OANDA:NZDJPY   New Zealand Dollar / Japanese Yen
I can draw this out differently. I can move the 5 wave to be a larger leading diagonal pattern to end at "B" considering it broke the high in an impulse, which may be more accurate, but that still gives us a 1-2-3 correction. I can W-X-Y it also. The reason I drew it like this is because I wanted to point out that there are overlapping diagonal patterns ending at the .618 retrace. It has been going down and down, looking like instead of further correction, it made a running flat to go down, but then it did another one, just basically creating an ending pattern. The swing pattern says a lot of potential upside. We can even get one more up and down, but the way it looks I am on the buy. Mine is stop in profit lower though. If it were to break to downside, I still consider the swing pattern unchanged and will be looking to buy again. Like I said, it came off the 800 on the weekly and this is a crucial level and spot in pattern for reversal....

Comments

hi... ur chart shows major downtrend per ur tendlines, but ur buying --trying to catch a bounce up ( i see the previous bounce pattern ) OR u believe this is major trend reversal ????
Reply
thillygoosth cryotoman0
@cryotoman0, My trendlines have to do with diagonal patterns, I will make a very short you tube video and post on my in a few minutes to explain it better. I believe it was a great entry at the 800 on the weekly with definite potential for a trend reversal long term so I am looking for more than just a bounce, but it doesn't matter who you are, very difficult to predict exact entry on that large a move. But I will explain it. My link is below, just give me a few minutes
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out