Zig-Zag To Complete Final Impulse Leg

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The current NZDUSD structure hints to a bullish zigzag consisting of primary waves Ⓐ-Ⓑ-Ⓒ.

Primary impulse wave Ⓐ and corrective wave Ⓑ are complete. Wave Ⓑ ended with a double (W)-(X)-(Y). Wave Ⓒ has completed only 4 of the 5 waves of the impulse.

Once completed, wave (5) could take prices to 0.678. At that level, wave (5) will be at 76.4% Fibonacci of impulse (3).

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An alternative scenario shows a forthcoming primary degree triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The bullish zigzag Ⓨ is complete. We could then see a corrective decline in the intervening wave Ⓧ near 0.631. At that level, wave Ⓧ will be at 50% of primary wave Ⓨ.

A rise in the final motive wave Ⓩ is then expected.

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