NZD.USD retracing per plan, approaching Targets: NU short TP's

NU is approaching supports that could end this retrace.
We had a classic EW Impulsive Wave (12345) appreciation.
Now in the requisite "Correcitve" Wave (ABC) retracement.

It is POSSIBLE that the retracement is complete, but not likely.
Look for VALIDATION of further downside upon break of support.
Best to CLOSE shorts if price bounces past immediate resistance.

Previous NU analysis:
0.624 Bottom Call
0.639 2nd Bounce


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Copper Bounce call (Prefect entry, almost done)

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Precision is the way of the Fib. Almost every turn happens at a Fib Line.

Комментарий:

First target reached, EXACTLY

Zoomed in, we see a reaction at each of the three fib lines within this zone

But none of the three lines have offered much real energy. So I think we go lower yet.

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Комментарий:

News about the US China trade war hit the stands and dollar took a dip accross the board, just in time to amplifier this NU support's ability to bounce it

Now to see if the "news" gets walked back like it so often does.

Комментарий:

Came all the way back to last support

Zoomed in to observe the EXACT reaction to top bound of that zone

and the Top boundary of that zone is the green 2.236.

So that implies two things:
1) Pay attention to all other lines in that fib, and
2) That fib is pushing upwards, so that might help reverse it to go back up, or at least slow the drop.

Комментарий:

Update on that zone from above:
It has now "stitched" that zone with a ping on both bounaries from the inside

So now a retrace to the top boundary and clean bounce would a good long entry

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Комментарий:

And there she goes, as mentioned just above

retest the top boundary, got an exact Ping, and off it goes.
Of course it could collapse at any moment, but the long is not wtih SL at BE.
If bounce sustains, i will start looking for safe harbors to park the SL with partial profits locked in.

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Комментарий:

Gettting back to bigger picture, we can assume the ABC correction is done

So now my

Комментарий:

More consolidation today, but also more CONFIRMATION of the zones plotted

Zoomed in to show the "Confirmation" of these zones

Zoomed in even more, and a fib on the bounce

looks like a clean 12345 Impulsive wave up, and perhaps an ABC in progress.
Shown are two possibilities for the ABC to come.
IF correction is done, then this could be a wave (i) and (ii) with (iii) to come.
IF it shapes up as such, then this next leg up should be STRONG and FAST, but it is a Friday now, so might wait till next week.

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Комментарий:

So much for the rocket launch above :(
We have just hit the next supporrt below original target

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