My Elliott wave and traditional TA analysis of NZDUSD:
Elliott Wave Analysis
Today I am waiting to see if price can break through support at the black trend line.
Trend Line Analysis
Although ADX is below 15 indicating no clear trend, the EW picture expects a strong third wave down to begin.
I entered a sell position at 0.7416 a few days ago. I have moved my stop down to 0.7410 to reduce risk to zero. I will start to move the stop lower to protect profits, in another couple of days, if price keeps dropping as I expect it to do. I’ll use the last swing high as a point for stops, once it is comfortably below my entry point.
If I’m wrong and price makes another deep second wave correction up, my position may be closed for a tiny profit, and I’ll wait again for another entry point.
My take profit will be 0.58758 or just above; I may move this higher as the structure unfolds down. When price moves into free fall territory I expect downwards momentum to increase. I intend to hold this position for a few weeks. For now I’m waiting to see if it will remain, if price will stay below my entry point or not.