GBPNZD: the beginning of a longterm uptrend
Updated
This is my time at mode analysis of this pair.
Currently kicking off with a strong uptrend off a longterm mode.
The horizontal lines map different areas of high volume from the past, which were 'fair value' at one given time.
They are magnetic in nature and offer valuable clues as to where price will move, or where price will stop and reverse.
In Elliott Wave terms, there's a clear impulse in sight, but I'm not 100% sure about its construction.
Quoting my friend's Nick Coulby's work, this might be the start of the 3rd wave, inside a larger 5 wave structure.
This could always resolve into a series of nested 1-2,1-2 impulses that end up in an explosive move up, so I'll just focus on buying the correction completion.
Currently kicking off with a strong uptrend off a longterm mode.
The horizontal lines map different areas of high volume from the past, which were 'fair value' at one given time.
They are magnetic in nature and offer valuable clues as to where price will move, or where price will stop and reverse.
In Elliott Wave terms, there's a clear impulse in sight, but I'm not 100% sure about its construction.
Quoting my friend's Nick Coulby's work, this might be the start of the 3rd wave, inside a larger 5 wave structure.
This could always resolve into a series of nested 1-2,1-2 impulses that end up in an explosive move up, so I'll just focus on buying the correction completion.
Trade closed: target reached
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