NZDUSD - Up move coming to an end, short the pullback - Good R/R

This 5 waves move up is coming to an end, making wave A, meaning we now will see a correction lower, ideally, to the 0.618 Fib Retracement @ 0.6600 as wave B before going higher again in wave C in a 5wave move.

Why I think price will turn :
- In wave ((v)) we can count 5 waves up (in orange) and orange wave v is at 0.618 Extension of 5v1 & 1.618 Extension of 5v1+3, wich are ideal ending points for a wave 5.
- Wave ((v)) itself is less than 10pips away from 5v1 100% Extension.
- Notice also the Divergence.


Trade Setup :

* Entry : Wait for channel break/ MA cross/Bearish candle formation/ MACD crossover/ or all together.

* Stop : Above last high

* Target 1 : 0.6700
** Target 2 : 0.6654
*** Target 3 : 0.6600


Once Target 3 is hit, use a trailing stop if you think price will go lower.

Notice, wave B can go below wave A start in case of a Flat

Comment:

Price fell 50pips already.
I don't like this gap because price has a tendency to fill those.

Comment:

This alternate count suggests we might be in a Running Triangle, meaning wave (4) is not yet in place, so, the correction we will see won't be as deep as if wave (4) is already in place at 0.67058.

If this alt count is correct, we will see price reach the lower channel line and slightly go outside while remaining above 0.67058 (pink line) before it rallying up again for a final wave 5.

Comment:

Because of this, have a good look at the market once price reaches the blue box for a potential reversal.

In any case, Bulls will have to sit this one out and wait for a deep retracement which should hold above 0.6424 (red line)

Comment:

Please comment what you think about the diagramm explaining the "Running Triangle"
Does it help understand more what I'm talking about ?
Should I do this every time or not ?

Comment:

Gap was not filled, but we got a better entry at the 0.618 - 0.786 zone.
65pips down already.
Keep an eye on the target zone.

Stop moved to 0.6817

Comment:

Update here