Bosphorus_Capital
Short

NZDUSD first 5 waves down after the upwards correction

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
116 2 3
It seems like the downtrend is back in NZDUSD             . It should resume soon after the B/II correction is over.
I'm an Elliott wave student. What do the enclosing lines on waves 1 and 5? I've noticed it on some of your other charts too. Looks handy. Thanks.
Reply
Thanks for the question.

I think what you mean are the diagonals (they are called wedges in classical technical analysis). In wave 1 it's a leading diagonal and in wave 5 it's an ending diagonal. The lines are 1-3 /2-4 trendlines that converge.
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