Hi Traders,
NZDCAD seems to have completed a 5-3 (impulse-correction) cycle. Prices decline in five-wave from the top in wave (a), followed by a three-wave corrective zigzag in wave (b). The pullback retraced almost 78.6% of the sell-off, and the price action becomes weaker as it approaches the top.
According to Elliot Wave theory, once a 5-3 cycle is completed, the market resumes in the direction of the impulse which is bearish in the case.
- Target below wave (a) low is plausible in the weeks ahead
- The setup will be invalidated if the price trade above wave (a) high, red line on the chart.
- Execution from the market price ideal as long as stop-loss is maintained above high.
- The break of the green lines will further confirm the bears have indeed resumed.
Best of luck on the chart.
Regards,
Veejahbee.
NZDCAD seems to have completed a 5-3 (impulse-correction) cycle. Prices decline in five-wave from the top in wave (a), followed by a three-wave corrective zigzag in wave (b). The pullback retraced almost 78.6% of the sell-off, and the price action becomes weaker as it approaches the top.
According to Elliot Wave theory, once a 5-3 cycle is completed, the market resumes in the direction of the impulse which is bearish in the case.
- Target below wave (a) low is plausible in the weeks ahead
- The setup will be invalidated if the price trade above wave (a) high, red line on the chart.
- Execution from the market price ideal as long as stop-loss is maintained above high.
- The break of the green lines will further confirm the bears have indeed resumed.
Best of luck on the chart.
Regards,
Veejahbee.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.