The Head and Shoulders are back. NZD looks primed to face a drop over the next couple of days, printing what can only be described as a textbook head and shoulders. Unfortunately, the only risk on this trade is that there is no specific neckline, which makes take profits a bit hard to mark, and makes the trade a bit inconsistent.
However, I have high faith that...
eurnzd was in this triangle formation for quite sometime now. Going into the 4hr I see bearish correctional moves appearing with large pip movement so I went even lower and found another correctional move and another sub correctional move inside that (pink is 15min chart).
Waiting for price to break out of correctional move and follow...
I see GBPNZD to have made the 5 wave elliott structure.
It appears to be making an ABCDE flag pattern (correct me if I am wrong or you see different).
I am not fully convinced that the E wave has finished and it may continue down for a short period of time to create a 'throw-over' before resuming the upwards trend.
I would wait for consolidation just below/just...
SHORT THIS TRADE AS THE BRIEF UPTREND has has been terminated by recent negative news for GBP. EXIT .74300
Thanks for all the kind messages :)
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