This is a Tag&Go setup long, a buy stop order,
set and forget style is right on the red line at
The red circle is the stop and 1st and 2nd
targets are in green up high.
The weekly chart above puts GBPNZD's entire decline since August 2015 in an Elliott Wave context. As visible, the currency pair spent almost 15 months to drew a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5, where wave 1 unfolded as a leading diagonal, and five sub-waves of wave 3 and wave 5 are also visible.
According to the Elliott Wave theory, a...
Price was in a short-term corrective phase of lower lows and lower highs - although price seems to want to pull back once again to med-term downtrending resistance due to inverse H&S Pattern.
Long term, we are in a phase of higher lows and higher highs (BULL)
Price has perfectly wicked off of H&S Support.
I will enter LONG when price breaks H&S...
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Small upside momentum right now
Bearish waving market probably we will see new lows before heading back up
Bearish market found support right now.
The GBPNZD daily chart above revealed that the sell-off from the high at 2.0476 to the low at 1.8132 was an Elliot wave impulse structure, labelled 1-2-3-4-5. According to the theory, a three-wave correction in the opposite direction follows every impulse.
The retracement after the impulse unfolded as a W-X-Y double three corrective structure with a...