shevectorie
Long

My EW count for the move after cash rate

FX:NZDJPY   New Zealand Dollar/Japanese Yen
58 4 3
In my opinion fundamentals respect the technicals before going to the intended direction.
This way, you don't have to rush into a trade you're uncertain of just because you think you'll get left behind.
Price just speeds up in the exploration of S/R lines so the true market reaction from an announcement could be delayed for hours or days.

I wanted to do NZDUSD             as they have similar S/R line patterns but different structures. NZDUSD             is trickier to count when it comes to EW. If you can count it, then by all means post it as comment below so I can also check your ideas.

Here's my draft...it's not pretty

Might be at Elliot Wave 4

Correlation note: If NZDUSD             moves up and USDJPY             moves up, the move up with NZDJPY             will be a BEAST.
USDJPY             is already up and have repeatedly defied my forecast of presumed A and B correction setups.


Is it likely another rate drop?
Reply
shevectorie InsideMarket
No idea really, I just don't trust the forecast.
Reply
InsideMarket shevectorie
Maybe the market already priced what would be another drop @ interest rates today.
Reply
shevectorie InsideMarket
Yes, people trade the forecast in advance so that's a very likely explanation.
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