Classic Ascending Wedge. Wyckoff labels marked.
Riskier Sell at UTAD 2 = R61 weekly pivot
Or Sell Stop break of the lower wedge boundary.
AR= automatic rally
ST1,2,3= support test
SOW= Sign of Weakness
UTAD= Upthrust (Sign of Weakness aka fakeout)
3 normal bear divergences spotted on the 4H.
Still expecting NZD to be bullish end of next week. This week its short term bearish.
Take advantage of this head and shoulders bear trap in the meantime before we go back up. Expecting a reversal bounce of monthly pivot S3.
Sometimes its better to zoom out.
Distribution can be identified based on volume.
High prices attract sellers which creates the high volume. Basically hedge funds selling into the upmoves.
Current Wyckoff zones have been identified.
Risky sell level at UTAD has not been printed yet.
Less risky sell is at the LPSY which needs to print.
Trade how you like....