AUDNZD
is nearing the completion of 3 potential bullish patterns at the retest area of long term trendline support and a significant S/R zone. The wave count indicates this may be the beginning of primary corrective wave C and this could potentially be the start of a 5 wave impulse equal to or greater than the strength of corrective wave ((A)). Bullish RSI and MACD divergence adds to bullish bias. Targets are placed at previous structure high and the .5 and .618 retracement of cycle wave I. Stop loss is placed below ((5)) Confluence in the PRZ:
- Bullish crab pattern completion
- 5.5BC projection (crab)
- 3.5AB=CD (crab)
- Bullish butterfly pattern completion
- 2BC projection (butterfly)
- 1.786AB=CD (butterfly)
- 3 year trendline possible retest
- .618((A))
- Intermediate fourth wave support
- Bullish RSI divergence
- Bullish MACD divergence
- Bullish Wolfe Wave setup
AUDNZD Daily Chart, 3 year trendline S/R:
AUDNZD Hourly Chart, WW + Crab + Butterfly:
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