Hi Traders,
The AUDNZD set to make a bullish impulsive move in wave (C) of a weekly zigzag pattern.
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The weekly chart (www.tradingview.com/x/Kt5Jjjkq/) of AUDNZD shows that the decline from March 2011 - April 2015 was a textbook five-wave impulse which supposed to followed by a three-wave correction according to Elliot Wave theory.
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Since April 2015 low, prices had completed a five-wave impulse in (A), a double zigzag in wave (B) and prices are in wave (C) of the supposed three-wave corrective structure.
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Not only that Elliot wave confirm the completion of wave (B), weekly price action also closed as a bullish engulfing bar from a key support level.
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Working down to the H4 timeframe, we can also see that prices have broken out of a descending wedge and resistance level in wave (i). Once the wave (i) is completed, we will look for a three-wave correction in wave (ii) to position ourselves in the emerging bullish trend.
.
The overall target for this move is around 50.0% retracement of the decline which lined up with the level where wave (A) equals wave (B).
.
I wish you all a fantastic start to Q2.
Veejahbee.
The AUDNZD set to make a bullish impulsive move in wave (C) of a weekly zigzag pattern.
.
The weekly chart (www.tradingview.com/x/Kt5Jjjkq/) of AUDNZD shows that the decline from March 2011 - April 2015 was a textbook five-wave impulse which supposed to followed by a three-wave correction according to Elliot Wave theory.
.
Since April 2015 low, prices had completed a five-wave impulse in (A), a double zigzag in wave (B) and prices are in wave (C) of the supposed three-wave corrective structure.
.
Not only that Elliot wave confirm the completion of wave (B), weekly price action also closed as a bullish engulfing bar from a key support level.
.
Working down to the H4 timeframe, we can also see that prices have broken out of a descending wedge and resistance level in wave (i). Once the wave (i) is completed, we will look for a three-wave correction in wave (ii) to position ourselves in the emerging bullish trend.
.
The overall target for this move is around 50.0% retracement of the decline which lined up with the level where wave (A) equals wave (B).
.
I wish you all a fantastic start to Q2.
Veejahbee.