GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14.
Confluence in the PRZ:
Bullish Bat (1D TF)
Bullish Gartley (1D TF)
Bullish Bat (1HR TF)
Previous corrective wave support
200MA support
EW Count suggests upcoming bullish impulse
.618CD & (A)=(B) target confluence
Weekly pivot support
Structural S/R Zone
