Potential Long USDZAR on 240min Using our Elliott Wave Indicator suite for TradingView we have found a potential Long 5th Wave move on USDZAR, for the 240 min time frame. Looking for an entry Long Entry above 15.2000 with Stop loss just below our wave 4 on the chart attached. The Entry is conservative as our 6/4 MA High has already been broke, but we must take into consideration the recent pivot just below 15.2000 and our Elliott Wave Oscillator was broken.
The wave 4 was pretty deep, but hung on to our Red pull back zone, which represents a 75% probability that the price will go on to reach our automated 5th wave target zone at 15.5000 as shown in blue on the chart. Our parameters for Elliott wave oscillator were broken slightly, but it has crowned since. Our False Breakout Stochastic has yellow dots in the over bought zone, denoting a strong Bullish trend is present. When the stochastic pulls back against these yellow dots and crosses in the over sold zone, there is a strong probability the stochastic will return to the over bought zone.
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