NZDUSD - Bearish Wolfe Wave

On the 1 hour chart for NZDUSD, a bearish Wolfe Wave pattern has emerged. This is also marked with the completed wave point 5, thus allowing us to take the trades.

In the picture below, I have marked all the points. The longest wave, wave 5 can be seen with a peak at 0.83443 We have the weekly resistance level of 0.8317. Therefore trades can be taken after this level has been breached. This weekly resistance level also coincides with 23.6% Fibonacci level.

An aggressive trade would be to go short with stops set at 0.8344 and take profits at 0.82928 (38.2), 0.82769 (50) We can expect a bit of retracement at the 38.2% level. Therefore, for the aggressive trades, we could set this level as take profit zone.

For a conservative trade, we can wait until 50% of the wave is retraced on the downtrend and set go short at 0.82717 with stops set to 0.82928 (38.2%), about 211 pips risk and take profits at 0.82609 (108 Pips), 0.8239 (327 Pips) which is the Weekly Pivot, 0.82281 (436 Pips), 0.82093 (624 Pips).