Very nice and interesting setup here on /NZD/USD as we might get a Gartley completion at the same level as the 5th and final wave of the Wolfe Wave Pattern. I highly recommend you keep a very keen eye on this one as the Risk on this trade is minimum and the potential Reward is at least 5X the Risk.
The 5th and final leg of the Wolfe Wave has a tendency to overshoot the upper resistance line so you can expect it to overshoot a little bit before heading down.
Stop Loss should go above previous major resistance ( Red dotted line)
Target for the Wolfe Wave is measured by drawing a trend line from Wave1 and underneath Wave 4. If the Wolfe Wave is to complete the market should touch that trend line at some point. If you dont like the Wolfe Wave just trade the Gartley for a very nice Risk/Reward of at least 2.2/1
The 5th and final leg of the Wolfe Wave has a tendency to overshoot the upper resistance line so you can expect it to overshoot a little bit before heading down.
Stop Loss should go above previous major resistance ( Red dotted line)
Target for the Wolfe Wave is measured by drawing a trend line from Wave1 and underneath Wave 4. If the Wolfe Wave is to complete the market should touch that trend line at some point. If you dont like the Wolfe Wave just trade the Gartley for a very nice Risk/Reward of at least 2.2/1