RavingEagle
Long

Commdoll conjunction - Wave ( v ) to complete Wave 5

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
91 3 0
Interesting potential of Wave ( v ) starting at conjunction of:
Test of 1.618 Fib level resistance
Bottom of Wave ( iv ) level reaching its limit at top of Wave ( i ) level
Bollinger Bands extreme being reached
Resistance of 50 Simple Moving Average (on the close)
...to complete Wave 5

Risk / Reward > 1 : 1.5
Hi, thanks for sharing your analysis. Hope you won't mind me commenting as follows:
1. wave iii in of the low on your chart appears too short and not sure that it should be labelled like that (referring to initial move of the low)

2. The wave 1 in yellow looks like a 3 wave zigzag rather then 5 waves.

So if we follow your counts it might be possible larger ABC move up with wave C still in progress and wave v of 5 to develop.

Conversely I it might have already topped having retraced the previous decline in which case it will break down below your MAs.

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Hello DanV, thank-you for your input... I do understand the way you see it - I need to be extra vigilant with my wave counts! Best Regards
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DanV MOD RavingEagle
You are welcome.
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