I'm going short on NZDUSD based on the 3-hour chart. The Elliott Wave pattern indicates the completion of wave (b) and the onset of wave (c) correction. My target for wave (c) is the 0.618 Fibonacci extension level at 0.60712, with possible deeper corrections to the 1.0 level at 0.60234 and the 1.618 level at 0.59462.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting downward momentum. Entering at the current price level of 0.61247, I expect a decline to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting downward momentum. Entering at the current price level of 0.61247, I expect a decline to the indicated Fibonacci levels. The stop-loss is set just above the recent high of wave (b) to manage risk effectively. This setup provides a favorable risk-reward ratio for a short position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.