5th Wave Almost Complete - SELL The Breakdown
Good evening traders,
The NZD has been on a monster rally over the past month.
Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios.
We can see a nice 5 wave structure higher with a trend line support in play.
We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC corrective structure.
Stop losses will need to go above the most recent swing high.
Any thoughts our comments are welcome.
The NZD has been on a monster rally over the past month.
Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios.
We can see a nice 5 wave structure higher with a trend line support in play.
We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC corrective structure.
Stop losses will need to go above the most recent swing high.
Any thoughts our comments are welcome.
Comment:
We have seen a breakdown from the trend line and a lower high has formed suggesting a bearish reversal could be on the cards.