Correction ending?

This major correction is now approaching the 61.8% fib retracement so I'll be looking for a long trade back to the top of the channel. Remember we do not try to predict the turning point - you'll lose money that way. Price could easily push lower so wait for a break of the trend and long entry set up.

I update ideas as they develop so remember to follow to receive them. You can also follow updates via twitter (link via my TV profile)

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

Comment:

We'll be looking for something like this (see chart) If price pushes lower we simply wait for the same set up. Remember we predict a trade and wait for the set up - if it does not happen we stay out and protect capital

Comment:

OK that was fast. No set up so I am not in this trade yet. I'll now wait see if we get a nice correction for an entry

Comment:

OK this has pushed further and faster than I expected but the forecast remains the same. We are getting a correction at the moment and I'll be looking for an entry opportunity. Wait for the break because it may still make a deeper correction.

Thank you for all the congratulations that I've received for this accurate forecast but as anyone who know me will tell you I like to be very honest.

I missed this trade because I wasn't keeping an eye on the economic calendar. I expected a slow turn and break of the downward trend instead we had the news that NZ were not going to change their interest rate.

I don't trade the news but if I'm expecting a move in a certain direction which corresponds with a news release I will expect a quick break out and so trade it differently. Hope this helps

Comment:

This looks like a running flat or the start of a diagonal. This may take us all the way to the top of the channel but I suspect we may get a correction before we get there. At the moment I'm holding on to my long position but I would not recommend opening any new trades until we see where it's going.