THE "KIWI" IN WAVES

Tendency: Uptrend ( Bullish )
Structure: Elliott Wave | Rounding Bottom
Observation: i. Impulse wave subdivides into a potential 5 waves as price action anticipates the final leg of the Motive phase.
ii. Wave 1, 2, 3 and 4 appear to be completed with anticipation of Wave 5.
iii. Fibonacci ratio;
Wave 2 is 50% of wave 1.
Wave 3 is approximate of 161.8% of wave 1 - 2.
Wave 4 already retraced into 38.2% of wave 3 but we do not expect it to be more than 50%.
iv. Breakout of 0.66000 level insinuates an uptrend continuation making this level a potential new SUPPORT.
iv. Price above our Moving Averages.
Trading plan: BUY possibility with minimum potential profit @ 250 pips.
Risk/Reward: 1/2
Potential Duration: 8 to 15 days

** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.

Watch this space or Telegram channel for updates on lower time frames as price action is been monitored.


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