The EUR/NZD 15-minute chart showcases a classic Elliott Wave pattern, with a completed five-wave impulse followed by a corrective phase. The impulse wave, labeled (1) to (5), suggests the end of a bullish sequence, giving way to a corrective ABC pattern.
We observe that wave (a) has concluded, and the pattern suggests that wave (b) has potentially finished as well, typically a retracement in the opposite direction of wave (a). The market now appears to be forming wave (c), which is generally expected to extend further than wave (a), often to the 1.0 or 1.618 Fibonacci extension levels.
For wave (c), the target is indicated by the dotted blue line, with the 1.618 Fibonacci extension level at 1.77900 serving as a potential endpoint. This price level may act as a strong support zone where the corrective phase could complete, and the market might then consider the resumption of the previous trend or a further price consolidation.
It's important to corroborate the Elliott Wave prediction with other technical indicators for a comprehensive market analysis. Also, fundamental factors should be considered, as they can greatly influence currency movements. I'll be looking out for further confirmation of this potential movement and practicing prudent risk management while exploring trading opportunities in this currency pair.
We observe that wave (a) has concluded, and the pattern suggests that wave (b) has potentially finished as well, typically a retracement in the opposite direction of wave (a). The market now appears to be forming wave (c), which is generally expected to extend further than wave (a), often to the 1.0 or 1.618 Fibonacci extension levels.
For wave (c), the target is indicated by the dotted blue line, with the 1.618 Fibonacci extension level at 1.77900 serving as a potential endpoint. This price level may act as a strong support zone where the corrective phase could complete, and the market might then consider the resumption of the previous trend or a further price consolidation.
It's important to corroborate the Elliott Wave prediction with other technical indicators for a comprehensive market analysis. Also, fundamental factors should be considered, as they can greatly influence currency movements. I'll be looking out for further confirmation of this potential movement and practicing prudent risk management while exploring trading opportunities in this currency pair.
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