MAIN CHART ABOVE (4HR CHART)
From this 4HR chart of NZDUSD, the subwave breakdown of this wave (3). By my count, we have not seen the end of the wave (3) yet and in fact, the wave (v) of (3) is ending in a probable ED that is also a POTENTIAL . The target line of this is right in line with my wave (4) projections.
In the Weekly chart of NZDUSD, what we are seeing is that this pair is in a overall downtrend but at the moment is in the corrective wave 4 retrace and that wave 4 is not yet done. We should see another push higher before the correction is done with. There is also a POTENTIAL that is waiting to be filled that could be defining the end if the wave 4.
This shows my wave count for this convoluted upward progression of this wave 4. Now that things are more clear, we can see that this wave 4 is unfolding in a 5-3-5 pattern with the waves (a) and (b) already completed. The wave (c) is in progress and currently, prices should still be in the wave (3) of 4. The POTENTIAL Bat that I show in the above Weekly chart is defining this move up and here is clearly visible as to the internal wave count of that CD leg.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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