by Sanjay A, June 22, 2022
by Sanjay June 22, 2022
EUR/NZD
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Short
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D1
Table of Contents
D1
Elliott Wave
Price is at the 178.6% extension of (A) vs (C) and an area of daily resistance. However, the wave count does not look complete and a marginal new high may occur. But, the shorter term wave count suggests another large drop. Also, MACD is showing divergence.
Stop: 1.6924 Target: 1.6535
1:3 Risk/Reward
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Stopped out.
Short at 1.6806.
I’ll likely close this position when markets re-open after the weekend as price looks to be in expanded flat pattern and could correct higher. Should price go above wave a, I will look to re-enter at around 1.6800 with a stop at 1.6893. Short term chart attached.
Moving Stop down to 1.6893.