GBPNZD correction end


elliotwave correction

my elliot wave count shows that the correction are now ended. 

the abc correction can be clearly seen on the smaller degree of wave. 

the correction of wave can be wave 2 and also can be wave b of the 3 wave cycle. 

my decision was made on the analysis is due to the structure clue.the clue that the correction was ended on the weekly and daily support.the price was bounce back to break the weekly resistance. and now weekly resistance become support.the strengthened my decision to go long for gbpnzd . 

my price action analysis on the candle formation on weekly time frame. the bullish engulfing candlestick can be clearly seen that indicates the price will go upward. 

my other clue on the chart is, the divergence on the stochastic .while the condition of the stochastic is in oversold condition. 

things to be remember that, this analysis was made on weekly chart.please be patient on the price movement. 

good luck!!happy trading!!

this forex trading idea was published for the purpose of study only. all the risk taking are at your own responsibility.

tags : forex trading elliot wave abc correction price action candlestick


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