traderWgun

UPDATE: not a double zigzag, but a sideways move

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
171 1 0
My previous idea suggested that the market is doing a double zigzag ,
(https://www.tradingview.com/v/DqrCaAEt/)
but the price action in wave C within wave Y suggest that we are in
a double three or triple three sideways movment.

THERE IS 3 POSSIBILITIES:

1. (YELLOW) suggests lower degree wave (y) is completed
and it's possible that we are in a wave (xx), which would give
us another a-b-c down move before completing wave (Y).
Wave (xx) must not move 50% above wave (y),
so below .8370 this view is vaild.

2. (RED) suggests higher degree wave (Y) is completed,
but that we are doing a wave (XX) of higher degree,
which should give us a-b-c down move in wave (Z) before higher.
As mentioned, wave (XX) can't move 50% above
wave (Y), so this view is vaild below .8440.

3. (GREEN) suggests higher degree wave (Y) is completed
and the market have completed a double three and the market
should retrace the down move from the .8550 high.

The maximum retrecment of wave Y(or y) is 150%, so the market may not
reach mentioned levels in wave XX(or xx), but as below those level,
there is room for more downside.
So the outlined levels are NOT targets.

A more in dept count: https://www.dropbox.com/s/drp0i46eh4ev9gp/nzdusd.png

HOW DO WE TRADE THIS?

I will look for the weekly candlesticks for signals to go long
and daily candlesticks for signals to go short.

HAPPY NEW YEAR AND GOOD LUCK!
traderWgun
3 years ago
wave Y could also be a triangle. In that case, we are in wave d.
snapshot
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