Long term GBPNZD
no obvious topping confirmation
long term logscale
long term log scale
Just realized there is this IDC data that goes back to 1970... Things suddenly makes a lot more sense now.....
1. Monthly and weekly RSI at historical low
2. Daily pin bar a few days ago
3. May not play out but worth a shot in terms of risk reward
1. Range market
2. Trendline support
3. Potential double bottom last week
4. May wait daily confirmation to get long
1. Within the uptrend channel in the 4 hour time frame
2. Will see selling as price approaches 124
1. Long at the lower side of the triangle
2. Sell for long term if 0.776 is broken.
1. Long term trendline support (may not hold but can cause a little bounce)
2. Daily RSI divergence
3. No confirmation yet
On the weekly chart:
1. Two pin bars at key support
2. Confluence of key support and long term trend line support
Next few week's price action is important....
Special thanks to @DanV from whom I learnt how to count Elliot wave more professionally.
Caution: upside looks quite limited in my opinion, I am using this wave analysis just to watch for the best opportunity to go short.
It looks like we are still in ABC correction. Expected to test the 400 low again to complete the C wave before going to the moon...