EURNZD Confirms Uptrend, but Correction is Likely
The EURNZD 4 hourly chart above visualizes the advance between July and August 2. More importantly, it reveals that the rally is a textbook five-wave impulse. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v).
According to the Elliott Wave principle, this means two things: first, that EURNZD is in an uptrend; and two, that a three-wave correction can be expected before that uptrend resumes.
However, if the count above is correct, it makes sense to expect a decline to wave (iv) low in the mid-term. Long positions in this area would not provide a much better risk/reward ratio than currently available.
- Invalidation level is the red line on the chart
- Entry is the green line which has not been triggered.
What is your view on EURNZD?
Thanks for reading!
Veejahbee.
According to the Elliott Wave principle, this means two things: first, that EURNZD is in an uptrend; and two, that a three-wave correction can be expected before that uptrend resumes.
However, if the count above is correct, it makes sense to expect a decline to wave (iv) low in the mid-term. Long positions in this area would not provide a much better risk/reward ratio than currently available.
- Invalidation level is the red line on the chart
- Entry is the green line which has not been triggered.
What is your view on EURNZD?
Thanks for reading!
Veejahbee.
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