As a technical analyst, it's essential to learn different technical approaches to market prices.
Elliot wave theory, chart pattern analysis, fibonacci harmonic analysis, candlestick price action are some of the effective elements of technical armory every chartist must equip himself with.
On October 29th, an analysis was posted here on Audnzd titled Audnzd: Upward trend to continue?. We discussed about a 5-wave bearish elliot wave impulse pattern as seen on the weekly chart.
After the end of the impulsive wave, a 3-wave correction , as expected, seems to have started as price rallied from 2015 low.
We narrowed down our elliot wave count to the hourly chart as we got a bullish trade set-up which we quickly shared with our subscribers.
All our profit targets were hit; though we were forced to close some of our trade before the final target due to a bearish reversal warning in the article titled: Audnzd: A Technical Combination.
Price rallied further, hit all targets and started falling as expected.
Will this fall continue or price will resume the rally?
The chart below is the recent weekly chart.
There is a prospective inverted head and shoulder reversal chart pattern subsumed in what could be a complete elliot wave cycle.
A complete elliot wave cycle is a 5-wave impulse trend wave followed by a 3-wave correction in the opposite direction of the trend.
With our wave count, we presume that price is still in the wave-C of the correction expected and the second wave of the C-wave is expected to end soon.
The 2nd wave of wave-C is a hourly tripple zigzag corrective pattern supported by a confluence zone.
If price is contained above 1.05 and rallied to break above 1.077, we will be prepared to get in line with a long position aiming 1.1548 as the final future price level.
Join us as we ride the trend together.
Our free signal service started last month with a 100% wins on 5 trades profiting about 2000pips.
You can take control of your trades and funds with our analysis and signals as an aggressive or conservative trader.
Send your E-mail address and phone number to forexmaster05@yahoo.com
Elliot wave theory, chart pattern analysis, fibonacci harmonic analysis, candlestick price action are some of the effective elements of technical armory every chartist must equip himself with.
On October 29th, an analysis was posted here on Audnzd titled Audnzd: Upward trend to continue?. We discussed about a 5-wave bearish elliot wave impulse pattern as seen on the weekly chart.
After the end of the impulsive wave, a 3-wave correction , as expected, seems to have started as price rallied from 2015 low.
We narrowed down our elliot wave count to the hourly chart as we got a bullish trade set-up which we quickly shared with our subscribers.
All our profit targets were hit; though we were forced to close some of our trade before the final target due to a bearish reversal warning in the article titled: Audnzd: A Technical Combination.
Price rallied further, hit all targets and started falling as expected.
Will this fall continue or price will resume the rally?
The chart below is the recent weekly chart.
There is a prospective inverted head and shoulder reversal chart pattern subsumed in what could be a complete elliot wave cycle.
A complete elliot wave cycle is a 5-wave impulse trend wave followed by a 3-wave correction in the opposite direction of the trend.
With our wave count, we presume that price is still in the wave-C of the correction expected and the second wave of the C-wave is expected to end soon.
The 2nd wave of wave-C is a hourly tripple zigzag corrective pattern supported by a confluence zone.
If price is contained above 1.05 and rallied to break above 1.077, we will be prepared to get in line with a long position aiming 1.1548 as the final future price level.
Join us as we ride the trend together.
Our free signal service started last month with a 100% wins on 5 trades profiting about 2000pips.
You can take control of your trades and funds with our analysis and signals as an aggressive or conservative trader.
Send your E-mail address and phone number to forexmaster05@yahoo.com
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