Price Is most likely to trade bullish on the NZDUSD for the upcoming weeks to months, it's clear we completed the corrective phase of the double correction pattern.
A double correction/ combo is a type of corrective pattern where all of the sub-waves are correction patterns as well it can be any corrective pattern except a triangle pattern for wave (W).
We are not gonna trade in the impulse phase either as a wave 3 or C but that doesn't change the fact that we are trading bullish. The wave (Y) completion correlates well with the 61.8 Fibonacci retracement level golden zone as well as the parallel channel line which contained the entire corrective move.
An important thing to note is that waves (W) and (Y) are often equal similar to a zig-zag correction pattern the idea behind the structure is relatively the same the only thing different is the sub-waves whereas on a zigzag its an impulse-correction-impulse on a double correction its correction-correction-correction.
A double correction/ combo is a type of corrective pattern where all of the sub-waves are correction patterns as well it can be any corrective pattern except a triangle pattern for wave (W).
We are not gonna trade in the impulse phase either as a wave 3 or C but that doesn't change the fact that we are trading bullish. The wave (Y) completion correlates well with the 61.8 Fibonacci retracement level golden zone as well as the parallel channel line which contained the entire corrective move.
An important thing to note is that waves (W) and (Y) are often equal similar to a zig-zag correction pattern the idea behind the structure is relatively the same the only thing different is the sub-waves whereas on a zigzag its an impulse-correction-impulse on a double correction its correction-correction-correction.