NZDUSD has completed a five-wave impulse move on the higher degree and a three-wave correction is expected to follow an impulse move according to the EW principle. The reversal is already in place as the price is making i-ii, (1)-(2) wave sequence. This kind of structure usually leads to a strong impulse decline in wave (3) of iii.
Trade Plan: 1. Wait for the break of the green line for sell confirmation 2. The trade setup will be invalidated if the price breaches the red line, so we have our Stop Loss there.
Do you want to learn how to spot this kind of setup? Kindly send me a DM. Best of luck on the chart, Veejahbee.