Those who might know me from before I was posting on Tradingview might recognize my analysis of AUDNZD in June 2015. I was looking for a wave 2 correction/consolidation on the daily time frame.
The question now is whether wave 2 is over after a 61.8% retrace of the length of wave 1. Nevertheless the daily structure we are in at the moment is corrective and I will be targeting the next impulse higher.
We have to wait and see but for me to make this trade 'ideal' I like to see a last leg lower.
I expect a last leg lower for wave 2 in purple to complete. A triangle formation for wave 4 in Red of wave C would be a great sign that wave 2 is almost over since a triangle almost always occurs prior to the final move of a structure.
Komentarz
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We are at a crucial level. I prefer to see a reversal and last leg lower to complete wave 2. However if we see an impulse higher I will be looking for the consolidation. Since we saw an impulse for what has currently been counted as wave 'E' we have to determine what kind of bearish price action will be next. Will it be an impulsive wave 1 of lesser degree or will it be a corrective wave indicating that price will continue higher?
Komentarze
glaazie
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we have seen a new impulse after consolidation does that mean we are in the new big impulse or a b wave ? what are yout thoughts
TimStuyts
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I will update this pair later today. I was looking for an 'ideal' scenario to trade the RBNZ news tomorrow which will definitely impact this pair. However we didn't see that so I have to reevaluate.
chrisvos
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Are u in now? :)
TimStuyts
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I just updated this pair, hopes this answers your question.