NZDUSD Pattern Suggests Downtrend is Over In The Meantime
NZDUSD'S 4-hourly chart reveals the entire price structure from the Jan 2020 top. As you can see, it is a textbook five-wave impulse, labeled (i)-(ii)-(iii)-(iv)-(v). It unfolded within the parallel lines of a trend channel and the sub-waves of wave (iii) are also visible.
The market apparently took the guideline of alternation into account, too. Wave (ii) was a sideway expanded flat pattern, while wave (iv) was a sharp correction.
If this count is correct, Elliot Wave theory postulates that a three-wave correction in the other direction follows every impulse. For NZDUSD, this means we can expect a three-wave reversal from the current market level.
The anticipated retracement has the potential to erase the entire fifth wave. A rally back to the support area of wave (iv) or even higher is very likely. 0.6960 resistance area seems like a reasonable target in the next couple of weeks.
What's your view on NZDUSD?
The market apparently took the guideline of alternation into account, too. Wave (ii) was a sideway expanded flat pattern, while wave (iv) was a sharp correction.
If this count is correct, Elliot Wave theory postulates that a three-wave correction in the other direction follows every impulse. For NZDUSD, this means we can expect a three-wave reversal from the current market level.
The anticipated retracement has the potential to erase the entire fifth wave. A rally back to the support area of wave (iv) or even higher is very likely. 0.6960 resistance area seems like a reasonable target in the next couple of weeks.
What's your view on NZDUSD?
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