In an alternative to our analysis where we may form a double top sort of pattern and look for an opportunity to buy a gartley pattern should one emerge, we also may see a spike high followed by an ABC correction on NZDUSD.
If we see the price contained in a tight range, making multiple false breakouts and being in general difficult to get any definable direction on the pair, this would be consistent with what we'd see in a wave 4 of the cycle. We may then see NZDUSD spike high in a wave 5 before it comes down in a ABC correction.
After this correction would be a great opportunity to look for buys. Again, it may be the best option is just to target a retest of close to the highs, in case we are due a bigger correction on bigger charts, a truncated fifth set up occurring would be an early indication this may happen and give reason to look for shorts.
If we see the price contained in a tight range, making multiple false breakouts and being in general difficult to get any definable direction on the pair, this would be consistent with what we'd see in a wave 4 of the cycle. We may then see NZDUSD spike high in a wave 5 before it comes down in a ABC correction.
After this correction would be a great opportunity to look for buys. Again, it may be the best option is just to target a retest of close to the highs, in case we are due a bigger correction on bigger charts, a truncated fifth set up occurring would be an early indication this may happen and give reason to look for shorts.
