Long EURNZD: Wolfe Wave + Crab + Unhit Pivots

6 Okt 2015

EURNZD has completed a bullish crab at a confluent reversal zone. In addition to the pattern completion, a bullish Wolfe Wave buy zone falls in the same price territory. Also, the BC leg retraced .618 of BA, so I expect support to be found at its correlated ratio of 1.618AB=CD which aligns precisely in the PRZ. Unhit daily and weekly pivots add to the bullish bias as they often have a tendency to act as magnets for price. T1 is placed at the unhit weekly pivot/.618CD. T2 is placed at the WW 1-4 target line.

Confluence in the PRZ:
1. Bullish crab completion
2. 1.618AB=CD (Correlation with .618AB retracement)
3. 2.618BC projection
4. Bullish Wolfe Wave buy zone
5. Unhit pivots above price

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