EURNZD is one of the FX charts with a clear Elliot Wave structure at the moment.
The decline from the high took the shape of a classic Elliot Wave impulse pattern, labeled i-v.
According to EW theory, a three-wave correction in the opposite direction follows every impulse pattern. That's why we're anticipating at least a-b-c zigzag move to the upside.
However, once the correction is completed, the major trend resumes in the direction of the impulse, which is bearish in the EURNZD case.
Trade Idea:
- Short-term buy from or below the current level
- Longterm short once we see at least three-wave move to the upside.
The decline from the high took the shape of a classic Elliot Wave impulse pattern, labeled i-v.
According to EW theory, a three-wave correction in the opposite direction follows every impulse pattern. That's why we're anticipating at least a-b-c zigzag move to the upside.
However, once the correction is completed, the major trend resumes in the direction of the impulse, which is bearish in the EURNZD case.
Trade Idea:
- Short-term buy from or below the current level
- Longterm short once we see at least three-wave move to the upside.
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