GbpNzd Wave Analysis

There is no other thing that excites an elliotician more than seeing a wave pattern he can recognize on his chart. Such is what I have concerning Gbpnzd. 

 

If well followed, it will be rewardable.

From the daily chart, the upward move has already completed the first impulsive move ( leading diagonal) and its corrective wave ( running flat). 

 

The corrective running flat has been broken upside for wave 3 to emerge. with the thought that the third wave ( an expected 5-wave structure ) should at least expand to 161.8% extension of wave 1 from 2, this should happen at 1.4600 ( more than 4000 pips away) . 

 

Considering the fact that 1.4600 is a strong support turn resistance level, price getting to this level is possible.

 

 

We can watch price wave action in the lower intra day time frame in order to take trades piecemeal from this prospective trading opportunity.

 

On the 4 hour time frame, the price wave that broke out of the corrective flat pattern is running what looks like a 5-wave impulsive move. 

 

Presently congesting in a typical triangle pattern ( Wave 4 ). If the triangle is broken upside ( a trading opportunity), wave 5 will emerge before we see a large correction   ( a trading opportunity) . 

 

 

 

We will also trade the end of the correction if a recognized corrective pattern is formed to ride the trade up. 

 

There are potential opportunities for massive trades and the ability to follow through with patience and discipline will go a long way in the successful execution of these opportunities.

These are just forecasts, possibilities. Price will give us better information because it's the captain of the army ; the rudder of the ship.

 

We check what price presents with what we have and make necessary adjustments and decision. 

 

I will be here for updates.

Forward any of your messages to Forexmaster05@yahoo.com