EURNZD | Bearish Move Sooner Than Expected? |
HI, HERE IS A LITTLE UPDATE ABOUT MY LAST EUR/NZD SETUP. I THINK WE MAY SEE A BEARISH MOVE SOONER THAN I FIRST EXPECTED.
MY ORIGINAL IDEA WAS THAT THE PRICE WOULD REACH THE 1.800 AREA (BY COMPLETING THE FINAL CORRECTIVE WAVE) BEFORE THE MOVE TO THE DOWNSIDE. HOWEVER, WHEN LOOKING AT IT THIS SUNDAY, I SAW THAT THE PRICE COULD HAVE ALREADY COMPLETED HIS CORRECTIVE CYCLE. WE ALSO HAVE A STOP HUNT ABOVE THE RECENT EQUAL HIGHS ( BEARISH). THE PRICE ALSO REACTED TO THE 0.618 LEVEL FROM THE OPPOSITE BEARISH WAVE.
THE ONLY DOWNSIDE TO THIS SETUP IS THAT THERE is NO REAL STRUCTURE ON THE LEFT SIDE BEFORE THE 1.800 ZONE. TO PREVENT ANY UNECEASERY LOSS, I WOULD WAIT TO SEE A LOWER LOW BEING CREATED BEFORE LOOKING FOR ANY SHORT SETUP. THE SETUP AFTERWARD, WILL TRY TO CATCH THE RETRACEMENT OF THAT BEARISH IMPULSIVE WAVE.
MY ORIGINAL IDEA WAS THAT THE PRICE WOULD REACH THE 1.800 AREA (BY COMPLETING THE FINAL CORRECTIVE WAVE) BEFORE THE MOVE TO THE DOWNSIDE. HOWEVER, WHEN LOOKING AT IT THIS SUNDAY, I SAW THAT THE PRICE COULD HAVE ALREADY COMPLETED HIS CORRECTIVE CYCLE. WE ALSO HAVE A STOP HUNT ABOVE THE RECENT EQUAL HIGHS ( BEARISH). THE PRICE ALSO REACTED TO THE 0.618 LEVEL FROM THE OPPOSITE BEARISH WAVE.
THE ONLY DOWNSIDE TO THIS SETUP IS THAT THERE is NO REAL STRUCTURE ON THE LEFT SIDE BEFORE THE 1.800 ZONE. TO PREVENT ANY UNECEASERY LOSS, I WOULD WAIT TO SEE A LOWER LOW BEING CREATED BEFORE LOOKING FOR ANY SHORT SETUP. THE SETUP AFTERWARD, WILL TRY TO CATCH THE RETRACEMENT OF THAT BEARISH IMPULSIVE WAVE.
