AUDNZD elliott wave analysis, combination correction. Long
AUDNZD has moved up with 5-wave structure, labeled I. Now it's in progressing of correction. Look focus on correction wave on 30-min chart, I recognise it has combination structure: double three-triangle-flat. Focus on flat, c leg of flat has 5-wave structure and equals 1.618 a leg (most common related fibs of flat). These suggest that the flat and also entire correction have ended.
Trading plan is wait for breaking above sub wave iv of c leg then go long.
Stop loss below the extreme low.
Profit at least 0.618 times previous impulse wave (about 1.07292), risk/reward ratio is 1.5; and 0.618 entire previous impulse wave (about 1.08929), risk/reward is 5.7.
Trading plan is wait for breaking above sub wave iv of c leg then go long.
Stop loss below the extreme low.
Profit at least 0.618 times previous impulse wave (about 1.07292), risk/reward ratio is 1.5; and 0.618 entire previous impulse wave (about 1.08929), risk/reward is 5.7.