NZDUSD Long at 88.60 or play it safe and wait for the red TL to break, buy the pullback. TP = between -13 / -27 fib. After that short it, towards a new low below the 3rd wave.
* Also a possibility of a truncated 5th, 5th wave ending = near the 3rd wave and NOT below it, however I do not expect this to happen.
* Also a possibility of a truncated 5th, 5th wave ending = near the 3rd wave and NOT below it, however I do not expect this to happen.
Comment:
Didn't hit the 88.60, still fine tho. Expecting this red TL to break in these upcoming sessions, wait for the pullback. Look for an ABC correction. Dont miss that 3rd wave!
Comment:
Broke down below the b wave invalidating the possibility of it being a flat. It may be considered to be an expanding flat, i.e B wave actually begins at the 127 not in 88.60. In this picture above, the 3 waves are being depicted quite clearly since this sharp move down without any pullbacks is giving me a sign that this is an expanded one.
Broke down below the b wave invalidating the possibility of it being a flat. It may be considered to be an expanding flat, i.e B wave actually begins at the 127 not in 88.60. In this picture above, the 3 waves are being depicted quite clearly since this sharp move down without any pullbacks is giving me a sign that this is an expanded one.
Comment:
Possible TP if this scenario plays out is MIN = 27.20 fib and max: 61.80. Although i do not have the experience to know whether it would actually invalidate the bottom of the first wave. You could argue as well that this move down, if we break the previous low at 0.68900, would complete the 5th and final wave. In both circumstances downside is limited. Either its a fifth wave or within a b wave expanded flat.