lawlee9

NZDUSD - A new wave forming

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
192 0 2
I've made prior posts about NU, but now with the new price action that's developed, I thought a new post was needed. Chart looks messy, but there's logic to it. I believe we have a very large 5 wave sequence in the making, indicated by the roman numerals, and the more extended fibonacci extensions. We are currently within the 3rd wave. Now, within the 3rd wave, you can usually find another 5 wave sequence of a smaller degree to make create the wave. This is indicated by the numbers and the smaller fibonacci extensions within. From my experience, I usually expect a 5th wave to complete at either the 0% or the 23.6% retracement, which is where you will find my 5th wave targets. I also expect a 4th wave to come down and touch the 1st wave top. On the weekly time frame, price touched the 1, and went up which could have been interpreted as 4 and where price is now could be the 5. However, like I said, I expect at least the 23.6% to consider a 5 and completion of the series, and this did not get there. Neither does it look like it will get there very soon. If we switch gears and look at some trendlines , you'll notice price broke out of one and retested, which initiated the recent drive to .74920. I like to take major trendlines and create copies of them and place them at other critical points to have an idea of where price will try to go. Price where it is right now touched that parallel trendline , and is showing rejection. I know that line is in play now, and that this is the resistance level that will hold prices down for now. With such a large resistance level , price will come back down to a stronger support level . This would be where the 1 wave can be found at .70543. If it moves down to there, then that would end the 4 wave to set up for the 5. Also, that point is where the parallel line to the bottom support trendline can be found. I think we can find enough support here to break past the resistance trend line , and finish the 5 wave with strength. After that, price will have to try and retrace back to that trendline , down at IV. This is another zone of confluence and where we should expect a IV wave. This will open the doors for a move up with less restrictions to finish the V wave.
Comment: Coming back up for 1 more test of monthly resistance (light blue line). Possible double top to come back down.
snapshot
Comment: Price bounced off the level nicely. Looking to make the trek up north now.
Comment: .7100 level is appearing to be a good foundation. Add to longs from here with a stop right below .7100.
Comment: Price jumped back into the hidden trendline parallel to the major channel lines. We can see a small retracement as buyers sell off for profit taking. Waiting for London to digest the FED news and bring this a little higher.
Comment:
snapshot
Comment: 61.8% still holding...waves are still valid..
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