NZDUSD completed a bearish Wolfe Wave pattern last week and is nearing the PRZ of a bearish Gartley to possibly continue its movement south. This pair has been in a 14 month long downtrend and the steep pitch of the 1-4 Wolfe Wave target line signifies a deeper continued drop is possible. Those who missed the WW sell entry will have an opportunity to enter when price approaches the Gartley PRZ. If price should pass through the Gartley PRZ without showing signs of reversal the next levels I will look for are the completion of the bearish butterfly and bearish crab patterns. Targets are placed at the .382 and .618 retracements of AD and longer term traders may want to monitor price action for signs of bearish trend continuation.Bearish Confluence:
1. Bearish Gartley pattern completion
2. AB=CD pattern completion
3. 1.618BC projection
4. 14 Month downtrend
5. Bearish Wolfe Wave
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.