GBPNZD UPDATE

Elliot wave theory shows how human psychology is reflected in the charts . It is a roadmap to how traders behave or respond to market events. This phenomenon is shown in clear patterns, corrections or trends.

The last update on Gbpnzd showed a comprehensive all-encompassing market analysis that described the possible direction and resting zones to watch out for. Read the analysis titled GbpNzd. There were four probable patterns that price was expected to form.

The recent bearish move was a clear correction. Yes! A double zigzag, a textbook one. You know I love textbook patterns. They are very reliable. Once spotted, a trader can trade with a great degree of confidence and, of course, an acceptable capital exposure. The analytical chart below shows the clear double zigzag and how price responded in what look like an Impulse.

You can view the chart clearly by clicking on it or clicking this link .

What information can we get from this?. Gbpnzd will more likely continue the bullish move and the first scenario of the Gbpnzd analysis will be satisfied especially when the trendline is broken upside. 

An elliot wave pattern trader who was able to spot this pattern is already in  profits.

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