EURNZD - Low might be in - Awsome Long oppotunity with >1:6 R/R!We are in a larger red ((abc)) correction and currently in wave ((b)) of 2/B.
Price is unfolding as a complex (wxy) correction and we have reasons to believe the low is in.
We should therefore see price go up in impulsive fashion (5 waves up) for red wave ((c)).
Why the low might be in :
* Wave (y) turned around at the 61.8% projection of wave (w) to (x)
* We can count an (abc) move in wave (y) and 5 waves for each of those sub-waves and the Fib proportions are also met.
* We can also count 5 waves to the upside for brown wave i.
Ideally, it's best to wait for a clear upside confirmation, turquoise wave (i) and (ii), but I don't want to give up much of this move and am willing to have a small risk therefore.
Will start with a rank 3 position and scale up when possible.
Trade Setup :
Entry: 2 possibilities - We enter on the brown wave ii, which should find support around 1.6600
- We wait for price to turn higher and make an entry once price goes above brown wave i high.
Stop: - Entry 1: 1.6528
- Entry 2: below brown wave ii.
Targets: 1) 1.7125
2) 1.7310
(those will be updated if necessary).
!!! If price moves lower and takes us out of this trade, does not mean the count gets fully invalidated.
We will have to look to buy again at a lower price.
