WaveAnalysis
Long

NZDCHF Long Trade Setup

OANDA:NZDCHF   NZD/CHF
Hello Traders

My expectation is an up impulse as C wave for a higher degree regular flat. My target for the completion of that structure is 0.71000. As you can see, we have correction after the first impulse. I don't like both its magnitude and sharpness of the B wave. That's why in my opinion, a bigger correction is more likely than a strong up impulse. That being said, the last bottom is almost 0.500 retracements of 1st wave and 0.272 extensions of A wave. We have a divergence between A and C. Finally, it got a strong reaction and bounced back which can be the reversal impulse. That's why I'm waiting for a correction to place an entry order above the last top.

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Trade with care.
Bulent
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