NZDUSD bullish wedge at potential breakout support, Part 3
Part 1 one of this analysis we caught the exact low of the bounce past week. Because the bounce was quite strong, we can expect to see at least an ABC move. Meaning, A was the bounce up, B was the drop past days and we should be able to see a C move up.
Friday we had a small bounce up as well, increasing the odds that we might have set the low for wave B and could be at the start of C now. This means we should not break the low anymore. Also bounced up from that neckline of the double bottom from a week ago. For the attentive followers, you should by now have noticed, that these neckline tend to be some very important support levels (blue circle). Showed a few with crypto as well past week. Write these things down. It's no exact science, but you need to find patterns that play out more often than that they fail. That's all we need to do with TA.
Anyway, with all these theories above, now i am going to try and find a nice entry. Seeing a small bull flag form here is a realistic play, so i am going to wait for that and if i see a nice flag form, i will get in again to catch a wave up. I don't have a target yet, but i am going to play it safe, meaning unloading on the way up. Will try to keep you up to date on this.
Previous analysis:
Friday we had a small bounce up as well, increasing the odds that we might have set the low for wave B and could be at the start of C now. This means we should not break the low anymore. Also bounced up from that neckline of the double bottom from a week ago. For the attentive followers, you should by now have noticed, that these neckline tend to be some very important support levels (blue circle). Showed a few with crypto as well past week. Write these things down. It's no exact science, but you need to find patterns that play out more often than that they fail. That's all we need to do with TA.
Anyway, with all these theories above, now i am going to try and find a nice entry. Seeing a small bull flag form here is a realistic play, so i am going to wait for that and if i see a nice flag form, i will get in again to catch a wave up. I don't have a target yet, but i am going to play it safe, meaning unloading on the way up. Will try to keep you up to date on this.
Previous analysis:
Anyway, this analysis is invalid, at least for now, since it opened at the bottom of the range again. Maybe it will offer something later today or this week