MAJOR TIMEFRAME
For NZDUSD, we seem to be doing a FLAT structure after a 5 Wave movement to the upside. Within the flat structure we seem to have completed LEG A which completed in a 3 wave patterm and now we are in the midst of completing LEG B which should also unfold in a 3 wave pattern. After the completion of LEG B we will be looking for MAJOR SELLS for LEG C of the FLAT which will unfold in a 5 wave pattern instead.
MINOR TIMEFRAME
As mentioned above we are currently in LEG B of the FLAT STRUCTURE in the major timeframe. We expect this LEG B to also unfold in a 3 wave pattern similar to its LEG A. Since we are expecting a 3 wave pattern for LEG B we can see that it has completed the first two of its 3 expected wave movement. Therefore now we will give focus to the 3rd wave of LEG B which is expected to go all the way to the start of the LEG A or even exceeding it by a little before falling down again for LEG C to complete the whole FLAT STRUCTURE.
ENTRY
1.As the price stands right now I will be looking for a Buy for the completion of LEG B of the flat structure in the major timeframe. Conservatively my SL would be the support level right beside the current price point. For a little more risk I may wait till the price breaks my trendline. My TP would be at the start of LEG A
2. After the completion of LEG B I will be looking for MAJOR SELL POSITIONS. I will be looking for these sells at about the start of LEG A. However price can still break slightly above before making a drop here. So beware!!!
ELIOTT WAVE STRUCTURES
FLAT (3-3-5)
ZIGZAG (5-3-5)
TRIANGLE (3-3-3-3-3)
For NZDUSD, we seem to be doing a FLAT structure after a 5 Wave movement to the upside. Within the flat structure we seem to have completed LEG A which completed in a 3 wave patterm and now we are in the midst of completing LEG B which should also unfold in a 3 wave pattern. After the completion of LEG B we will be looking for MAJOR SELLS for LEG C of the FLAT which will unfold in a 5 wave pattern instead.
MINOR TIMEFRAME
As mentioned above we are currently in LEG B of the FLAT STRUCTURE in the major timeframe. We expect this LEG B to also unfold in a 3 wave pattern similar to its LEG A. Since we are expecting a 3 wave pattern for LEG B we can see that it has completed the first two of its 3 expected wave movement. Therefore now we will give focus to the 3rd wave of LEG B which is expected to go all the way to the start of the LEG A or even exceeding it by a little before falling down again for LEG C to complete the whole FLAT STRUCTURE.
ENTRY
1.As the price stands right now I will be looking for a Buy for the completion of LEG B of the flat structure in the major timeframe. Conservatively my SL would be the support level right beside the current price point. For a little more risk I may wait till the price breaks my trendline. My TP would be at the start of LEG A
2. After the completion of LEG B I will be looking for MAJOR SELL POSITIONS. I will be looking for these sells at about the start of LEG A. However price can still break slightly above before making a drop here. So beware!!!
ELIOTT WAVE STRUCTURES
FLAT (3-3-5)
ZIGZAG (5-3-5)
TRIANGLE (3-3-3-3-3)