Pls. note that this is NOT ELLIOTT WAVE Theory but a mix of multiple tools like waves and Fibonacci and a bit of Imagination...
This is my very first trading idea and I might me totally incorrect about the future development but what I saw today doing the (W) analysis might be worth a consideration.
Constructive comments are very welcome. :-)
Let's get it started:
What I'd see now is a SELL from currently 0.69560 to around 0.66870 which would be a 61.80 % retracement from what I'd consider the "a wave" completing the "b wave" of the "abc-pattern".
After that we could expect a BUY from around 0.66870 to around 0.78300 forming the "c wave" of that "abc-pattern" that originally had started around 0.62000.
This would be a 127.20 % extension of the my "a wave" and at the same time a 61.80 % retracement of the first Impulse the originally had started around 0.883680.
Next we might see a drop and make it a SELL from 0.78300 to around 0.60600 or even 0.55600
NZDUSD
creating the second impulse preparing the up move and make it a BUY
from around 0.62000 aiming for 0.94000 which is the 127.2 % Extension of the very first bigger Impulse that had started at around 0.39000 back in the year 2000.
This is my very first trading idea and I might me totally incorrect about the future development but what I saw today doing the (W) analysis might be worth a consideration.
Constructive comments are very welcome. :-)
Let's get it started:
What I'd see now is a SELL from currently 0.69560 to around 0.66870 which would be a 61.80 % retracement from what I'd consider the "a wave" completing the "b wave" of the "abc-pattern".
After that we could expect a BUY from around 0.66870 to around 0.78300 forming the "c wave" of that "abc-pattern" that originally had started around 0.62000.
This would be a 127.20 % extension of the my "a wave" and at the same time a 61.80 % retracement of the first Impulse the originally had started around 0.883680.
Next we might see a drop and make it a SELL from 0.78300 to around 0.60600 or even 0.55600
NZDUSD
from around 0.62000 aiming for 0.94000 which is the 127.2 % Extension of the very first bigger Impulse that had started at around 0.39000 back in the year 2000.