AUDNZD made a bullish reversal after the completion of an ending diagonal pattern. The impulsive rally has made a two swing high, the i-ii, (1)-(2) wave structure.
The completion of wave (2) correction which unfolded as a double zigzag, terminated at 61.8 Fib, and enclosed within a parallel channel indicated that the price action might have found a bottom in the short term.
According to Elliot Wave theory, once a correction is completed the market resumes in the direction of the impulse. In AUDNZD's case, we should anticipate a strong rally in the third of a third wave.
Trade Plan
1. Entry at green levels
2. Stop loss at the red level
Do you want to learn how to uncover such setups by yourself? Shoot me a DM.
Regards,
Veejahbee.
The completion of wave (2) correction which unfolded as a double zigzag, terminated at 61.8 Fib, and enclosed within a parallel channel indicated that the price action might have found a bottom in the short term.
According to Elliot Wave theory, once a correction is completed the market resumes in the direction of the impulse. In AUDNZD's case, we should anticipate a strong rally in the third of a third wave.
Trade Plan
1. Entry at green levels
2. Stop loss at the red level
Do you want to learn how to uncover such setups by yourself? Shoot me a DM.
Regards,
Veejahbee.