NZDUSD: Where Will The Zigzag Take Us Next?

0 927

The primary bearish NZDUSD structure hints at a standard zigzag formation consisting of waves Ⓐ -Ⓑ -Ⓒ.

Wave Ⓐ seems to have ended at the swing low, which gives bulls the opportunity to form a bullish 3-wave pattern in . This wave also resembles a zigzag standard zigzag formation. But, this time, in the intermediate degree; (A)-(B)-(C).

With waves (A)-(B) fully completed, wave (C) could conclude wave Ⓑ near 0.6262. At that level, the primary correction will be at 61.8% of impulse Ⓐ.

nzdusd

Since none of the impulse waves cross an impulse-invalidation level to the upside so far, we can also assume that the bearish move is incomplete.

This alternative scenario sees the current minor A-B-C correction as an intermediate wave (4).

Based on this wave structure, we can conclude that at the time of writing, the 3-wave structure resembles an ending zigzag.

A decline below 0.5471 can be expected when keeping in the alternative play in mind. That is below the previous low formed by the intermediate wave (3).

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.