
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@FaheelFA, Hi Faheel, I wait for break of trendline and wait for retest. I'll be posting the set up closer to the time:)
IsaascLam1966
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great analysis - but where did u draw yr fibs from?
WicktatorFX
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@IsaascLam1966, hey Isaac, I drew the fib for the C wave (where you see B and C)
Is your analysis based on Elliot Wave?