5th Wave Almost Complete - SELL The Breakdown

Good evening traders,

The NZD has been on a monster rally over the past month.
Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios.

We can see a nice 5 wave structure higher with a trend line support in play.
We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC corrective structure.

Stop losses will need to go above the most recent swing high.

Any thoughts our comments are welcome.

Yorum:

We have seen a breakdown from the trend line and a lower high has formed suggesting a bearish reversal could be on the cards.