EURNZD: Wave 1-2-3, done, now?

2 мая 2015 г.

This is a time at mode analysis of the current EURNZD uptrend.
We have an uptrend time expiration in 2 bars and CCI divergence in the recent top, whilst also seeing the highest low level taken by the last down bar. On top of this, price reached and exceeded the target ahead of time, by three times the projected range, which tells me it's currently overbought.
Sellers might be in control for the time being.
Using EW rules, we could conclude the next wave should be a sharp correction, but I'll refrain from taking a guess here.
I want to take the long side, If there's a short opportunity I'll use the downtrend to time my long entry.
Cheers,
Ivan.