OANDA:USDZAR   U.S. Dollar / South African Rand
It looks like the early stages of Elliiot Wave. It may be too early to make a forecast, but that's exactly why it's so fun to!

I'm hoping price follows my W-X-Y pattern somewhat...and ends up around the 13.10000 mark for my Take Profit Zone
Nov 09
Trade active: So far it's playing out nicely!
Nov 13
Comment: Looks like it wanted to form the Bearish 5-0 instead

Comments

how on point is this looking! wow
+1 Reply
@mrsceleste, I'll have to adjust the points as price forms them, but it's at least a solid template so far. And when ZAR moves, it MOVES!
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mrsceleste staringatskyline
@staringatskyline, but look at where it stopped..totally right on the trend line
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@mrsceleste, good! Primed and ready for a drop!
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mrsceleste staringatskyline
@staringatskyline, Here is my copy
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@mrsceleste, that looks great! The drop will be huge again
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mrsceleste staringatskyline
@staringatskyline, Well I was talking to another trading partner just now. He thinks it's a reversal and price will go back up. If it breaks this key level I think he may be right..we really can only watch closely and see and maybe study fundamentals as well. Fundamentals are huge with this pair..what's going in in South Africa economy.
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@mrsceleste, Is it only fundamentals that he thinks would cause price to keep going up?
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@mrsceleste,

Also a possible Bearish 5-0 pattern if fundamentals don't screw it up
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mrsceleste staringatskyline
@staringatskyline, I really believe it is more bearish and this is a correction. He didn't say anything about fundamentals. He doesn't trade off fundamentals just technicals. How the next couple of candles on the 4 hour and above close on Sunday will say a lot.
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