Chartistry

$NZDCAD | Bearish GEO & Wolfe Wave | Targets Defined

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Hello Traders,

$NZDCAD is currently in a strong uptrend with no plans of reversing any time soon. However, looking at the overall structure, we can clearly see a Bearish Geo             formation. To define points 5, 5', and 5" I always look for the completion of an AB=CD pattern. This is usually a good indicator or where price will reverse in the GEO'.

The lines in red define the highest probability targets. The darker the color, the higher the probability. The targets defined will also act as a level of reversal for price. The lighter colors indicate the strength of the reversal. The lightest color then, has the highest chance of reversal. Making sense?

The forecast, for now, is bullish .

Stay tuned,
Chartistry

Comment: Update:

Internal Wolfe Wave formed. Although original targets remain in force, do not ignore the development of an internal Wolfe Wave

snapshot
Comment: Yesterday the first target was.
Comment: hit.
Comment: UPDATE: Traders,

Make note of the Potential Target Before Decline. This area remains a High Probability target, whereas the lower targets are Very High Probability Targets.

snapshot


I will update this chart once a buy signal comes into play.

Best,
Chartistry
nice man so is it valid to say the downtrend maybe in january will drop like wave 3-4
Reply
@Raja8934, Thank you.

Based on the model I use to calculate the targets and overall strength of the trend, it looks like NZDCAD is not done pushing the boundaries of its upper limits. The Medium and Light Red targets are still in play. Time is the one thing I have yet to understand in the markets so I can't accurately tell when the market will switch gears long in advance. Does this help answer your question?
Reply
Raja8934 Chartistry
@Chartistry, of course bro thanks
Reply
Thanks for your great analysis!
Here is my view on NZD/CAD if you are interested:

Based on Market Profile (volumes) and Price Action are three very strong resist/support zones. All of them were created with heavy volumes of big players - you can see it on the Cummulative Volume on the right side. The closest level: 0.94426 is placed on the biggest volume of the year (Point Of Control). The biggest volumes of the year were placed there and moved the price agressively lower. This is definitely the place I would like to go short!

There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
 NZD/CAD swings based on Market Profile and Price Action
Reply
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