paweld

Waiting for correction end

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
247 6 3
After nice 5 wave impulse I'm waiting to complete correction - first potential levels marked on chart.
If the market would agree with you, then it would build a S-H-S pattern and the the target would be quite lower.
I prefer a run trough(with a smaller upward correction, perhaps) as I cannot see an oversold condition yet. The target would then be at the top of your wave ((1)). There lies a resistance that had been tested as a top 6 times in the daily time frame.
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paweld motleifaul
Yes, it would look like Head and Shoulders. A target at wave ((1)) top is surely possible too - it's close to 50% ret.
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It is still possible.
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paweld motleifaul
We're at 88,6% ret. - but rather 3rd than C wave....
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Thanks for feedback :)
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A very nice study. I agree with you.
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