Similar to the NZDUSD pair we are looking for the breakout in Phase E to start of a Wyckoff view of the market. In Phase D if the analysis is correct we should see a consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, and reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the top of the TR and we have passed that. LPSs in this phase are generally excellent places to initiate or add to profitable long positions. So this looks like another pullback and opportunity to add longs at a cheaper price. It looks as if we could be in a corrective structure and first have another leg down before the mark-up could start.
