Trading_Jazz
Short

(Daily) New impulse // Shark // How to get there // IF=THEN ®

FX:NZDJPY   New Zealand Dollar/Japanese Yen
FX:NZDJPY            

Potential ABCD pattern that can complete the weekly correction as a major ABC correction;

If so, I expect a bullish move ending around the weekly and monthly resistance @83.352$, forging an eventual Bearish Shark Pattern.

Taking the default ratios of a 5 waves impulse this is how it look. Just a guess.

For now, we have an ABCD pattern (cluster as target)

SHARK:
Point B:
61.8% XA
Point C:
113% to 161% AB
Point D:
161% to 224% BC            
88.6% to 113% XC
Target:
38.2% to 100% CD

Safe Trades;
Comment: Target the cluster
Comment: Respecting Support and Resistance levels
Since you posted a buy for CADJPY won't NZDJPY be a buy also are they not correlated? Still a newbie so asking as much as I can.
+1 Reply
Trading_Jazz PRO aspmgobhozi
Each pair has its own structure, there is no such correlation between pairs. The dollar index makes things move, but only for news. Although it may seem that they are correlated, they are not ... :). Thanks for comment. And have a nice trading week, or learning week ;)

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