This is my very first analysis and I might be totally incorret about it but we all started at some point, right?! :-)
Constructive comments are very welcome!
Please note that this is NOT ELLIOTT WAVE THEORY or any other common theory it's only about comparing patterns, using Fibonacci and having imagination.
Labelling is therefore not aligned with official terminology!
My basic analyis consists of impulse and correction patterns which is KIND OF comparable to wave analysis but let's get started.
1. SELL: I'd see NZDUSD coming down from around 0.69560 to 0.66800 making this the "b wave" of the bigger "abc-correction" that had started around 0.62000 (light green).
2. BUY: Starting from around 0.66750 and going to around 0.78600 this would be the "c-wave" of the mentioned "abc-correction" (light green), completing the bigger correction pattern (light blue).
3. SELL: From around 0.78600 I would see a fall to around 0.60700 or even to 0.55600, completing the biggest correction pattern (yellow).
4. BUY: From around 0.55600 (or 0.60700) I would see an Impulse up to around 0.93900, completing the ABC-pattern (yellow).
All of that is pure speculation but let's see how it Plays out. Thx!
NZDUSD
Constructive comments are very welcome!
Please note that this is NOT ELLIOTT WAVE THEORY or any other common theory it's only about comparing patterns, using Fibonacci and having imagination.
Labelling is therefore not aligned with official terminology!
My basic analyis consists of impulse and correction patterns which is KIND OF comparable to wave analysis but let's get started.
1. SELL: I'd see NZDUSD coming down from around 0.69560 to 0.66800 making this the "b wave" of the bigger "abc-correction" that had started around 0.62000 (light green).
2. BUY: Starting from around 0.66750 and going to around 0.78600 this would be the "c-wave" of the mentioned "abc-correction" (light green), completing the bigger correction pattern (light blue).
3. SELL: From around 0.78600 I would see a fall to around 0.60700 or even to 0.55600, completing the biggest correction pattern (yellow).
4. BUY: From around 0.55600 (or 0.60700) I would see an Impulse up to around 0.93900, completing the ABC-pattern (yellow).
All of that is pure speculation but let's see how it Plays out. Thx!
NZDUSD