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...
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Bearish market movement below previous lows.
Price action increasing and probably taking out long holders.
Daily structure very bearish at its support now, expecting a bullish rallie or pullback...
Forming double top in M15 in confluence with MACD forming LH (lower-high), for a probably M formation and testing of 200MA. For higher time frame confirmation in H1 price action has been up-trending within a channel where missing leg will head back to the support line of the channel, also in confluence with MACD divergence. S/L: 36 pips R:R 1:2